Trading isn’t the only way to explore the cryptocurrency world – you can create content, make Youtube videos, listen to podcasts, etc. When your friend or relative shares their success in cryptocurrency trading, you also feel driven towards it. As a result, people start with a small deal and then expand to earn more big profits.
Given the volatility of crypto assets and the 24/7/365 live market, people need to constantly monitor market movements to avoid losing money. This can lead to disturbed sleep, fatigue and increased anxiety, as well as lead to fear of failure among traders.
In this article, we will discuss how to avoid cryptocurrency addiction, and how cryptocurrency traders can manage stress and depression associated with cryptocurrency investments during the upcoming winter.
What is cryptocurrency addiction and how do you avoid it?
When you keep playing with crypto projects despite losing your sleep, appetite or even your money, you are showing symptoms of cryptocurrency addiction. Also, do not realize that you need to stop due to an uncontrollable desire to constantly monitor market movements and stay updated with cryptocurrency news to carry out trades.
It is necessary to note that cryptocurrency in and of itself is not addictive, but when our brain is involved, everything can change. You can always view your portfolio holdings in real time and access the interesting content that is regularly provided on websites like YouTube and may get you addicted.
You are addicted if you spend a lot of time researching, trading cryptocurrencies or watching charts. Also, ineffective attempts to stop trading and increase your risk without any real strategy are showing signs of severe addiction to cryptocurrencies. Moreover, losing interest in social interactions and other activities, experiencing stress, depression, mood swings, insomnia and poor mental health are all symptoms that depend heavily on cryptocurrencies in your daily life. So, what are the different ways to get rid of stress and depression in cryptocurrency?
To end crypto addiction and the stress and depression associated with it, delete crypto-related apps and distance yourself from any news targeting digital currencies. Instead, decide how much money you put into cryptocurrency investments and don’t consider it your primary source of income. Instead, look for other ways to make money in the crypto space.
All you need is to build skills related to the job of your choice. For example, if you are interested in the field of the Metaverse, you need to gain knowledge of technologies (such as artificial intelligence, Internet of things, virtual reality, augmented reality, etc.) that are used to build immersive worlds.
Related: How to Get a Job in Metaverse and Web3
Moreover, you can take a trip to your favorite vacation destination, create some events with friends who are not interested in cryptocurrency or join a new social group to recharge yourself. Instead of keeping your problems and fears to yourself, talk to others about them. Sometimes sharing your problems with someone you trust can help you heal.
How do coding losses affect mental health?
For some cryptocurrency traders, massive highs and lows can lead to addiction and mental health issues such as sadness or anxiety. Even with an understanding of cryptocurrency investments, inexperienced crypto investors are exposed to the emotional stress caused by cryptocurrency losses. As a result, one is more likely to develop an aversion to loss because they suffer losses frequently. Loss aversion states that the unwillingness to lose the good is greater than the benefit of acquiring it.
Moreover, the consequences of large losses in cryptocurrencies can be more disturbing than generalizations about the effects of small gains or losses that they might suggest. For example, compared to small losses, which can be offset by short-term changes in consumption patterns or increased working hours, wealth losses can only be compensated for over years with positive crypto market returns.
Therefore, when significant wealth losses remain unrecoverable for a long time, they begin to affect the mental health of the victim. For example, one of the top 10 cryptocurrencies by value, Terra (LUNA) – now called Terra Classic (LUNC) – saw its price drop by more than 98% in a single day, causing crypto investors to worry that they may have lost A large amount of money without realizing the risks they were taking. Over time, fears and failures in cryptocurrency investments resulting from such heavy losses lead to stress and depression among sufferers.
How do you control emotions in cryptography?
Making one’s decisions based on emotions causes your current state of mind to make decisions that go against logic. However, trading and buying cryptocurrencies can be fun and profitable because that is how your brain deals with these currencies.
Cryptocurrency investments can also be blamed on FOMO and FUD, which increases the likelihood of anything being unreal.