We all know that gambling comes with a warning. It can get to be problematic or addicted and this is when people are confronted with a lot of difficulties and obstacles. But we all know also that when gambling is approached with a sense of responsibility, accountability and caution then it can be really fun, exciting and it can also lead to profits.
In the effort to place some boundaries on online gambling and to ensure that the industry has built-in security and protective measures for the users, all gambling sites feature self-exclusion options and they generally make affordability checks on their users so as to make sure that they are not going to drive any one’s life towards losing a lot of money.
This happens also for the most contemporary, hyped crypto casinos, including the ones listed at Casinoscryptos.com, which irrespective of the fact that they transact with digital assets that are not controlled by governments or central authorities, they remain consistent with the acknowledged importance of protecting customers.
We are often listening to many analysts stating that crypto gambling is not that different from crypto trading. If this is so, then shouldn’t be that crypto trading sites feature the same options – such as self-exclusion – and the same warnings and cautions regarding possible addiction?
Let’s look first at whether crypto trading can be regarded as crypto gambling. Crypto trading is like gambling to a certain extent: it involves buying and selling, risking, making forecasts and predictions and acting upon them and of course making profits or losing. In that respect, crypto trading is much like gambling. It’s far from the pure chance casino games, like crypto dice, but it is not that far from gambling.
Then it is the degree of addiction that it might endanger. Many crypto traders have noted that following the crypto graph, being constantly alert for buying or selling cryptos, being in a continuous trade mode and generally doing nothing else than tracking down crypto ups and downs is definitely an addictive behaviour. And this is further intensified by the sheer volatility of cryptos, due to their nature and the fact that their value can easily float.
So, when crypto traders are in a constant search for an opportunity to buy low and sell high, they can somehow move to the other end – the addictive crypto trading.
But this can happen with gambling too, right? Problem or addictive gambling is that kind of gambling which ends up causing problems in people’s lives.
So, what about crypto trading sites? Should they have all these warnings and precautionary measures for addictive trading, just like crypto gambling sites have?
Well, according to psychology experts and industry regulatory bodies, there should be some form of control in that manner. Crypto trading is in practice nothing more than the traditional, conventional trading but because of the volatility of the crypto currencies and the incredibly quick and sudden fluctuations of digital assets, it comes to borrow much from the behaviour and approach that we see in crypto gambling.
Many governments today are arguing that it is not the role of gambling regulators to make the necessary moves so as to include warnings and to adopt measures to protect traders but it is the role of financial regulators to do so. But the thing is that no matter whose role it is, what needs to be done is to make sure that addiction is prevented and that people are safely trading cryptos, without risking their integrity and their economic lives.