Cryptocurrencies are changing several aspects of people’s lives, thanks to their meteoric rise over the past one year. While the focus until now has been on the use of digital currencies as a means of settling transactions, attention is slowly switching to the kind of impact they are having on people’s gambling habits.
And the question has always been out there. Are bitcoins legal? Is bitcoin gambling illegal? While many countries treat bitcoin and cryptocurrency as an asset, rather than a bank note, it is very much legal. Moreover, online bitcoin gambling is legal in many countries around the world.
In 2018, trading cryptocurrency is the hot trend as the end of 2017 saw an explosion in the popularity of altcoins. Bitcoin still very much is taking the world by storm, given the way some people are abusing it. Experts are already raising concern about the trading of digital currencies becoming a new behavioral addiction similar to online gambling. This is why recently in Europe certain districts have made bitcoin gambling difficult to access, with two specific German Districts failing to implement legislation.
The emerging trend involves people spending a good chunk of their time following minute by minute fluctuations of cryptocurrency prices all in the effort of placing trades to profit from price fluctuations. While the same cannot be thought of a bad thing, overdoing it, uncontrollably, appears to have plunged a good number of people into financial meltdowns.
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Bitcoin Gambling Carnage
Bitcoin gambling has become a new thrill, very similar to that of day trading, pushing people to their limits, in ways never heard before. Without a doubt, Bitcoin gambling is the new form of high stakes online gambling that is breeding a new clique of addicts. More so, it is also putting a lot of people in serious debt fast.
Even though the practice began in early 2013, it appears to have gained momentum in the last couple of years thanks to widespread adoption of bitcoin and its rise to absurd prices. Essentially, everyone wants a piece of it and bitcoin casinos are the best way to get bitcoins in your wallet.
Given that these new form of gambling has consumed even those suffering from other forms of addiction, all but paints a clear picture of how dire the situation is slowly becoming. The situation could become worse given that the high risk, fluctuating cryptocurrency market, continues to be the biggest magnet attracting people into the trade.
The anonymity of bitcoin also continues to make it an exciting asset for gambling especially for people who love to keep their dealings away from the glaring eyes of the public. The fact that it is also difficult, in some cases, to trace back players has all but complicated the situations as people are increasingly gambling in total disregard of legal restrictions.
Bitcoin Gambling More Popular Than Ever
Bitcoin gambling has become popular all over the world, in part because people are seduced by the idea of getting rich quick online from the comfort of their couch. Currently, there are more than 13 million people across the world believed to be trading cryptocurrency, some of whom have become addicts. One can only assume millions more are gambling with bitcoin as well.
Reports indicate that Bitcoin gamblers placed as many as 337 Bitcoin bets per second last year. While some people accrued a substantial amount of gains on trading bitcoin, losses just like in other forms of gambling appear to have taken the day. The result has been an increase in the number of bitcoin gambling forum sites looking to take advantage of the situation, providing advice and other guides for people to start gambling.
But there has also been an increase in the resistenace to its success. In China for example, many online casinos are being shut down. While the aim is not to reduce the addiction in the community, but a result of the hard stance China is taking, the common citizens are prevented from established a need to have an addiction with bitcoin gambling at all.
Castle Craig First Clinic to Treat Bitcoin Addiction in UK
Concerned by the growing number of people struggling with bitcoin gambling addiction, a rehab clinic targeting addicts has crept up in Scotland. Castle Craig Hospital has launched a program aimed specifically at people who have become hooked to bitcoin related trading and gambling. They are treating people who cannot control their lives or finances anymore.
“The high risk, fluctuating cryptocurrency market appeals to the problem gambler,” Castle Craig gambling therapist Chris Burn said. “It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”
Bitcoin gambling addicts visiting the health institution for help are being subjected to behavioral therapy, which has emerged as the primary tool for treating the condition.
With cognitive behavioral therapy, addicts are taught the need to accept responsibility for their addiction. Addicts are also shown how to find positive activities that would replace the need for cryptocurrency gambling, as well as how to manage debts and finances appropriately.
Cost of Treating Bitcoin Gambling Addiction
The cost of treating Bitcoin gambling addiction is sure to get anyone’s attention. If you are thinking of getting into the trade you better be aware that recovery is not cheap. According to WikiTribune, treatments in some rehabilitation centers, start as high as $4,000 a week for a multi-occupancy room. Those who wish for private sessions have had to pat with as much as $6,600 a week.
Given the number of people seeking help to be able to control their Bitcoin gambling habits, Craig Castle Hospital has started offering payment plans to ensure people are able to meet the costs. It is unclear if they accept bitcoin payments. There have also been cases where public and private insurance have chipped in and paid part of the rehabilitation costs.
Given that more people are plummeting into the Bitcoin gambling carnage, Castle Craig Hospital may be forced to expand its rehabilitation services to other European countries, where it currently operates.