As the first rehab centre for cryptocurrency addiction opened in Peeblesshire, Scotland last spring, the cryptocurrency community looked on with a mixture of amusement and awe. After all, it wasn’t going to be too long before someone cashed in on the fact that cryptocurrency gambling was going to be big business.
According to the Castle Craig Hospital, cryptocurrency addiction is a serious problem and needs specific treatment. But since cryptocurrency is a new phenomenon, no previous programme existed. So, what’s the base for their treatment? Techniques that they’ve developed for compulsive gamblers.
From thrilling highs to crashing lows, withdrawal symptoms, and transacting in secret, cryptocurrency and gambling share many traits. Here are five reasons why gamblers should love cryptocurrency.
1) It’s highly addictive
Cryptocurrency in gambling is a fairly new phenomenon, around seven years old. And it’s not hard to see how the addictive qualities of the two go hand in hand.
In fact, according to a press release by the Castle Craig clinic, gambling therapist Chris Burn stated:
“The high risk, fluctuating cryptocurrency market appeals to the problem gambler.”
Watching your investments constantly to see if you’ve made wins or losses is highly addictive, and can also be problematic. Online gamblers who haven’t caught on yet will love the thrill.
2) It’s risky
If there’s one thing gamblers are comfortable with, it’s risk. After all, what could be riskier than placing all your chips on one number or backing a horse on a tip-off? Well, maybe an industry in which assets see gains of 2,000% in one year and a 95% loss the next.
Now just consider cryptocurrency in gambling. The combination is too explosive for compulsive gamblers to pass up on!
You don’t just have massive peaks and troughs of price volatility. You also have the continuous threat of hackers stealing your funds, the chance of investing in a scam ICO, or your investment being frozen from one day to the next.
3) It’s (mainly) unregulated
Cryptocurrency, like gambling, is largely unregulated, although online gambling is far more developed than cryptocurrency and banned in many countries apart from the majority of the EU. Yet there is still no universal regulation for online gambling.
The fact that regulation is missing allows gamblers to take home all their profits. The same applies to cryptocurrency.
Yet regulation is starting to take shape and form around the world. When the FATF regulations come into practice later this year, exchanges and wallet providers will be forced to implement KYC. This will deter many opportunistic gamblers from placing higher bets.
4) You can make it big
Just like gambling, cryptocurrency offers participants the chance to strike it rich. After all, think of all the Bitcoin millionaires who saw their investments explode from just a few dollars to millions or even billions in a very short period of time.
While more mature cryptocurrencies like Bitcoin and Ethereum have been steadily going down in price over the past year, there is always the chance to scoop up undervalued tokens from ICOs.
People may make gains. Coins may get stolen. And the crypto may even be totally worthless. But there’s always the chance to strike it big.
When you consider that 65% of the adult population in the UK are gamblers of some sort, they ought to love cryptocurrency!
5) Gamblers and traders have similar personality traits
Gamblers and traders have similar personalities. Prone to addiction, drawn to risk, attracted to making large sums of money – and they often like to gamble in private.
According to the Mayo Clinic, one of the main signs of gambling addiction is when you start to do it in secret. So, if you find yourself trading cryptos or playing poker in the middle of the night, it may be that you have a problem.
Cryptocurrency in gambling already exists
For those gamblers who have already turned to cryptocurrency, they have plenty of options. There is a plethora of Bitcoin casinos and sites that allow you to gamble with cryptocurrency.
Note that it’s worth shopping around first, reading reviews, and asking on forums to make sure that the casino isn’t a scam and won’t make off with your money.
SatoshiDice was the leading Bitcoin casino in the US back in 2012 until its founder Erik Voorhees was fined by the SEC for offering illegal securities. SatoshiDice was forced to move jurisdiction, but would-be crypto gamblers will be happy to know that it’s still going strong, limited only by where you live.
When you consider all the facts, gamblers should love cryptocurrency. The two industries go hand in hand, and it’s only a matter of time before the two become more closely intertwined.