5 New Technologies Making It Easier To Buy And Sell Cryptocurrency
In the past, the cryptocurrency realm grappled with multiple challenges. These challenges included insufficient infrastructure, a dearth of stable platforms, security concerns, and regulatory compliance issues.
In recent years, this rapidly growing domain has captivated the interest of investors, devotees, and technology connoisseurs alike. These digital currencies, underpinned by secure blockchain technology, have grown exponentially in both number and adoption.
This article looks at some of the latest technologies helping to revolutionize the crypto space. From artificial intelligence to instant-payment options, these groundbreaking developments are ushering in a new era of digital asset transactions.
5 New Technologies Making It Easier To Buy And Sell Crypto
Instant Verification
Previously, cryptocurrency traders faced protracted procedures, enduring days or weeks for account approvals and verifications. The lengthy waiting period deterred numerous potential traders, as the highly volatile market couldn’t afford such delays.
With the advent of blockchain-powered identity verification systems, users can swiftly and securely authenticate their identities within minutes. This eliminates the long waiting period and helps protect customers’ personal data by keeping it off centralized servers.
Instead of waiting for days for your identity documents to be manually reviewed, the platform uses automated systems to check them almost immediately. You’ll typically be asked to upload a government-issued ID like a passport or driver’s license, and sometimes a selfie or a proof of address too.
Utilizing cutting-edge technologies like artificial intelligence and machine learning, the system swiftly confirms your documents’ authenticity. It also ensures data consistency with the information provided. Upon completion, your account will be fully activated and ready for trading.
Some of the platforms offering this service include CoinLion, CEX.io, and Bitstamp. All these platforms have implemented know-your-customer (KYC) procedures to make trading faster and more secure.
Mobile Trading
Another revolutionary technology making it easier to buy and sell cryptocurrency is mobile trading. Mobile trading platforms provide traders with access to market data, tools, and features comparable to standard web-based exchanges. They offer the added convenience of using a smartphone or tablet.
This has made investing in cryptocurrencies much more accessible, as investors can quickly trade from anywhere at any time. Additionally, mobile trading apps boast user-friendly interfaces and frequently provide added features, such as real-time pricing, chat rooms, news feeds, and other enhancements.
Mobile trading works by connecting an investor’s phone to a broker or exchange. Once connected, traders can view real-time market data and place trades directly from their devices. The app allows users to manage their accounts, deposits, and withdrawals effortlessly. This provides trading convenience and eliminates the need for computers.
Mobile apps have also become dependable Crypto ATM alternatives. Instead of going to physical ATMs, users can easily convert their crypto into fiat and withdraw directly from their phones. This is especially useful for those who are always on the go and don’t have the time to seek out physical ATMs.
A few of the top mobile trading apps are Coinbase, Binance, eToro, Robinhood, and Kraken.
One-Click Trading
One-click trading in crypto is all about speed and simplicity. Imagine shopping online and buying with just one click – that’s the concept. In the fast-paced world of cryptocurrencies, prices change in a blink. A prompt response can lead to more favorable outcomes.
Here’s how it works:
You set up your trade parameters in advance, like the amount you want to buy or sell and your preferred cryptocurrency. Once done, the platform does the rest. When you spot a trading opportunity, you simply click once, and your pre-set trade is executed instantly.
This method removes the need for confirming each step of the trade, cutting down time spent on formalities. It’s a game-changer for day traders and those who aim to profit from short-term price fluctuations. Remember, though, speed can be risky. Always consider your financial situation and risk tolerance before trading.
Some platforms offering one-click trading include Coinbase, Crypto.com, eToro, and Binance.
Automated Trading
Automated trading in crypto is like having a virtual assistant making trades for you, day or night. It’s all based on computer algorithms or “bots” that execute trades on your behalf.
To use automated trading, you have first to define your trading strategy. This might be buying a particular cryptocurrency when its price hits a certain low or selling when the price reaches a particular high. You input these rules into the trading bot. Once set, the bot swings into action.
It constantly monitors the crypto markets, and when it spots a trade that matches your rules, it makes the trade instantly. This may occur spontaneously, even during your sleep or when you’re preoccupied with other responsibilities.
Some automated trading platforms include TradeSanta, Gunbot, Cryptohopper, and 3Commas.
Artificial Intelligence
Artificial Intelligence (AI) is beginning to leave a notable impact on the realm of cryptocurrency. AI can be used to analyze and interpret data from the markets and then adjust your strategy accordingly. This means you don’t need to constantly monitor the markets, as AI will take care of this for you.
AI uses machine learning models trained on historical data to make predictions and generate trading signals. These signals can be used to inform your strategy and help you identify profitable trades.
Some of the best AI-based platforms include Autonio, CryptoTrader, and ExaTrade.
