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

An article today from the leading South Korean newspaper Chosun Ilbo detailed the phenomenon of obsessive Bitcoin tracking and mentioned the impact of price fixation on the lives of young Koreans, even to the point of interfering with their work commitments.

Psychological experts warn that compulsive price tracking may be part of a wider problem with cryptocurrency addiction, which shares similarities with gambling addiction. With top-performing alts such as Dogecoin, Polygon, and VeChain, the amount of money earned reaches immense proportions. Most investors fall in love with easy and fast money.

Even South Korean employers find the effects of the insufficient supply of workers starting to become apparent.

Since the start of Q4 2020 to its all-time high, the price of Bitcoin has increased by over 500%. When it comes to top-performing alts such as Dogecoin, Polygon, and VeChain, the percentage gains are magnitudes greater.

From cryptocurrency investing, the company has made some $2.7 billion. Compared to working a regular job, he said crypto offers a better return to investors. Since the returns for the amount of time I put in I realized it would be more profitable to focus on my investments instead of working.

Han Jung-soo is one such former worker. He quit his credit card company job last month off the back of making ?3 billion ($2.7 million) from cryptocurrency investing. He said crypto provides a better return compared to working a normal job.

“I enjoyed working, but I realized it made more financial sense to focus on my investments considering the returns I can gain for the amount of time I put in.”

It’s fun and games this day when making a profit, but 80%-90% of traders lose money. It is no surprise then, that gambling has a direct relationship.

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This post, published today by the leading South Korean newspaper Chosun Ilbo, outlined the phenomenon of obsessive bitcoin tracking and suggested that price fixation may be a sign of greater cryptocurrency addiction, one that shares similarities with gambling addiction.

However, psychologists classify it under the same taxonomy as a behavioral addiction, which includes established sub-types such as gambling addiction and stock market trading addiction.

Compared to other alts which may perform well, like Dogecoin and Polygon, the percentage gains for VeChain are immense. It attracts people with the promise of easy cash. So much so, employers are starting to notice the effects in South Korea.

Taking the leap, I took some money out of my measly savings and bought myself some Bitcoin…In three days, I had made 6 percent. I was hooked… I’ve noticed that the whole cryptocurrency trading trend is like placing bets on a never-ending horse race, where new horses are introduced to the race almost daily”

While it’s fun and games when making a profit, the sad reality is that 80%-90% of traders lose money. Although I have always enjoyed working, I realized that it is financially more rewarding to invest in my investments since I can earn more for the amount of time I put into them.”

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