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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 (χ2) 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.
Cite this article as: Menteş N, Yolbaş İ, Bulut M. Development and verification of problematic cryptocurrency trading scale. Psychiatr Clin Psychopharmacol. 2021;31(3):310-318.