Trading BitCoin, could it be an addiction?

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As identified by the Gambling addiction experts, trading cryptocurrency could be the new ticking time bomb. Increasing popularity of and interest in, Cryptocurrency like BitCoin is surely creating a new kind of gambling addiction. A rehabilitation clinic at the Scottish border has not started offering a treatment for cryptocurrency traders who cannot stop venturing in the volatile digital currency market.

With all the advancement in technology and the rise of BitCoin anyone can trade online. The cryptocurrencies like Bitcoins or any other can be traded similar then shares, and are bought and sold worldwide. Their rate fluctuates more or less same then how shares does.

The Castle Craig Hospital located in the West Linton, a village in Scotland, faced a lot of inquiries for helping traders addicted to trade in modern digital currency. The hospital is providing the treatment same then what is offered to person with gambling addiction.

The BitCoin Expert, Michael Parsons, explained on Stephen Jardine Programme of BBC – why this activity of trading digital currency has become addictive: “As the value of BitCoin went up ten times since it entered the mainstream last year, everyone want to jump in to it in the fear of missing out. People are viewing the historical data for rise of BitCoin inaccurately. They are thinking that it will be repeated, which may or may not be the case. They are buying with no understanding but purely on assumption.

He said that practice is entirely based on hope – like putting money in the slot machine.

As per the therapist Chris Burn from Castle Craig Hospital, trading these digital currencies create kind of a bubble situation which is very exciting, predominantly for compulsive gambler as excitement being the biggest part of any addiction. Also the potential of huge gains attracts most people to trade even those who normally would never even dream of any other addictive activity.

According to Chris burn, it is an addiction and illness which would cause many people to end up in despair or even suicide, so people need to take it very seriously and take practical measure.

What is cryptocurrency?

Crypto Currency is digital currency, which operates independently of the central bank, in which unit generation of currency and transfer of funds are regulated with encryption techniques.

BitCoin is one of the most known out of thousands of diverse crypto-currencies available worldwide. It does not come in notes or coins being a digital currency but largely exists online. BitCoins are generated through “mining” which is a very complex encryption process and is monitored by a network of computers globally.

As per the report the total value of all the crypto-currencies is almost £500 billion. Approximately 13 to 28 million active cryptocurrency users are there worldwide today.

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