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Are you aware that the very first cryptocurrency purchase was for pizza? The sale took place in 2010 when a programmer exchanged 10,000 bitcoins for two pizzas valued at $30. The exchange made the currency real in the eyes of many. It meant that cryptocurrency had value. Once something has value it can be traded. Thus, that transaction created a brave new world in the investment market.
Today, cryptocurrencies are apparently here to stay. Whether you trade in them or not, they are nonetheless becoming part of everyday life. What’s more, traders are turning to automated solutions to guide their trades more often now than ever before.
Just like people and organizations trade Forex every day, so, too, can people trade the wide range of cryptocurrencies. According to Wikipedia, there were more than 1,600 cryptocurrencies in August 2018. Moreover, it’s important to note that as the values of each currency peak and trough and as the number of cryptocurrencies slowly increases, the risks involved with cryptocurrency trading become greater.
High Risks and Luck with Cryptocurrency Trades
There are those who strike it lucky, of course, when exchanging one currency for another. Some, perhaps, even turn their earnings into a tangible item of value. However, finding or even predicting the ultimate exchange has now become more than a matter of luck. That’s because millions of real dollars are tied up in cryptocurrency. And with perceived real money tied up, the risks are greater than ever before.
The Perfect Cryptocurrency Trade
To predict and achieve the perfect cryptocurrency trade, the trader must consider many factors. Among these factors are the many hundreds of cyber currencies and how a multiplicity of issues affects each one.
Here’s an example. The global activities that affect the British pound determine its value against the dollar, the euro, and hedge of other currencies. These same activities also have effects on cyber currencies.
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That’s why many cryptocurrency traders turn to technology to assist them in watching the ebbs and flows of activity around any number of currencies. They might use any one of the top 10 crypto bots to predict and perform the perfect cryptocurrency trades. Moreover, it may well be that a trader will rely on more than one crypto bot. As always, he or she continually looks to improve trade performance.
Cyber Rage Against the Crypto Machine
Automation is always initially met with a degree of skepticism. This was true as well with the introduction of crypto bots for cyber currency traders. There will always be the purists who thrive on the challenge of outwitting technology. Those irreproachable souls believe the best trades will always outsmart automated trades.
As as a matter of fact, it is fair to say that the human brain truly is vastly superior to any computer. Perhaps in the cryptocurrency world this does mean something. However, it is also safe to say that the introduction and acceptance of technology in the cryptocurrency trading world now make it possible for almost anyone to successfully trade with relative ease.
Fearing Crypto Bots
Automation, as always, however, is fallible. And crypto bots don’t offer a 100% guarantee that long-term crypto trading will achieve success every time. Moreover, even as the technologies around artificial intelligence improve, the fact remains that the quality of what you pull out is only as good as what you put in.
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This will always mean that one crypto bot will have an advantage over another. Also, it will mean that no crypto bot is by any means perfect. How, when, where, and why a person trades in cryptocurrency will be guided by the information a person has, along with their gut feeling.
However, using a crypto bot removes the emotional factor. Some might even say it removes the challenge of trading for profit. Perhaps artificial intelligence, with cyber currency and even government-backed currency, truly is beginning to take control.
Cryptocurrency and Automation in the Long Run
Regardless of how you feel about automation as it’s used in cryptocurrency trading, the fact is that both cryptocurrencies and the bots that some use to guide their trades are surely here to stay.