Explore how AI tools help cryptocurrency traders for better business in the crypto industry
Even though ChatGPT, an artificial intelligence (AI) tool developed by OpenAI, has only been operating for a few months, it has already learned how to rotate the globe. Bitcoin and the evolution of the internet are two instances of its effect.
Utilizing natural language processing (NLP) technology, ChatGPT is developed as a language model. It can be used in various ways by cryptocurrency traders, as well as in language and content-based tasks and analytics. ChatGPT is a technology that can serve as the foundation for specialized crypto trading bots due to its data analysis and code writing capacity.
Users can, for instance, request that ChatGPT develop code for crypto trading bots that could automate the trading process based on parameters that have already been defined. However, the resulting bots should be tested first and taken with a grain of salt.
Besides dynamic exchanging, the artificial intelligence apparatus can likewise be utilized to survey risk, which Coinbase has previously tried. The US-based exchange recently tried out ChatGPT’s ability to monitor the risks of ERC-20 tokens before they were listed. The final results were then compared to the risk assessment of the company’s blockchain security team using internal automation tools. Despite the promising results, ChatGPT still needs to develop to compete with specialized teams.
Is ChatGPT bots able to take the place of specific crypto trading bots?
Given OpenAI’s tool’s unprecedented capabilities, the question is: Can ChatGPT-based bots replace specialized automated tools for trading cryptocurrencies? To get the most out of the cryptocurrency market, TradeSanta, for instance, provides users with access to a powerful in-house trading bot, the ability to customize bot-based tools, and the ability to implement algorithmic strategies.
TradeSanta is a software platform that can automate trading strategies for increased efficiency. It is hosted in the cloud. Thanks to its user-friendly interface and numerous features, it eliminates the psychological factor while executing trading strategies across major crypto exchanges.
Additionally, TradeSanta provides various features, such as risk management tools, customizable bot templates, spot and futures trading, long and short trading options, and more. These specialized tools have advanced features, can process data in real time, and can implement complex trading strategies that an AI tool like ChatGPT cannot currently do. In addition, complete novices may need assistance articulating their desired strategy in the prompt. The system that comes out of it will likely be practical if descriptions are clear and specific. TradeSanta, on the other hand, offers users helpful support and guides.
It’s early to say that ChatGPT-based bots can replace dedicated trading tools like TradeSanta, despite their potential. To begin, ChatGPT cannot provide current crypto asset analysis due to a limitation that prevents it from using data after September 2021. ChatGPT would still need more human-like perception to comprehend the depths of the cryptocurrency space and the nuances of crypto trading, even if OpenAI were to lift this restriction.
