We Need to Change the Landscape of Crypto Trading Through “Algocratization”
Cryptocurrency trading has always been fundamentally different from traditional finance in lots of ways.
It’s more inclusive, easier to make big and quick gains, has lower barriers to entry, and doesn’t require huge startup costs.
Maybe these are the reasons why crypto has been so fiercely and constantly undermined by the elitist financial class ever since it’s been big enough to catch their attention.
Crypto represents a marketplace where you don’t have to be a millionaire to get started and achieve huge success.
This article tells the story of a man who started with an investment of just $3,000 and made enough money to retire and travel the world in enormous luxury forever.
This market has the potential to redefine the way we think about trading. But even so, it isn’t as equal as it could be. There are still many opportunities for the wealthy and well-connected to secure big advantages.
That means there’s still some work to be done. It’s important to preserve crypto’s values, make things fairer, and ensure that newcomers to crypto aren’t excluded because they don’t have enough money or influence.
First up, let’s take a look at why less established traders might be finding it harder to break into crypto.
Excluded from Tech by Tech
One of the biggest things preventing ordinary traders from having real success with crypto is algorithms. More specifically, how difficult good trading algorithms are to build and access.
In traditional, Wall Street finance, algorithms are a staple of the profession. They’re widely used by trading firms and those in the know because they bring massive advantages to the table.
Algorithms take care of the mundane, repetitive parts of trading, the bits humans can’t stand. They can monitor the markets constantly, buy or sell stock when the price reaches a certain point, and easily automate a lot of the necessary but monotonous elements of finance.
They also help reduce the risk of human error. People are famously prone to making big mistakes when it comes to trading. Fear, anxiety, and impulsivity can drive otherwise cool-headed traders to make disastrous blunders costing enormous sums of money. That doesn’t exist with AI.
And in cryptocurrency trading, algorithms are even more useful. That’s because the crypto markets operate on a 24/7 basis, meaning it’s literally impossible for a single human to monitor them effectively.
To make matters worse, cryptocurrencies are also notoriously volatile. Big crashes or staggering growth can happen pretty much overnight, and it’s easy for a person to miss out on danger and opportunity alike.
So for the beginner crypto trader, algorithms are a really important piece of the puzzle. Not having access to this technology puts you at a disadvantage from the offset.
So why isn’t every crypto trader using them? The answer is simple: cost. Unless you have the coding skill to put together your own algorithm, you’re forced to pay someone else to do it for you, and that kind of service doesn’t come cheap.
As always, it’s the wealthy and the well-connected that come out on top, while ordinary traders are left trailing and unable to make use of this valuable weapon.
In order to make crypto more accessible and allow anyone to have a good chance of success regardless of their wealth or status, we need to make algorithms much more easily available. The good news is that several companies are doing just that.
Algorithms for Everyone
Among the companies trying to make algorithms more accessible is Capitalise.
Through their platform where users can build their own algorithms affordably and easily without any coding knowledge required.
In the Algobuilder platform, users simply type instructions in plain English and the interface takes care of the rest. It even gives suggestions and guides users through popular steps to help build a typically effective algorithm.
If you manage to create a successful model, you’ll be able to share it with other users in the network. Capitalise even want to build a kind of social network, where traders will be able to help one another and draw on each other’s expertise.
Projects like this represent a more equal, community-minded approach to crypto trading, where users are encouraged to support each other. It’s a push towards a more inclusive crypto trading market, where participation isn’t restricted to wealthy and established traders.
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