We are continuing our comparison of how the cryptocurrency universe is similar to video gaming, both culturally and psychologically.
See out first article here- https://cryptodaily.co.uk/2018/06/why-cryptocurrency-is-like-a-video-game/
“When you think about it, cryptocurrency investment takes hold a similar format to a video game. You begin with an alias, a new focus point (your private key for example) and then take action to achieve an objective in the quickest and most cost-effective way. Actions are traded for points (cryptocurrencies) but if you slip up or take too much of a risk, you’re likely to lose some of these points. Loose to many, you lose the game. There’s more. We could get into patterns of addiction that come through cryptocurrency investment and compare that to addictive behaviour within gaming. Also, there’s the community aspect too. Fandom, celebrity and technology also play huge parts in cryptocurrencies.”
We know that cryptocurrency addiction is a real threat, very recently an addiction ward at a hospital in Scotland started to provide patient services for those suffering from crypto-addiction. It is pretty clear why this is a real issue too. Since cryptocurrency elicits the same sort of reactions as gambling does, a drive for dopamine caused by the thrill of investment can lead investors into dark places. Places when risk becomes a thrill and when ultimately, severe damage can be done.
This relates to video gaming in the same way. In fact, recent research actually shows how video game addiction is starting to affect young people, some of whom have been caught spending £1000’s of their parents money to purchase in game content, for no real reason.
As a matter of fact, this year, the World Health Organisation has categorised gaming addiction as a real medical problem – https://www.bbc.co.uk/news/technology-42541404
So, what do you need to do to ensure that you don’t fall into this trap?
Trade safely. The UK gambling authorities do have a campaign with the tagline ‘when the fun stops, stop’ I think this does ring true with cryptocurrency investment too. You cannot rely on this as a regular source of income and moreover, if you can’t afford to invest, don’t bother. By being aware of risks and the volatility of the markets, you can make more informed decisions that in turn, will lead to you becoming a better investors. Addiction is a problem, something that health care providers are looking to invest. The bottom line though, look after yourself.