Cryptocurrencies have massively changed how we think about and perceive money. They’ve changed how we earn, trade, and how we gamble.
In recent years, many casinos opened up to Bitcoin gambling, widely accepting cryptocurrencies for making deposits. Players welcomed this opportunity with open arms - the new form of gambling allowed them greater anonymity and wider access to online casino sites, bypassing potential prohibition laws regarding such activities.
There is nothing wrong with crypto gambling. Nevertheless, if done in excess it can become a serious problem, leading to gambling addiction.
Why Is It So Easy To Become Addicted to Crypto Gambling?
One of the main problems with cryptocurrency is the lack of its physical presence, and many people cannot fully comprehend its monetary value. In layman’s terms, when you gamble with crypto it’s easier to overspend because there are no banknotes and coins that you could physically hold or count.
By some statistics, more than 50% of daily Bitcoin transactions are used for online gambling and casinos are ready to cash in on that fact, offering attractive bonuses for deposits made using Bitcoin. That in turn only encourages the onset of the addiction, usually dismissed as a minor issue. Gamblers are not playing with “real” money and if they don’t use it, it will just “sit there”. Following this logic, one might as well try to use this “fake” money as a deposit in an online casino. Needless to say, this mindset is quite dangerous, as it promotes spending cryptocurrencies even faster and more carelessly.
The problem with gambling addiction is the fact that gamblers are convinced they can win back the lost money the same way they got it - by gambling some more. And as the vicious cycle of winnings and losses continues, they fall deeper and deeper down the rabbit hole.
What Causes Gambling Addiction?
Researchers say that people addicted to crypto gambling (or any form of gambling for that matter) might be genetically predisposed to develop this problem. The ones more likely to suffer from a gambling problem might have an overactive insula, an area of the brain that leads to distorted thinking. In short, those people often have lapses in judgment and see patterns where there are none - thinking they would win the next round because they lost the last one, for instance.
How To Spot a Crypto Gambling Addiction
There are many signs of gambling addiction, the first one being an obsession with any type of gaming. Whether it’s a card game, bingo, or sports betting - it’s an inclination to be wary of.
One of the signs to look for is whether someone is, for example, selling their belongings to further aid their addiction instead of paying their bills, which are probably past due. Another sign would be always asking friends and family for money or stealing things to sell.
People with a gambling addiction usually spend too much time away from home - they need to go gamble. They are often gone for long periods, sometimes days, and avoid answering questions about their whereabouts.
Gambling addiction is frequently accompanied by mood swings that resemble bipolar disorder, which is equally hard for both gamblers and their families. This can lead to relationship issues, which is why many gamblers end up divorcing while fighting addiction. They also often exhibit poor performance at work and are more likely to be laid off.
Wrapping It Up
Let’s make it clear once and for all: gambling addiction is not something to be ashamed of. After all, we are only human, with our own sets of virtues and flaws. The mere notion of becoming aware that you have a problem, then taking things into your own hands and seeking help is praiseworthy. Surround yourself with people who love you - they’ll provide the unconditional support you need. Reach out to trusted professionals as well. That way, you’ll beat the addiction much faster and more easily than you initially thought - we’re sure of it.