Artificial intelligence is becoming popular, as such, tech giants are leading the way in the implementation of this revolutionary technology. In this article, we will take a look at the benefits of combining Artificial Intelligence and cryptocurrency.
What Is Artificial Intelligence?
Artificial intelligence (AI) is a concept that intends to introduce machines that are capable of performing tasks intelligently. In other words, we can say that AI is intelligent machines that can execute tasks that involve human intelligence. Therefore, there are four major concepts that govern the concept of artificial intelligence including
- Deep machine perception
- Machine learning
- Knowledge engineering
What Is Cryptocurrency?
The concept of cryptocurrency emerged in 2009 when an unknown inventor or group of inventors introduced Bitcoin under the pseudonym, Satoshi Nakamoto. Basically, a cryptocurrency is a digital currency. They are mostly decentralized (i.e. no central figure controls its value or supply,) therefore, they are not susceptible to inflation.
Apparently, cryptocurrency is one of the inventions that are capitalizing on the emergence of a fully digitized world. As a result, the concept is on the verge of attaining cryptocurrency mass adoption as many believe that it will fuel future economy. However, cryptocurrency has not had a jolly ride since its introduction.
Not everyone is comfortable with the concept of assets that are majorly restricted to digital platforms. In addition, some governments are not about to let their citizens use currencies that they do not control.
Yet, this has not deterred the growth of the crypto market. Traders and investors are flooding into the crypto space as they have discovered that the volatility and innovative ingenuity of crypto is perfect for making ample and viable profits. This has led to the introduction of various innovative solutions that will help investors maximize their profits. One such solution is the introduction of AIs to crypto trading.
Why Is Cryptocurrency And AI Good Together?
The Elimination of Emotion-Induced Decisions
As humans, we are prone to make bias decisions. Emotionally induced investment decisions could lead to fatal losses. It is important that crypto investors access all the relevant data and carefully analyze them before making a decision. However, this process is very rigorous and it is prone to human errors and oversights.
The introduction of AI enabled crypto investment analysis system will effectively eradicate flawed decision-making processes. This is because machines are not biased and they do not have emotions. In addition, investors utilizing this innovative system will access investment analysis in record time.
The Emergence of Fully Automated Payment Platforms
Cryptocurrency is primarily a medium for transactions as the technology boasts of cryptographic mechanisms that permit unrestricted and verified transactions. However, the facilitation and validation of transactions involve processes that sometimes delay the speed at which transactions are verified.
With the help of AI, payment gateways can fully automate the processes of transaction validation which presently relies on consensus. This approach will immensely increase the transaction processing speed of crypto payment platforms.
The collaborative power of cryptocurrency and artificial intelligence will definitely lead to a more robust crypto investment decision-making process. Also, it will evolve the way we perform transactions on blockchain-based payment systems. Therefore, we cannot wait for the emergence of AI-powered crypto platforms and tools.
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