The age of cryptocurrency is ushering in many new technologies that are quickly changing the way we conduct business on a global scale. Blockchain networks and distributed ledger technology allows companies to conduct business at a level of efficiency that would have been previously impossible. These technologies are often at the forefront of cryptocurrency discussions but there is also another type of technology that has seen considerable advancement thanks to the recent cryptocurrency boom – Artificial Intelligence.
Artificial Intelligence has been seeing growing adoption in the cryptomarket as everyone from traders to ICOs look to capitalize on the recent advancements made in this sector. Companies are now using advanced AI algorithms to evaluate your past decisions and predict your future ones with scary accuracy. These algorithms are becoming increasingly more effective due to advancements in the self-learning capabilities of these programs.
AI is making some serious waves across the global economy and you may already be working alongside AI and not even know it. Below are some of the major ways AI is changing the cryptomarket.
Trading bots function much like the AI bots that evaluate your personality. They examine the market and make trades based on a complex collection of data. Trading bots have made some serious gains in the market and more platforms are introducing these helpful tools to their platforms.
Trading bots are not perfect and in June of last year a rare sale order placed on Coinbase caused trading bots to fill 800 stop loss orders and margin liquidations. In turn, this caused the ETH price to flash crash 30% for less than a minute. The flash crash made headlines as Coinbase officials responded publicly that there was no error on their end but that everything, including the bots, functioned correctly.
Artificial Intelligence Platforms
It’s only natural that AI and cryptocurrency would eventually team up but no one could have predicted all the unique ways in which cryptocurrency developers have introduced this technology into the field. AI is being used to assist your trading by evaluating multiple areas of concern including the sentiment of social media activity involving your potential investment.
There is even an AICoin that promises to “fuel short-term gains” with the help of their unique AI algorithm. Financial analysts have also noted that at the mere mention of such words as blockchain or AI, a company’s stocks can see some considerable gains. This has further fueled the AI ambitions in the market.
Artificial Intelligence Hiring
If you are one of those people that are fearful of AI one day taking your job, you can relax because not all AI is looking for employment. Some AI is actually looking to hire you. Platforms such as DREAM.ca are planning to utilize AI to help new businesses find freelancers based on proven experience with similar projects.
How Artificial Intelligence is Changing the Cryptomarket – Final Thoughts
There is true power in the application of AI in the global economy and the cryptomarket, in particular, is well-suited for these high-tech protocols of the future. AI has already left a lasting impression on the cryptomarket and you can expect to see further advancements made toward integrating crypto and AI further in the future.
What do you guys think? Are you trading as good as a robot?
By D. Hamilton, BIG Writer