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How AI and Machine Learning will pave the way for a future of Unprecedented control in Crypto Management

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As far as our perceptions of the mounting developments of AI and machine learning are concerned, it’s the best of times and the worst of times to be rubbing shoulders with our robotic brethren.

Today AI is so omnipresent that we can barely go 15 minutes without interacting with a machine that’s so adept at doing a human’s work that we don’t think twice.

From consulting with our smartphones on the fastest route to work, to indulging in our tailor fitted social media feeds, we’re perpetually a button push away from engaging with smart technology.

An ever-increasing swathe of society is also becoming ever more fearful of the ramifications of our having AI cater to our convenience needs. With more industries coming under threat from automation every year, we see more calls for balance in workplaces.

Image Source: ZDNet

Then, there are some industries that have always been ripe for the influence of AI and machine learning.

The cryptocurrency market has developed at a rapid rate, from humble but revolutionary beginnings to the meteoric rise of Bitcoin. Today we see larger sums than ever being traded on the crypto exchanges across the internet, and a clear need for technology to provide investors with greater financial management.

Emergence of sentiment analysis

While market analysis has never been more vital than in the volatile world of cryptocurrencies, AI and machine learning possess the power to go beyond the scrutiny of numbers.

Through a process called ‘sentiment analysis’, technology is capable of crunching an unfathomable depth of data from sources across the world wide web, like articles, blogs, comments, social media posts as well as video transcripts to decipher a market’s take on a certain topic.

AI will process data from as many sources as it’s capable of finding to understand the reception that people have given to a particular notion, regardless of how popular, antagonistic, or lukewarm it may be.

From there on in, the technology begins to summarise and feedback the market sentiment to users. This particular method can pay dividends to marketers who might want an insight into how the market views a particular product.

One company that’s already begun embracing the potential of sentiment analysis is Senno. Given that this particular level of research requires a large-scale amount of processing power, Senno has turned to the distributed ledgers of blockchain in order to pick up the slack of scouring a multitude of sources.

Ultimately Senno intends to utilise its market research capabilities by providing an unprecedented level of insight into the crypto financial market, with the aim of making trading less daunting for newcomers to the scene.

The case for control

AI and machine learning are already beginning to bring users unprecedented control over their crypto finances.

Through this technology, traders already have access to compiled and current insights that would simply be unmanageable for a human mind to process. As such, investors have at their disposal some extraordinarily powerful tools to unleash on their crypto platforms.

There’re companies that look to utilise these advanced techniques in bringing unparalleled control to crypto management online, decentralising trading and avoiding excessive banking fees.

According to FOTON, by utilising a decentralised system, customers can often save up to 8% in fees, which translates into ~$36 billion a year in the cryptocurrency market.

Image Source: Foton (Centralised system (left) and decentralised system (right))

In a world that can be all too wary of taking the plunge into the crypto markets, AI can make for a valuable bridge in the gap between the unknown and the prospect of assured, well-analysed decisions.

Beating market manipulation

Given that the crypto industry can often be a volatile one, AI performs a significant role in spotting market manipulation, helping investors keep their finances safe.

Such machinery is already in place and detecting suspicious behaviour among cryptocurrency trading today.

In September 2018, for example, an AI program was able to spot unusual trading patterns just hours before Goldman Sachs announced that they would be sidelining plans of launching its first cryptocurrency trading desk – a move that caused the market to take a sharp downward turn.

Again, such algorithms are vital in building public faith in the, at times, daunting business of crypto trading.

From eWallet management to staving off market manipulation. The more AI that’s on hand to help us, the more control we’ll have over one of the world’s most exciting and profitable marketplaces.

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