The cryptocurrency market is unlike any other financial asset. It’s incredibly young, volatile, has amazing potential, and we’re still very early in its lifespan. However, there is a darker side to the asset that many choose to ignore. While riches can be made overnight, it is just as likely if not more, that you could lose everything as well.
One interesting thing about the cryptocurrency market is that addiction or obsession over it seems to be a much larger problem when compared to other financial assets. But why is crypto addiction so prevalent and risky? And do you have it?
Let’s talk about it.
The Potential Riches
Many of us who have gotten into this market have been sold the “crypto dream.” That this market is young, has incredible potential, and will cause the greatest transfer of wealth the world has ever seen. There is no denying that many of the people who decide to buy crypto are hoping to change their lives, and finally get ahead.
We are desperate.
When people are desperate, they tend to care or become much more passionate about the factor determining their life. Especially when it is a financial asset. It is this dream of becoming rich quickly that attracts so many of us to this market and also causes us to become addicted to it.
Markets Open 24/7/365
The cryptocurrency markets are always open. It doesn’t matter if it's a weekday or weekend, day or evening, or even a holiday. They are always open.
This means that, unlike people who invest in stocks, we never get a break. If we have substantial amounts of money in the market, we are always wanting to pay attention to it. Eventually, this becomes a daily habit and quickly transforms into an addiction.
The Volatility and Adrenaline
With the crypto market being so young, that also causes it to be volatile. While daily price movements up or down of 10% in the stock world would cause chaos. In the crypto market, it is a regular Monday.
It’s this volatility that gives us the opportunity to possibly become rich from this market, or also lose everything.
However, this is nothing like the feeling you have during a bull run. Each day when you wake up, your crypto portfolio rises is up significantly. It’s almost like you are able to print money. Suddenly, you have more money than you ever thought you’d have, and the adrenaline you begin to feel is intoxicating. There is nothing like it.
The crypto market is like a casino on steroids. Those who have a tendency to have gambling problems will be vulnerable in this market.
Numbers and Collecting
People who love collecting have a tendency to become addicted to the crypto market as well. Collecting as many coins as you possibly can, and also trying to achieve full round numbers is a real issue.
For example. owning 0.983229 Bitcoin is an incredible feat. However, owning 1.010483 Bitcoin seems even better. The vanity of owning full numbers is an issue that most people overlook in this industry.
If you love collecting or sometimes tend to have hoarding tendencies. The crypto market could be an addicting market for you.
The cryptocurrency market could be truly life-changing in a great way for many of us. However, if you don’t invest responsibly, it could transform into a very dark place quickly for you. Everything is great in moderation, and never invest more than you can afford to lose.
How about you? Why do you think the crypto market is so addicting?
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