Crypto-trading VS. online gambling
Cryptocurrency, as seen in the past few years, has managed to draw global attention. It broke into headlines when the value of cryptocurrency reached its all-time high in the year 2017.
What are cryptocurrency and crypto-trading?
Cryptocurrency is a virtual currency which can function like cash or bank cards in most cases. This currency is used mostly in online gambling and investments that hold high stakes. A certain amount of money is set as the value of one unit currency which is variable depending on the market value.
Crypto-trading is any trade that involves cryptocurrency as its mode of transaction. From exchanging the cryptocurrency for US Dollars to using the cryptocurrency for buying high-risk stocks, all fall under crypto-trading. Crypto-trading became common with the rise in popularity of this virtual currency. The coins are “mined” using blockchain technology and then purchased in markets similar to the stock market. These are then ready to be used for crypto-trading. What makes crypto-trading so hassle-free is that the cryptocurrency is not regulated by any bank or government. Rather they are regulated by the private company the currency belongs to. For example, Bitcoin sets the value and limitations of all the bitcoins out in the world.
Popularity in online gambling
The hassle-free transaction process of cryptocurrency makes it one of the easiest way of doing large-value transactions. And gambling happens to be one of the biggest markets for high-value trading. This makes cryptocurrency a people’s favourite in online gambling. The popularity can be well showcased by the example of the casinos that are specially built for letting people enjoy gambling by using just their cryptocurrency. Bitcoin is one such casino which offers the only cryptocurrency as its allotted mode of payment. Other than this, there are many popular casinos that accept cryptocurrency. New live casinos have also realised the popularity of this currency and hence, allow this transaction method to enjoy their immersive live casino games.
Are you aware of the gambling problem?
Gambling is something that enrols its players to keep coming and trying their luck and skill again and again. The games at casinos are exciting and engaging at the same time. People, however, get so much into gambling that they unknowingly start forgetting their real lives and capacity of their bankrolls. Gambling out of the potential for never-ending hours is called as a gambling problem. Although many casinos offer support for tackling such gambling problems, the time has only seen an escalation in the number of gambling problem victims.
How crypto-trading ultimately affects online gambling problem?
Gambling has the potential to be an addictive practice and the chances of getting addicted multiplies when you get live casino bonus and other attractive offers at the comfort of homes. Online casinos or online gambling brings gambling a step closer to everyone who wants to give try or two.
Crypto-trading is convenient for doing high-stake transactions and what place better than online gambling platforms that host high-value transactions. Using cryptocurrency at these platforms, ultimately gives rise to gambling problems. There have been several gambling addiction stories that show the ill-effect of cryptocurrency in online gambling. Reports show that crypto-traders have not just lost money due to their gambling problem but also indulged in drugs before reaching out for help. Crypto-trading at online gambling sites generates ‘a rush’ which makes people do things they would not have done if they were to be using other transaction modes. This rush and excitement later turns to an obsession, which binds their minds onto gambling and only gambling, and ultimately disconnects them to real life.
An addiction story tells about an addict from the UK’s Castle Craig addiction treatment clinic who started neglecting his family in order to be updated with the value of Bitcoin and do gambling at the best value.
Analyse the problem and act
A gambling addiction created by crypto-trading is not something that happens overnight. Such an addiction always shows symptoms, only if the person is careful enough to notice it. A person gambler moving towards that direction may feel muscle tension and background anxiety. He may also feel the need to check the value of the cryptocurrency possessed just like the person in the addiction story. Self-analysis can help you detect thought problems like thinking about trading or gambling at work or at home. It is never too late and the moment one realises the symptoms of such a problem, he/she should immediately reach out to help desks that are specifically formed to help people with a gambling problem.
SummaryName: Crypto-trading VS. online gambling
Author: Charles Richter
Published Date: 30/08/2019