Preliminary findings on cryptocurrency trading among regular gamblers: Anew risk for problem gambling? (original) (raw)
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Risks
Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers...
Cryptocurrency Transactions and Attempted Suicide, An Emerging Challenge: A Case Report
CASE REPORT, 2023
Cryptocurrency has emerged as a new tool for commerce, and it has some similarities to gambling, frequently leading to financial bankruptcy, which can predispose, precipitate, or perpetuate mood disorders, suicide attempts and suicide. We report a case of a 26 year old single unemployed man who attempted suicide following financial bankruptcy due to sharp decline in the market value of Bitcoin. Prior to the attempt; he had history of depressed mood, loss of interest and enjoyment. He had psychomotor retardation, depressed mood and preoccupied with suicidal thoughts. He was managed as a case of attempted suicide secondary to severe depressive episode without psychotic symptoms. Financial loss associated with cryptocurrencies is a potential risk factor that may adversely affect emotional well-being and leads to severe depressive episode with suicidal attempts. There is need for public enlightenment on the negative impact of the possible financial loss in cryptocurrencies transaction may have on mental health.
Development and Verification of Problematic Cryptocurrency Trading Scale
Psychiatry and Clinical Psychopharmacology, 2021
Aim: Cryptocurrency trading is similar to problematic gambling behavior, with its high-risk factors and its methods of use. In this sense, it can become addictive. The aim of this study is to develop a valid and reliable scale to measure Problematic Cryptocurrency Trading among individuals who trade cryptocurrency. Method: First, the theoretical framework of the study was discussed to lay a basis for the motives of this study. Then, with the help of the DSM-5 diagnostic criteria and internet addiction scales, a 16-item scale was designed. The study was carried out on 2 different sample groups. The results were reported under the titles Study 1 and Study 2. The sample size of Study 1 was 1314. The data were collected through TrueFeedBack BlackStar, a survey platform that provides survey participation by awarding its participants with cryptocurrency. For this data set, item analyses, the t-test, reliability analysis, and the explanatory factor analysis were performed for 27% of the lower and upper groups. The Kaiser-Meyer-Olkin (KMO) test and Bartlett's test of sphericity to determine the suitability for the factor analysis, the principal component analysis for factorization, and the promax method for factor rotations were used. The SPSS Statistics 22 software package was used for the analyses. The sample size of Study 2 was 353. The data were collected from people known to be trading cryptocurrencies. The confirmatory factor analysis was performed for the model, the factor structure of which was determined in Study 1. For the goodness of fit of the model, root mean square error of approximation (RMSEA), incremental fit index (IFI), goodness of fit index (GFI), and chi-Square Test (χ 2) goodness of fit criteria were used. The Amos 23 software package was used for the data analysis. Results: As a result of the exploratory factor analysis, a two-factor structure was obtained. For the total scores of the scale, Cronbach's alpha reliability value was found to be 0.913, and for the subfactors, Cronbach's alpha values were found to be 0.897 and 0.866. The factor loadings of items varied between 0.786 and 0.597 for the first sub-factor and between 0.869 and 0.683 for the second sub-factor. The confirmatory factor analysis confirmed the two-factor structure of the scale, and the goodness of fit criteria were found to be at acceptable levels. Conclusion: It was determined that the Problematic Cryptocurrency Trading Scale is a valid and reliable scale.
International journal of health & medical sciences
The COVID-19 pandemic has had a significant impact on every aspect of human life, from health issues to economic problems, where high unemployment rates and many businesses experience stagnation. When someone experiences financial anxiety, it will certainly affect their financial behavior. In this case, trading crypto assets is very attractive to investors because asset value increases can be achieved quickly, but asset value decreases can also occur just as quickly. The mental impact that occurs from this phenomenon needs to be known. Analytical observational research with a cross-sectional study design on 207 subjects who have crypto accounts and are trading crypto assets. The sample was obtained through voluntary sampling via social media and crypto communities throughout Indonesia. Out of 207 research subjects, there were 88.4% of crypto asset traders experienced FoMO, 90.33% experienced impulsivity, and there was a relationship between FoMO and impulsivity (p=0.001, cc=0.228), ...
Online gambling has increased the accessibility and range of gambling products available to people all over the world. This trend has been particularly noticeable in the UK. Cryptocurrency-based gambling is a new, largely unregulated, way to gamble online, which uses mostly anonymous blockchain-based technologies, such as Bitcoin. The present research investigates consumer protection features of 40 frequently visited cryptocurrency-based online gambling operators. Overall, 22 operators allowed access from the UK, whilst 18 operators could only be accessed via a Virtual Private Network (VPN). Results revealed significant failings in the account registration process, as none of the operators verified the identity of new users, and 35 percent of operators required only an email or no information at all for signup. Overall, 37.5 percent of operators offered no safer gambling tools and a further 20 percent offered only one. Twenty-two out of 34 operators continued to email promotional ma...
Disrupting Money: Psychological Factors of Investment Biases in Cryptocurrency
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The presence of cryptocurrencies as means of trading and investing has presented new opportunities to make profits. Unfortunately, investment bias becomes a phenomenon that accompanies investing behavior for many people which actually results in losses and regrets. This study uses a narrative review method to identify cognitive, affective, and contextual factors that correlate with investment biases in cryptocurrency. The results of the review indicate that a number of factors - i.e. self-affirmation, anticipation of postdecision dissonance, fear of missing out (FoMO), overconfidence, perception of the investment process and regulation - play a pivotal role in explaining investment biases in cryptocurrency.
2024
This study explores the impact of cryptocurrencies with specification to Notcoin, Tapswap, Hamster and others, on the psychological and academic performance of learners. It looks into the rising integration of digital currencies in our day-today transactions and its effect on the mental development and academic progress of learners. The research investigates the distractors associated with the unpredictable nature of cryptocurrencies and their effect on the focus, mental health, and the academic performance of students. Inversely, it also examines some benefits such as the increased understanding of digital finance and improved cognitive flexibility. The findings of this study aim to provide insights for parents, educators, and policymakers on how to carefully and safely navigate the intersection of digital finance and education.
Xavier Institute of Management and Entrepreneurship, 2022
The Government of India is now considering the introduction of a new bill titled “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” (“New Bill") which is similar in spirit to its earlier versions. The Reserve Bank of India initially restricted itself to issuing a note of caution to users of crypto assets. But the sharp rally towards the end of 2017 and the crash that followed in early 2018, made the government swing into action. But trading in cryptos continued on the trading platform even after this pronouncement. With SEBI unwilling to regulate these ‘exchanges’, investors’ money was at risk. Following allegations of money laundering through some of these platforms, the RBI prohibited all banks and NBFCs from servicing individuals or businesses that deal in or settle crypto assets. This has resulted in most of the crypto asset trading platforms shutting shop in India. The announcement of a 30% tax on the capital gains on cryptocurrency is viewed in two ways. It persuades people to invest and expect a huge return than this 30%. It is giving a positive sign that trading in cryptocurrency is not declared illegal and the income generated from that source can be disclosed. On the other hand, some of them think that a straight 30% tax on the income is too high and dissuades the investors. At this juncture, by considering the positive aspects and unique needs of the crypto investors the Finance Minister, Madam Nirmala Sitharaman, during her, Budget Presentation announced the issue of Central Bank Based Digital Currency. This study is an attempt to measure the factors influencing the choice of investment in cryptocurrency, Risk Taking Ability and the Behavioural Intentions of the investors. A SEM is prepared to analyse the interrelationship among the variables in the study
Demographic Factors, Personality Traits, and the Performance of Cryptocurrency Traders
Jurnal Minds: Manajemen Ide dan Inspirasi
The study determines the relationship between demographic factors and personality traits with the performance of cryptocurrency traders. The research data is obtained from 100 cryptocurrency traders using the quota sampling method, correlational, with a quantitative approach. This study applies the Chi-square test to examine the relationship of demographic factors with performance and the Rank-Spearman test for the relationship of personality traits with performance. The results found that demographic characteristics (gender, age, length of trading) were positively associated with performance. Furthermore, personality traits (extraversion, agreeableness, conscientiousness, neuroticism, openness to experience) have negative and insignificant influences on the performance of cryptocurrency traders.