Young Koreans hooked on Bitcoin trading sparks “crypto addiction” fears

 Young Koreans hooked on Bitcoin trading sparks “crypto addiction” fears

An article right this moment from the main South Korean newspaper Chosun Ilbo detailed the phenomenon of obsessive Bitcoin monitoring and talked about the affect of value fixation on the lives of younger Koreans, even to the purpose of interfering with their work commitments.

Psychological experts warn that compulsive value monitoring could also be a part of a wider downside with cryptocurrency habit, which shares similarities with playing habit. Is now the time for crypto holders to test themselves?

Bitcoin mania is impacting the roles market

Because the begin of This autumn 2020 to its all-time excessive, the worth of Bitcoin has elevated by over 500%. With regards to top-performing alts similar to Dogecoin, Polygon, and VeChain, the share features are magnitudes larger.

The lure of straightforward and quick cash is a distraction for many. A lot so, that even employers in South Korea are starting to note the consequences. Not solely do they complain about distractions over value obsession throughout work hours, however some even report that staff are quitting jobs to turn into full-time merchants.

Han Jung-soo is one such former employee. He give up his bank card firm job final month off the again of creating ₩3 billion ($2.7 million) from cryptocurrency investing. He stated crypto supplies a greater return in comparison with working a traditional job.

“I loved working, however I spotted it made extra monetary sense to give attention to my investments contemplating the returns I can acquire for the period of time I put in.”

The IT business, which has a excessive correlation of workers who put money into cryptocurrency, is experiencing excessive workers turnover charges. One group chief at an IT startup primarily based in Seoul stated that is partly why IT corporations are giving out massive pay rises to workers.

Crypto buying and selling habit

With Bitcoin and cryptocurrency solely gaining traction in recent times, cryptocurrency habit is a comparatively uncharted phenomenon.

Nevertheless, psychologists classify it below the identical taxonomy as a behavioral habit, which incorporates established sub-types similar to playing habit and inventory market buying and selling habit.

Private accounts of Bitcoin buying and selling recount changing into hooked on the straightforward features. What’s extra, the difficulty will get compounded by 24/7 365 markets, which is described as a unending horse race.

Taking the leap, I took some cash out of my measly financial savings and acquired myself some Bitcoin…In three days, I had made 6 %. I used to be hooked… I’ve seen that the entire cryptocurrency buying and selling pattern is like inserting bets on a unending horse race, the place new horses are launched to the race nearly each day”

Whereas it’s enjoyable and video games when making a revenue, the unhappy actuality is that 80%-90% of merchants lose cash. With that in thoughts, the relation to playing is clear for all to see.

Get an edge on the cryptoasset market

Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.

On-chain evaluation

Worth snapshots

Extra context

Join now for $19/month Discover all advantages

Like what you see? Subscribe for updates.

Source link

Related post