July 24, 2024

The rapid surge of artificial intelligence (AI) is continuing to change the way we live in several ways. From how we work to how we learn, AI is streamlining everything and making processes more rapid and more efficient. But can it also help you make more money off crypto?

Explore: 3 Types of Investments Predicted To Plummet in Value in Summer 2024

Find: 6 Unusual Ways To Make Extra Money (That Actually Work)

The Blockchain Council goes even further, arguing that AI is helping in one aspect: crypto trading, going as far as arguing that AI is, in fact, “reshaping the crypto trading landscape.”

Here are some ways experts say AI might be able to help make more money off crypto.

Use an AI-Powered Crypto Trading Platform

According to Brian Prince, founder and CEO of TopAITools.com, co-founder and CMO of XCoins, similar to robo-advising for stocks, you can now choose an AI-powered crypto trading platform to help automate your crypto investing strategy.

“Platforms like Makara by Betterment or eToro offer robo-advisory services for investors interested in crypto,” said Prince.

In addition, more mainstream platforms, such as Wealthfront and Makara, offer limited crypto offerings.

“It’s important to do your research before choosing the platform that’s best for your needs,” added Prince.

Markus Levin, co-founder of XYO Network also noted that AI-based trading systems essentially help to automate and streamline trading so that the person involved does not always have to be around a computer for monitoring positions.

“There have been trading bots for many years, but now they are AI-powered, and they therefore are much more effective,” said Levin. “In the future, I suspect that we will see more and more trading automation with crypto using various forms of AI technology.”

Invest in AI-Based Cryptocurrencies

Artificial intelligence tokens have also been riding the broader AI wave. As CoinGecko explains, these tokens are “cryptocurrencies that power AI-related projects,” and as of June 17, stood at $28.4 billion, according to CoinGecko data.

Prince noted that as AI and crypto both grow in popularity, it’s not surprising that crypto tokens may represent profitable investment opportunities.

“This summer, Fetch.AI, SingularityNET and Ocean Protocol, three AI-based cryptocurrencies, will merge to form ASI, Artificial Superintelligence Alliance, or $ASI,” he said. “For crypto and AI enthusiasts alike, along with investors with some risk tolerance, this merger will be worth watching!”

Sift Through Memecoins

Another notable point is that with the current memecoin craze, the sheer number of coins being produced is so overwhelming that it is impossible to evaluate them individually, said XYO Network’s Levin.

In turn, he pointed to new AI tools- such as Rug.AI-that enable you to immediately get a sense of a token’s supply, number of holders and other important metrics, producing a score of how legitimate any particular coin actually is.

“And this is important for newly launched memecoins because investors want to be in early. But because memecoins are usually short-lived, they also want to know as quickly as possible when to exit,” said Levin.

Prince also suggested using platforms such as Dither-an AI bot based on the Telegram app, which analyzes meme coins to help you pick the “next big thing” in crypto.

He noted, however, that meme coins, of course, are highly speculative, so you will want to limit your exposure to what you can afford to lose and understand the risks involved.

Use It for Mining

Prince also suggested using an AI-based crypto mining and trading network. For instance, he said, Taoshi is a proprietary trading network powered by AI and machine learning on the Bittensor network blockchain.

“In essence, Bittensor seeks to use predictive modeling to forecast Bitcoin price movements,” he said. “Miners can contribute their own AI-based predictive models through Taoshi, earning $TAO tokens for doing so.”

He added that for advanced crypto traders, miners, or AI professionals or enthusiasts, this cutting-edge technology potentially offers a way to earn more money through crypto while dramatically advancing decentralized AI applications through a crowd-sourced model.

Use ChatGPT

You can also ask ChatGPT for crypto investing advice, or build your own crypto trading bot using ChatGPT.

“If you are just getting into crypto investing, you might want to start by asking ChatGPT for some general investment tips and best practices,” said Prince.

He cautioned however, to keep in mind that ChatGPT will not offer specificinvestment advice

“It is not a personal financial advisor, but it can provide solid guidance to help you get started,” he said. 

And for more advanced crypto investors and those who have some level of experience using ChatGPT for coding and programming, Prince said you can you use the platform to help you create your own crypto trading bot

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Ways To Use AI To Make More Money Off Crypto

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *