This article, “bitcoin’s effect on mental health” is one of the most prominent topics nowadays. Before going into the detail discussion, here is a brief introduction to bitcoin and mental health (our whole body health depends on our mental health).
Bitcoin is the first widely traded digital currency. Bitcoins are cryptocurrency, which means they use encryption to create a secure information-based economy that is entirely decentralized. Unlike this present age where we make use of the paper currencies, bitcoin is regulated by a distributed network of its users so it can’t be manipulated by any individual or central bank. Only a limited supply of bitcoins is created at a steady rate.On the other hand, mental health is a physiological condition of a person and it affectshow we think, feel and behave in any condition.
A recent survey shows that 450 million people around the world have a mental health (more than one in every 16 individuals). Depression is the leading cause of disability worldwide and will be the single biggest medical burden on health care by 2020.Below is a list showing the effects of bitcoin’s on mental health either if it’s good for our mental health or not. They include:
Ø Mostly, people think that they will get bitcoins in cash, and when it comes to the point of how to withdraw or use bitcoin, (it is in a digital cash form, not real cash). It is quite stressful as too much of money is invested in it and they feel disappointed as a result which might cause depression.
Ø Poverty level has an impact on mental health status of all individuals in the world. Individuals who are extremely poor and living below poverty line, compared to individuals living above the poverty level have the tendency to be three times more psychologically distressed. One of the positive effects of bitcoin is that it gives you a chance of being rich in less time but it is not the last one.
Ø When we are investing in a bitcoin we are going to make financial decisions which are one of the most stressful processes out there, and it directly has an effect on our mental health because we would be thinking too much. You would as well find it on the bitcoin official website that one person is committed suicide due todeep depression when investing in bitcoin.
Investing in such plan and digital currency sometimes might become bad as there is financial FOMO (“fear of missing out,” for the non-millennials) and the hindsight effect of selling too early or too soon. Making use of a digital currency such as bitcoin, there is also an increased risk of potential hacks that can clear billions in value and these are mental and emotional certainties of risky trading in bitcoin. Therefore, it is advisable to also invest in other businesses too and also prepare yourself for any issue that might arise in the process of trading bitcoin.