Compared to traditional forex trading, the highly-speculative cryptocurrency sector requires more attention and time. When some digital assets can quadruple in value in just a day or two, it is hard not to constantly pay attention to the projects you have invested in.
For this reason, cryptocurrency enthusiasts regularly follow official crypto Telegram groups and even make their own communities where they can discuss prices and announcements. However, no matter how fast we became with the rise of the internet, we still demand information more promptly.
How do we solve this? We write code that gives us the ability to write a simple command and almost instantly receive information in return. Chatbots became a fundamental part of both businessmen and crypto Telegram communities, and there is a good reason why.
What Are Chatbots?
Most people tend to hire a virtual assistant if they are overburdened by work, and crypto investors tend to have a lot on their plate. But why pay someone who you have to manage when you can write a command in a Telegram chat and achieve the same thing?
Crypto-based chatbots help us with basic needs such as checking out the price of a cryptocurrency. They can do more advanced processes as well, such as managing our portfolio and even making trades. When someone is in a rush and doesn’t have the time to manage their assets or visit a website to check the prices of multiple currencies, people can rely on chatbots instead.
How Do They Work with Crypto?
Chatbots provide a wide set of default commands. While advanced functions are not present in every bot, most of them can conduct basic commands useful for trading.
Some bots can be even ordered to regularly report price movements and conduct price analysis. Think it requires a lot of effort? Let me show you how easy it is. If you are interested in the volume of the entire crypto market, you only need to type ‘/global’ on bots such as Rocket Coin and you will receive information not only on the total market capitalization but on the dominance of bitcoin as well.
While most telegram crypto groups tend to integrate bots from the get-go, you can also personally chat with any bot you want. Having a one-on-one conversation is especially useful if you want to do advanced tasks such as making trades or managing your portfolio since they require a bit of privacy. If you are both a crypto enthusiast and a programmer, you can even code your very own personalized bot that can be used for any task possible depending on your expertise.
Final Word – Do You Really Need One?
If you ever needed an assistant that can help you with basic tasks, chatbots provide an inexpensive and useful option. Considering that the cryptocurrency market is highly-volatile and demands almost all of your attention, it can be a bit exhaustive to do everything yourself. While bots don’t do everything instead of you, writing a one-word command is easier than visiting exchanges and clicking through several pages.
Crypto chatbots come in all shapes and sizes and can help you with both basic and advanced tasks. Need to quickly check the price of Bitcoin? Got it. Want to make a quick trade on the exchange of your choice? You can do that as well. But stay careful, some bots market themselves as more than just trading tools. If you ever encounter a bot that claims to provide financial advice, you might want to stick to the old saying: ‘Do Your Own Research’ (DYOR).