Imminence: Cryptocurrency addiction and public health
Mehmet UCAR
Muş Alparslan University, Department of Public Health, Muş, Turkey
Correspondence Address:
Mehmet UCAR
Muş Alparslan University, Department of Public Health, Muş, Turkey
Turkey
Source of Support: None, Conflict of Interest: None
DOI: 10.4103/1995-7645.354524
The global financial crisis of 2007, climate changes due to global warming, pandemics like COVID-19, countries' being indebted more than their own budgets, and financial instabilities caused by wars and migrations have led individuals to earn money more easily.
Staying on the internet until late at night disrupts the sleep patterns of cryptocurrency traders and they are late for school or work because they cannot wake up the next day, and their academic and professional lives are adversely affected. A related study revealed that 53% of internet addicts experienced significant problems in their marital and parent-child relationships. A related study reported that 8% of teachers, librarians, and school administrators believe that the Internet does not improve students' academic achievement but rather distorts it. Another study revealed that 58% of students had problems such as disruption in study organization and a decrease in course success due to internet use[6].
In recent years, a large proportion of technology-addicted individuals have also become addicted to cryptocurrency. DSM-4 evaluates Pathological Gambling Disorder in the category of "impulse control disorders not elsewhere classified" but does not classify it as an addiction. In the DSM-5, it was evaluated in the "Substance-Related and Addictive Disorders" category, in the "non-substance-related disorder" dimension[6],[7]. Although there is not yet an accepted definition by current diagnostic systems, internet addiction and the increasing number of individuals trading cryptocurrencies continue to draw attention as a public health concern and the search for treatment is on the rise. Efforts are being made for biological and psychological treatments, with behavioural therapies taking precedence[6],[8].
Cryptocurrency addicts are more likely than other people to experience the following financial problems: not being able to pay bills; borrowing money from anyone in the neighborhood even loan sharks; pawning or selling personal belongings; losing their homes and jobs; having difficulty making monthly payments; engaging in illegal acts such as theft; embezzlement, or fraud to pay for cryptocurrency purchases; full bankruptcy[7].
Cryptocurrency addicts are more likely than other people to experience the following family issues:
-Engaging in cryptocurrency trading to the detriment of normal family life;
-Constant arguments about money and debts;
-Emotional and/or physical abuse;
-Neglecting family members and inflicting violence on oneself, one's spouse/partner, and/or children;
-Relationship problems and possibly even break-up or divorce[7].
Cryptocurrency addicts are more likely than other people to experience the following physical and mental health problems: lack of confidence, stress disorder, anxiety, feeling constantly anxious or suffering from mood swings, lack of sleep and loss of appetite, substance abuse, manic depression, thinking about suicide or even attempting suicide in extreme cases, etc[2],[3],[7].
People who trade cryptocurrency are found to have low school performance and their performance in working life is decreased. Classroom attendance rates decrease and they are even expelled or suspended from school[8].
The individual initially needs to have the courage to seek help and get rid of this addiction. Many people seek help for self-control but then decide to quit completely. People may take the following steps to overcome this addiction:
-Set a limit on how much money you will spend in a session or in a certain period of time and try to stick to that;
-Set a limit on the amount of money on the app you use for investment (for example, 50 USD). Make priority payments first on your payday (rent, taxes, groceries, mortgage, etc);
-Reduce the number of days you trade cryptocurrency (for example: 1 in 3 days). Don't think that cryptocurrency trading is the only way to make money;
-Remember that these transactions are risky, you can lose all your money at any time, and even if you win, it's just a coincidence;
-Remind your family and friends not to lend you money in advance.
-Spend more time with family and friends;
-Try to take up new hobbies;
-Make new friends who are not interested in cryptocurrency trading and try to spend time with them;
-Share your concerns with other people close to you instead of hiding them[8],[9].
Research has shown that Cognitive Behavioral Therapy reduces the amount of time spent and money lost in cryptocurrency trading and helps people to avoid returning once they quit. Cognitive Behavioral Therapy strives to provide individuals with positive ways of thinking and behaving[8],[9].
The adverse consequences of cryptocurrency trading on the health of individuals have turned this issue into a public health concern. Public health professionals and policy makers have to be more responsive in this regard. Health professionals need to find out what health problems people who trade in cryptocurrencies might have, do research to find solutions, and offer other ways to treat addiction.
Conflict of interested statement
The author declares that he has no conflict of interest.
Author’s contributions
MU conceived and drafted the manuscript. MU revised critically and prepared the final version of the manuscript. MU approved the manuscript for publication.
Funding
The authors received no extramural funding for the study.
References
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