GamCare is the leading provider of information, advice, and free referrals to prevent and resolve gambling problems in the UK. Surprisingly, GamCare recently equated crypto trading with gambling activities and recommended self-exclusion for traders. This is due to the emergence of signs of gambling addiction, which has negative consequences.
Cryptocurrency Trading and Gambling: Similarities According To GamCare
The crypto market has grown significantly since its inception and has experienced numerous ups and downs. Crypto traders and miners have seen tremendous gains and losses due to the fluctuation of cryptocurrency prices. Compared to traditional stock trading, cryptocurrency trading is considered to be particularly risky. Having tools such as Gamban to block crypto trading can have a positive impact on both traders and cryptocurrency platforms. The crypto market is highly volatile, making it difficult to predict the direction of the coin’s price.
GamCare believes that traders can become addicted even more than poker players, especially when it comes to an investor who gets a dose of adrenaline by betting on the growth of certain coins. Cryptocurrency creates the misconception that coins are a high-tech means of payment, which gives traders false hope of growth and turns them into gamblers.
In the pursuit of profits, crypto traders must take risks constantly. On any given day, they can make many transactions when the price of some small coins suddenly rises or falls. The conditions under which a trader (or in this case, a gambler) must constantly be in the “game” are similar to gambling in an online casino. This, along with other aspects, led GamCare to add crypto trading to the list of gambling activities.
How GamStop Experience Can Be Applied To Crypto Trading?
GamStop and GamCare have the same goals, however, the former does not yet extend its services to crypto trading. However, experts and analysts predict that this may change soon, as GamStop has a lot of experience and the necessary tools used for online casinos, bookmakers, etc., which can also be used in the field of crypto trading.
One such tool is self-exclusion periods that traders can set for themselves. Similar to non GamStop casino online accepting crypto, when customers exclude themselves from playing casino games, crypto traders can use a piece of software to force themselves to take a break, do something in the real world, and analyze everything before making impulsive decisions. Most crypto market players understand that they may lose money, but they still take risks – often leading to disastrous outcomes.
The most important advantage of the GamStop program is the voluntary nature and the company’s policy of independent choice. This can also apply to cryptocurrency trading. Traders who feel they need a break can voluntarily make this decision, and no one will force them to do so.
The Benefits of Crypto Trading Self-Exclusion Software Like GamStop
Since its launch in April 2018, the GamStop program has been showing its quality and performance. Although some gamblers were sceptical, they still understood the importance of controlling gambling activities and fighting addiction. Similarly, the possible collaboration between self-exclusion programs like GamStop and crypto platforms can be used to the advantage of all parties involved in high-risk crypto trading operations.
Regulated Environment
Crypto trading is known for various fraudulent and fake platforms, and using self-exclusion programs will help create a safe environment and guarantee traders’ protection in all aspects. Trading cryptocurrencies can be done rationally and wisely, however, not everyone follows responsible gambling rules and honesty in this business.
Take a Break From Cryptocurrency Trading
Taking a break from crypto trading is essential. Successful traders rely not on luck but on their own calculations, which can only be obtained in a calm and “quiet” environment.
Learn About Possible Negative Impacts
Crypto trading is a specific and difficult field, and it can be difficult to overcome addiction. Self-exclusion programs have a large knowledge base, advisors, telephone support, and other valuable educational features to help traders understand what addiction is and the negative impacts it can have on life.
Great Budget Control Tool
Many traders are skilled in money management and budgeting, however, once they become addicted, these activities become systematic and lead to significant financial losses. Self-exclusion programs allow you to set budget limits to better manage money-related activities.
Conclusion
According to GamCare, crypto trading is similar to gambling addiction, especially for those who trade crypto on a daily basis, lose large sums of money, and start chasing losses. Self-exclusion programs for gambling platforms have long demonstrated their effectiveness and usefulness. GamCare was the first to announce the expansion of its self-exclusion program. It remains to be seen how effective this will be and whether other companies, such as GamStop, will use it.
