Is Bitcoin a Drug that Causes Addiction and Underage Gambling?Aug 13, 2014

Bitcoin Addiction

Bitcoin Addiction

Fame, love, and sex have long been likened to a drug that tends to lead a subject to obsession and madness even. Just recently, however, the peer-to-peer digital currency has joined the club as a number of users agree that Bitcoin, indeed, is like a drug.

Is Bitcoin Addiction a Condition?

The new interest in what seems to be referred as Bitcoin addiction sparked after a Reddit user posted on the social website his uncontrollable behavior to use the cryptocurrency in purchasing things just for the sake of using it. This thread garnered enough attention that more users are quick to share the ‘symptoms’ that may very well be indicative of their addiction level to Bitcoin.

If the Bitcoin price is the very first thing to be checked in the morning or if almost every conversation end up with a discussion about Bitcoin, these may just be a sign that Bitcoin addiction is kicking in. However, Dr. Timothy Fong of the University of California, Los Angeles said in a report that Bitcoin addiction is far from becoming an actual condition.

He reasoned that pinpointing the exact factor that causes such behavior is difficult and complicated since Bitcoin, for the general users, may be a currency that triggers renewed kinds of happiness, but it may come off as something different for miners and entrepreneurs, for example.

Addiction in Bitcoin Gambling

While Bitcoin addiction per se is far from becoming scientifically recognized, it can, however, act as a new form of stimulus, which may only heighten addiction to online gambling.

Bitcoin, as the world knows it, perfectly complements the world of online gaming, and this best explains the industry’s growing success. Believe it or not, some speculators even predict that the digital currency will end up fully tailored for the gambling and porn industries.

Whether or not such assumptions will become a reality, addiction to online gambling happens. The unique features of Bitcoin—instant withdrawals and anonymous betting—even magnify the appeal of gambling online using the digital currency; therefore, the majority of free Bitcoin casinos provides sets of information that address this condition and help players suffering from it to recover or avoid it at all.

Promotion of Underage Gambling

However, gambling addiction is not the only issue the Bitcoin gambling community must address. According to a recent survey conducted by the University of Shue Yan, one in four teenagers have engaged in gambling activities online by using the credentials of friends or family members to bypass the verification process. Worse, some teenagers admitted that their involvement in the online activity has consent and encouragement from their parents.

Bitcoin, being the primary proponent of anonymity in gambling, plays a major role in the involvement of minors in such acts. Although nothing can deny the fact that practically anyone in the world, regardless of the age, can play in a Bitcoin casino due to the lack of verification process, most Bitcoin casinos and gambling platforms have set guidelines that outline their position against underage gambling.

Can These Still Be Prevented?

Self-control is the main solution to Bitcoin and gambling addiction. While such behavior may be too difficult to manage, becoming aware of the symptoms also plays an important part in the prevention process.

The idea of Bitcoin addiction and its likeness to a drug may seem trivial to many, but it is not something to be taken lightly. This also applies for gambling addiction and underage gambling.

These points may give Bitcoin a less favorable image, but this is the reality. This, however, should not entirely put the blame solely on the digital currency since users themselves are responsible for their behavior toward gambling online and the use of Bitcoin. The important lesson from this, though, is that like drug addiction, these can be prevented and overcome, and it all starts within you.