A few months ago, a hospital in Scotland broke headlines for being the first medical establishment to recognise cryptocurrency addiction. The gambling addiction unit at Castle Craig Hospital now include addiction to cryptocurrency investment as a part of their treatment programmes after realising that the industry can nurture some potentially damaging addictive behaviour.
The hospital website now has a dedicated page which is used to help describe cryptocurrency addiction. A part of this page also includes a simple to use diagnostic questionnaire to help users decide if they are behaving in an addictive manner towards their investments. You can see the full guide for yourself, here.
Here is the full questionnaire provided by Castle Craig Hospital:
- Do you feel compelled to check cryptocurrency prices all the time?
- Do you invest more on cryptocurrencies than you can afford?
- Do you feel the need to invest larger amounts of money to get the same feeling?
- Have you spent more to get back money you have lost trading in cryptocurrencies?
- Have you borrowed money from friends and family or sold anything to invest in Cryptocurrencies?
- Have you ever wondered whether you have a problem with cryptocurrency trading
- Have you ever experienced the Fear of Missing Out (FOMO)?
- Has your cryptocurrency trading ever caused you any health problems, including feelings of stress or anxiety?
- Have people ever criticised your cryptocurrency trading or said you have an addiction problem (regardless of whether or not you thought it was true)?
- Has your cryptocurrency trading ever caused financial problems for you or your family?
- Have you ever felt guilty about trading in cryptocurrencies?
- Score 0 for each time you answer “never”
- Score 1 for each time you answer “sometimes”
- Score 2 for each time you answer “most of the time”
- Score 3 for each time you answer “almost always”
- If your total score is 8 or higher, you may be addicted to cryptocurrency trading.
If you do believe you may be experiencing some characteristics of addiction within your investment, then it is important that you seek further advice before your behaviour materialises into something more serious.
I would recommend consulting the guide produced by Castle Craig Hospital. However, there are other outlets that may be able to help (as discussed by Castle Craig Hospital). Castle Craig Hospital have a 24 hour help centre which is available here. Moreover, Castle Craig Hospital accept admissions from UK and EU citizens who are aged 17 or over that believe they have complex problems relating to gambling, including cryptocurrency trading.
GamCare is a website and help centre dedicated to providing advice to people with gambling addictions, further advice and support can be found here- http://www.gamcare.org.uk/
Finally, Castle Craig Hospital also offer some advice to everyone, despite how they score on the questionnaire in the form of Do’s and Don’ts.
- Pay your important bills first, such as your mortgage, before you invest in cryptocurrencies.
- Spend more time your with family, or friends who don’t have an interest in cryptocurrency.
- Deal with all your debts rather than ignoring them – visit the National Debt Helpline for tips, here.
- View Cryptocurrency trading as the only way to make money – try to see it as a casual interest instead.
- Bottle up all your worries about your Cryptocurrency trading – talk to someone.
- Take credit cards with you when you start trading in CryptoCurrency.