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Cryptocurrency has been popping up in mainstream media more and more since Bitcoin’s creation in 2009. But what exactly is cryptocurrency? Cryptocurrency is a new and enticing way to invest money. Cryptocurrency is a form of digital currency that functions as an alternative form of payment using encryption algorithms. It can function as both a type of currency and as a virtual accounting system. Since cryptocurrency is exclusively online, that means that you need a virtual wallet to “hold” your cryptocurrency investment. Some people use it as a form of investment, buying into a certain type of cryptocurrency with the hope that the value will increase over time.
There can be risks involved with investing in cryptocurrency, though. For starters, cryptocurrency is not currently required to be backed or regulated by any banks or third parties, meaning they are often uninsured, and that it can be difficult to convert your cryptocurrency into a form of tangible currency (like US dollars). This also means that if you have to dispute a purchase or have any other issues with unverified loss of funds, you most likely aren’t going to get that money back. The fact that you need a digital wallet to hold your cryptocurrency also means that if you ever lose your login information or get hacked, you lose all access to your cryptocurrency funds. The value of cryptocurrency is also in constant fluctuation. Cryptocurrency value changes rapidly and drastically.
Cryptocurrency and trading in it can be an exciting way to make money on new investments in a field that is just emerging. That excitement also comes with hefty risks. Knowing both sides is essential to responsible cryptocurrency use. It can feel like an exhilarating rush to participate in this kind of investment opportunity, and that rush can be addicting.
If you or a loved one is addicted to cryptocurrency, contact the CTRLCare Wellness team at (609) 8066-5194 to see how CTRLCare in Princeton, NJ, can offer you personalized guidance and evidence-based treatment to help you on your journey to wellness. CTRLCare is a mental health treatment center in Princeton that can help you or a loved one.
We work with most major insurance plans that offer out-of-network benefits. We offer a free verification process so you know your options when seeking mental health treatment in Princeton. Our team will let you know what works best for your individual needs.
Buying and trading in cryptocurrency can be a lucrative and exciting investment opportunity. Trading in cryptocurrency has spiked in popularity over the past decade. This opportunity can become a life-ruining burden very quickly, though, when it becomes an addiction. Cryptocurrency addiction begins like any addiction, with the release of dopamine (the brain’s happy chemical) when you make an investment that has a significant return or sees any positive result from your cryptocurrency interactions. While that hit of dopamine by itself isn’t dangerous, your brain begins to crave more and more of it. Dopamine is closely connected to the pleasure and motivation center of our brains, and our minds naturally want to collect more dopamine.
When we make a smart investment in cryptocurrency that gives us a larger return of cash than what we put into it, it releases a hit of dopamine, and our brains naturally want to create that release of dopamine again. This means that your mind gets a little reward every time you see success in your online cryptocurrency trades or investments. Cryptocurrency addiction occurs when an individual gets too caught up in chasing that success and loses sight of the other important things in their lives. They may become overly obsessed with chasing that dopamine release that comes from the victory of a successful investment.
Cryptocurrency can be addicting in similar ways to gambling or traditional financial investments, but with more severe consequences. Cryptocurrency can be traded or bought at any time, unlike the set times for trade in the traditional stock market. It can also be bought, sold, or traded at any location since it’s all online. This means that individuals literally have 24/7 access to their cryptocurrency stock and methods of trading it. That lack of boundaries around when and where cryptocurrency is available means addiction to it can take place quickly and suddenly. The fact that cryptocurrency is not regulated or backed by any major banking or financial system also means it can be easier to hide lost investments from loved ones, making it that much harder for those living with cryptocurrency addiction to seek help or receive support.
There is no one cause or source of addiction, including cryptocurrency addiction. The most addicting part of cryptocurrency is the action of taking a risk, in the hopes that it will pay off. While research suggests that there are genetic factors, environmental, and personality play a role too.
Common signs of cryptocurrency addiction may include:
Contact the CTRLCare Wellness team at (609) 8066-5194 to see how CTRLCare in Princeton, NJ, can offer you relief from cryptocurrency addiction today.
Treatment for cryptocurrency addiction is effective and accessible at CTRLCare in Princeton, New Jersey. CTRLCare is a premier behavioral healthcare facility in Princeton, NJ, that specializes in treating problematic online behaviors, especially in teens and young adults. They utilize evidence-based therapies, such as art and music therapy, Cognitive Behavioral Therapy, Dialectical Behavioral Therapy, and Family Systems Therapy, that are proven to help get behavioral addiction disorders under control so that you can get back to living and thriving at your best life. CTRLCare offers comprehensive and personalized care through licensed clinical professionals that aim to treat the whole individual: mind, body, and spirit. Offering Intensive and Enhanced Outpatient as well as Family treatment programs, CTRLCare believes in finding the best fit for you on your journey of wellness and recovery.
If you are interested in seeking treatment for cryptocurrency addiction in New Jersey, contact CTRLCare at (609) 8066-5194 to see how CTRLCare can offer you personalized guidance and evidence-based treatment.
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To discuss our internet addiction treatment program in more detail, contact our CTRLCare Wellness Team.
Focused on evidence-based therapies and integrated wellness programs, the unique, hybrid approach at CTRLCare Behavioral Health is designed to meet the needs and goals of the individual. For personalized treatment that addresses the mind, body, and spirit, contact CTRLCare Behavioral Health today.
CTRLCare Behavioral Health Is a premier mental health program For adolescents and young adults struggling with problematic technology use and mental health conditions in Princeton, New Jersey.