Category Big Data, Cloud, BI

Creative Ways to Leverage Big Data for an Optimal Marketing Plan

Creative Ways to Leverage Big Data for an Optimal Marketing Plan

Big data technology is becoming more important than ever for modern business owners. One study by the McKinsey Institute shows that data-driven organizations are 19 times more likely to be profitable.

There are many benefits of using big data to run a business. One of the most important advantages is that big data can help with marketing.

Big Data is Essential for Modern Marketing Strategies

Running a business isn’t easy, especially when it comes to marketing. However, if you want to continue to draw in new customers and clients, continuous marketing is a must. The good news is that big data can help with this. The McKinsey Institute report showed that data-driven businesses are 23 times more likely to acquire customers.

The good news is there are ways to use big data to simplify and boost your efforts to guarantee success. If you are looking to boost your marketing efforts as a data-driven organization, then you should follow these crucial tips.

Big data has revolutionized marketing. Giving you insights into how your current methods are working, your customers, and increasing brand awareness, big data can play a crucial role in your success.

The main types of big data you’ll want to capture include:

Customer dataOperational dataFinancial data

By collecting and analysing customer data, you’ll get a much better idea of who your target audience is. This can help you to figure out the best places to advertise and market your services, as well as determine your brands tone of voice. Having a strong understanding of your target audience is crucial in marketing. After all, if you don’t know who you are marketing to, how can you expect to receive results?

Operational data refers to the way the business runs, including shipping and logistics, and customer relationship management. Data has become very important for improving customer service. When you have a clear picture of the way the business is run, improvements can be made to improve performance. This in turn will boost customer satisfaction, leading to more word-of-mouth referrals.

Financial data such as pricing, sales, and margins, helps you to budget more effectively. You will also see where your budget is being wasted, allowing you to switch to more profitable marketing methods.

The more data you collect and analyse, the more targeted and effective your marketing will become.

Update Your Aesthetics – how things like flooring help with marketing (makes good impression etc)

In business, it’s important to make a great first impression. This is difficult to do if the aesthetics of your brand aren’t on point.

Start with your digital aesthetics such as your logo, web site, and social media presence. Does your branding match your business? Having clean, clear aesthetics can help you to appear more authoritative and professional.

It isn’t just your digital presence that you need to worry about. How your physical premises are laid out will also make a difference to your marketing efforts. Firstly, it determines a customer or client’s opinion of the business if they visit your premises. Secondly, the aesthetics of your business can impact morale, motivation, and productivity.

Everything from the type of flooring you have installed to how much light enters the premises can make a difference. When it comes to the flooring of your business it should be comfortable, practical, and aesthetically pleasing. It doesn’t have to cost a fortune to update the flooring in your business. There are companies that offer up to 65% off commercial flooring.

These are just some of the ways aesthetics matter in business. If you want to make a good impression, start by giving your online or offline a presence a makeover. 

Leverage big data for local community engagement

Giving back to your local community is a great way to boost your marketing efforts. Customers and clients generally love brands who use their profits for good.

It could be sponsoring a local sports team, organizing a charity fundraiser, or planting trees and greenery to help improve air quality and aesthetics. Don’t forget to advertise the ways you give back to the community on your social media platforms. Getting involved in your local community could help you to attract a lot of new customers, as well as keep existing ones coming back for more.

It might seem like big data wouldn’t help much with local community engagement. However, there are creative ways to tap data to learn more about your target consumers. This allows you to focus on identifying charities and engagement opportunities that allow you to be seen be your target customers.

Use Big Data for Reputation Management

You need to use data mining to improve reptation management. You can use data scraper tools to find positive statements customers and experts have made about your company. Then, you can showcase these testimonials on your website.

Do you have glowing testimonials you can show off to potential clients? These days consumers need to trust a business before they buy from them. Testimonials and positive reviews can help to put their mind at ease, making them more likely to make a purchase.

You should showcase your testimonials wherever you can, including on your website, social media pages, and in email signatures. Don’t forget to encourage your customers to leave them too. Having a constant stream of positive reviews will do wonders for your brand.

Use Data-Driven SEO

To continuously attract new clients and customers, you need to work on your SEO. Making it easier for you to be found by search engines, the right SEO tactics can boost website traffic, convert more leads into customers, and improve your bottom line.

It can take a lot of work to develop and implement a successful SEO strategy. If you need to, bring in the professionals. SEO companies and freelancers can help you to achieve better rankings with minimal effort on your part.

There are a lot of benefits of using big data in SEO. You can use data-mining tools to identify keywords that are likely to appeal to your target demographic. There are also data-mining tools that can help you identify links to competitor websites, so you can reverse engineer their linkbuilding strategies.

Offer competitions and giveaways

Giveaways and competitions tend to attract a lot of attention. If you are trying to bolster your marketing efforts, think of a giveaway or competition that your audience will love.

Advertise your offer on social media, asking participants to like, share, and comment on your post. This will boost its visibility to others, making it easier for customers to find you. Limited time giveaways and competitions work best, and you can offer everything from discounts to free products.

Make the most of social media

Social media provides a ton of opportunities for marketing your brand. However, it’s important to focus on just one platform at a time when you are just getting started.

Find out where your ideal audience hangs out, then focus on marketing your business on that channel. With social media you can run paid ads, post valuable content, gather fans and followers, and boost brand awareness.

There are over a billion people using social media sites, giving you access to a huge audience. If your business doesn’t yet have a strong social media presence, now is the time to build one up.

You can’t take an ad hoc approach to social media, though. You are going to need to invest in social media analytics tools that will help you make more nuanced insights. You can use your data to guide your decision-making process, so yo can create the best content, post at the right times and engage with the right networks.

Use Big Data to Think Outside of the Box

Like everything in business, the best results often come from thinking outside of the box. Big data technology will make this a lot easier. You need to use analytics tools to make observations that you can use to make more informed decisions. When you invest in big data, you can come up with innovative ways to market your business. Look at what your competitors are doing and identify ways to improve on their strategies.

There are tons of ways to boost your marketing efforts with big data technology. The above methods are some of the most effective things you can try out to start seeing bigger, better results. Consistency and continually tracking your efforts with data analytics tools are key to your success.

The post Creative Ways to Leverage Big Data for an Optimal Marketing Plan appeared first on SmartData Collective.

Source : SmartData Collective Read More

How Data Flow Works In MQ Telemetry Transport (MQTT)

How Data Flow Works In MQ Telemetry Transport (MQTT)

Data created by humans found on the Internet and on computers isn’t always accurate. Typing, scanning, taking pictures, or recording done by humans aren’t always reliable. But what if there are sensors on machines that collect data and are capable of communicating with other machines? What if there’s some kind of protocol that makes medical and personal gadgets, appliances, and other electronics send and receive data from each other? 

Such a system would mean people can, for example, accurately track what’s in their inventory. Or what part or item in their shop needs to be replaced, replenished, or repaired. As the sensors in the devices collect the data, it means the data is more accurate and more reliable.  

This system was made possible with the arrival of the Fourth Industrial Revolution. It brought with it the Internet of Things (IoT), robotics, artificial intelligence, and other emerging disruptive technologies. 

An Overview Of MQTT

Smart TVs, smartwatches, and other ‘smart’ appliances and gadgets that can send and receive messages with each other are now as common as cookies on websites. Collectively, these intelligent devices that can collect data through sensors and send them to other devices are known as the Internet of Things (IoT). 

How do devices do this? Their ability to communicate with each other is made possible by a messaging technology called Message Queueing Telemetry Transport (MQTT). It’s an IP-based lightweight messaging system that provides support to IoT. It enables controllers, sensors, and other gadgets or devices to ‘talk’ with each other. Additionally, it supports equipment that isn’t always online, like automated devices equipped with microcontrollers.     

The MQTT messaging protocol was created in 1999 by IBM’s Andy Clark and Eurotech’s Arlen Nipper. It started as a proprietary protocol used primarily in the oil and gas industry that later became an open-source protocol. The MQTT is designed to work in low-bandwidth networks. This characteristic is ideal for machine-to-machine communication and IoT devices with a small digital footprint. It works not only in low bandwidth networks but also in high latency environments. 

The MQTT is used in various industries, like manufacturing, health, telecommunications, automotive, and others. It’s now recognized as the standard for IoT messaging. This messaging system, working on the publisher/subscriber principle, is operated using an MQTT server. Both the sender and receiver don’t need to be connected directly to one another. 

Data from sources are published and received by clients subscribed to receive such data. The publishers and subscribers’ relationship works like this:

Publisher (data source) transmits data or message on a Topic.Client subscribes to a Topic to receive messages.The server matches publishers to subscribers.The message is discarded if no matches are found.

This arrangement is similar to a radio or TV broadcast—you can only view the transmission from the channel you’re tuned in to. In MQTT, data sources ‘publish’ the data, and recipients get it because they’re registered subscribers.     

MQTT Architecture And Data Transmission Protocol

Designed to be a simple publish / subscribe protocol for lightweight devices, MQTT is composed of two primary components: the broker / server and the client. 

1. MQTT Broker/Server

The computer running the piece of software that receives messages from data sources or publishers is called the broker or server. The server/broker then sends data from the sources to its correct destination, the subscribers. The software can be installed on a cloud-based broker / server using proprietary or open-source software, an on-site desktop PC, or a Raspberry Pi. But if you’re working with IoT projects that you can control over the Internet, using a cloud-based server is more suitable. 

A server can manage MQTT clients of up to thousands connected simultaneously, depending on the implementation. Scalability and integration are, therefore, essential considerations when selecting an MQTT server. A server also has other capabilities besides receiving and sending messages, such as the following:

Security

An MQTT needs to be secured. It should require robust usernames and passwords from its clients. In addition, the transmission control protocol connection should be encrypted with Secure Sockets Layer (SSL) and Transport Layer Security (TLS). These security measures should ensure the message’s security and privacy during transit.        

Quality of Service (QoS) Level

Quality of Service (QoS) Level is an agreement between the source of messages and the intended receiver. This agreement defines a specific message’s guarantee of delivery. There are three levels of QoS in MQ Telemetry Transport:

At most once (0)

At this level, delivery isn’t guaranteed. What this level guarantees, at most, is ‘best-effort’ delivery. The message is neither stored nor re-sent, and recipients send no acknowledgment of receipt. This Quality of Service level is used when the Internet is reliable and data needs to be quickly delivered. 

At least once (1)

The message is guaranteed to be delivered to the subscribers at least once. The publisher stores the message until the recipient sends an acknowledgment of receipt. The server also acknowledges the message sent by the publisher, letting the client know that the message was received. The message will be sent again if the client doesn’t receive an acknowledgment. 

The acknowledgment tells the subscriber-client that all messages pertaining to the topic to which the client is subscribed had been published. While messages being received are guaranteed at this level, duplicate messages can happen if the acknowledgment of receipt isn’t received on time. 

Level 2 is used if the client needs to receive all messages on a subscribed topic. However, many commercial servers don’t support Level 2 because it’s comparatively slow and a resource hog.  

Exactly once (2)

Level 2 is the highest Quality of Service level in MQ Telemetry Transport. Each message is guaranteed to be received once by the subscriber. It’s also the safest, albeit slowest, of the three QoS levels. While Level 1 can cause duplication of messages, Level 2 guarantees that data is received only once. 

This guarantee is provided by two (at least) ‘request and response’ flows between the publisher and subscriber, which indicates that message is received. Once the subscriber confirms that the message is received, the publisher can discard the data packet. If the publisher fails to receive a ‘message received’ signal from the subscriber, the message will continue to be sent until the message is acknowledged. 

High QoS levels are more reliable but involve high bandwidth requirements and higher latency, which can slow down data transmissions. This level is used when quick message delivery isn’t necessary and if duplicate messages can cause issues.  

There are two sides to message delivery when it comes to QoS: from the publisher to the server and from the server to the subscriber. The source / publisher of the data or message sets the data’s QoS level every time data is sent to the server. The server then sends the data to the subscriber clients according to the clients’ QoS level, which was set at the start of the subscription process. If the client’s QoS is set lower than the publishing client, the server will send the data with the lower QoS.     

This characteristic allows MQTT to provide added messaging qualities of service, ensuring that the data is sent according to the client’s requirements.

Store and Forward   

Certain MQTT messages can be stored and forwarded to subscribers even when a subscriber- client isn’t available to receive the messages. These messages are called ‘Store and Forward Topics’ to which clients can subscribe. A client subscribed to the Store and Forward feature can receive the stored data when the subscriber becomes available to receive the messages. 

For this feature to function efficiently, the MQTT server needs to do the following:

Track each subscriber’s Client IDTrack the identifiers of the last message sent successfully to each client.   

The MQTT broker automatically deletes expired messages unless configured to retain them. The broker stores configured topics in case future clients subscribe to them. The messages will then be delivered to subscribers in the order that the messages were received originally.

2. MQTT Clients

The MQTT clients can be publishers and subscribers. The labels ‘publisher’ and ‘subscriber’ refer to clients that publish messages or subscribed to receive messages. In MQTT, the publish / subscribe functionalities can be implemented in the same client. Clients can perform different functions like subscribe, unsubscribe, publish, connect, and disconnect at the communication stage.  

Moreover, these clients can be any device or app, ranging from a microcomputer to a full-pledged cloud-based broker / server equipped with various bells and whistles. The client can be a compact device with a bare minimum library and limited resources and connects using a wireless network. 

Suffice it to say, any device capable of running MQTT through a TCP/IP stack can be a client. The MQTT’s implementation is streamlined and straightforward, traits that make MQTT ideally suited for small devices that use minimal resources.

Conclusion

Message Queuing Telemetry Transport (MQTT) is the technology that makes smart home appliances, smart gadgets, and other Internet of Things (IoT) devices ‘talk’ and share information with other machines or systems. This messaging technology makes your smartphone, refrigerator, wearables, thermostats, remote sensors, and other intelligent gadgets exchange data with each other.

Data flow in MQTT works via a simple publisher / subscriber system with the help of a server / broker. A publisher transmits data on a Topic through the server; the server then transmits data to clients subscribed to that Topic.

Photo 39533964 © Maxkabakov | Dreamstime.com

The post How Data Flow Works In MQ Telemetry Transport (MQTT) appeared first on SmartData Collective.

Source : SmartData Collective Read More

5 Ways B2B Companies Can Use Analytics for Pricing

5 Ways B2B Companies Can Use Analytics for Pricing

Analytics technology is very important for modern business. Companies spent over $240 billion on big data analytics last year. That figure is expected to grow as more businesses discover its benefits.

There are many important applications of data analytics technology. One of the most important is with helping companies set their prices correctly.

Analytics Can Be Essential for Helping Companies with their Pricing Strategies

We all know how difficult it can be to get the pricing right in B2B contexts. In today’s business world, pricing has become one of the most important parts of a company’s strategy. Prices must account for the company’s key value metric, cost structure, buyer personas, and other factors like competition.

Analytics technology can help companies optimize their prices more effectively. Last year, Tullika Tiwary addressed some of the reasons in her post in CustomerThink. Here are some ways companies can benefit from an analytics-driven pricing strategy:

Analytics helps companies segment their customers, so they can get a better understanding of their behavior. This helps them determine how different customer segments will behave in various situations, which helps them set their prices appropriately.Analytics can use existing data to model scenarios where customers will respond to different prices.Analytics technology helps companies make more nuanced insights about different products and the prices they should charge for them.

This article will walk you through 5 top B2B pricing models that you should consider when determining your own strategy. We will also talk about ways to incorporate data analytics into these models. We will also introduce methods to help you choose which model is right for your organization, as well as the implications of selecting a particular model.

Why Is It Important To Use Get B2B Pricing Right?

When you get the pricing right for your B2B business, you demonstrate your knowledge about buyer personas and their needs. You are proving that you understand your value-based metric and the dynamic factors in the marketplace, such as changes in the economy.

You are making buyers aware of how their competitors price their products and services to make informed decisions about what to pay for yours. That is why getting B2B pricing right is essential if you’re going to make a business value for your consumers and profit from it.

Since pricing strategies are so important, it is essential to use all technology at your fingertips to make the best pricing decisions. Analytics technology can help you significantly in this regard.

5 Top B2B Pricing Models and Ways to Use Analytics with Them

The best way to get the pricing right in B2B contexts is to consider how customer personas value your product or service, how price affects the buyer (their buying process), and your company’s cost structure.

We’ll look at each of these factors in detail and discuss their implications for successful B2B pricing decisions and how to use analytics with them.

Cost-Plus Pricing

The cost-plus pricing model is often used by small businesses that don’t have a lot of experience in B2B pricing. In this model, you create a cost structure for your product, then add a required profit margin. You can use analytics tools to track costs of your inputs and set prices correctly.

Value-Based Pricing

In a value-based pricing model, your price is determined by the value you provide to your buyer. The seller usually determines the price based on their ideal solution for a particular task as well as their budget. The value-based model is appropriate for companies focused on adding high-value products and services to their product offerings or just starting.

Analytics technology can be very useful in this regard, especially when costs are not static. You can use analytics models to forecast future costs of your inputs and apply the right markups on your products.

Needs-Based Pricing

Needs-based pricing is the opposite of value-based pricing. You may read here about the main differences. It considers a solution’s costs and benefits rather than its value to buyers. These are usually strictly business decisions where there is no selling involved. This method will help when you’re making decisions about services that add value to your overall product offering – for example, a consulting arm of your business or extra features on your SaaS solution.

Again, analytics technology can be very helpful, although the benefits will be applied in reverse. You will use data mining tools to understand the values customers get from various products and services and analytics technology will help you assess them. This will help you make more nuanced decisions.

Competition-Based Pricing

Competition-based pricing is a relatively straightforward approach that you can use for either new or existing B2B businesses. In this model, you look at your competitors’ prices and adjust yours appropriately to make sure your product or service is still profitable. You are interested in how the market reacts to your price and how consumers perceive it.

Analytics technology will help you better understand your competitors. You can use data mining tools to research pricing and sales volume of your competitors. This will help you understand your competitors and price your own products accordingly.

Dynamic Pricing

Dynamic pricing takes into account external factors that affect the buyer’s decision-making process. It can apply to any of the models we’ve discussed so far and is extremely useful when buyers are particularly sensitive about costs or when their cost structures change quickly over time.

This is one of the biggest reasons analytics is important. External variables that affect prices change quickly in many industries. You can use real-time data to stay up on these trends and take advantage of analytics to make the right decisions.

Choosing the Best Analytics-Driven Pricing Strategy

Once you’ve determined which analytics-based pricing model is right for you in your B2B situation, you need to pick the one that will work best in that context. You can do this by considering your value metric and then deciding based on it.

Know Your Value Metric

Your value metric is the yardstick to which you’re measuring your benefits to customers. It usually accounts for what your product or service gives customers (its value), as well as how long it lasts and how much of an impact it has on their lives.

Utilize Buyer Personas

Before choosing a pricing strategy for your B2B business, you need to know who your buyer persona is. Buyer personas are archetypes of real potential buyers that you create after analyzing the data about the type of person who would buy your solution. You should have complete knowledge about their age, profession, income level, and other information that will help you tailor your product or service to their needs.

Decide On A Pricing Model

With this information, you will be able to make more informed decisions regarding your pricing model and be able to make more money in the process. This works in both B2B and B2C contexts – whether you’re running a consulting business or launching a new SaaS solution that solves certain problems for companies in the industry they belong to, this guide will help you understand how to price your product or service properly.

Consider Buyer Expectations

There are many things that potential buyers expect from a product or service and what they need from it. For example, some buyers just want an easy way to access a service in their preferred way, while others may also want to make money on it as well – for example, by selling it to other businesses or customers. Understanding this will help you determine whether your product or service is suitable for those buyers and ensure that your B2B business is successful in the long run.

Take Into Account All Other Factors

Before deciding what type of pricing model will work best for your particular business, consider all other factors that affect how you price your product or service. Your company’s cost structure, its ability to work with clients, and market demand are just some examples.

Analytics is Vital in Pricing Strategies

Pricing strategies are different for B2B and B2C contexts, but the core principles of effective pricing strategies apply to both. The key to getting B2B pricing right is knowing how to read the data and information in your marketplace, your company’s cost structure, your value metric, and what buyers expect from a product or service. You will need the right analytics tools and the right pricing strategy to make the best decisions.

If you want to make more money with your business or just get the most out of it, use this guide today to get solid insights on how you can do it. It will help you determine the right pricing model for your needs and choose it so you can start using it immediately.

The post 5 Ways B2B Companies Can Use Analytics for Pricing appeared first on SmartData Collective.

Source : SmartData Collective Read More

7 Enterprise Applications for Companies Using Cloud Technology

7 Enterprise Applications for Companies Using Cloud Technology

The market for cloud technology is booming. Companies spent over $405 billion on cloud services last year. The sudden growth is not surprising, because the benefits of the cloud are incredible.

Enterprise cloud technology applications are the future industry standard for corporations. Cloud computing has found its way into many business scenarios and is a relatively new concept for businesses.

Here’s how enterprises use cloud technologies to achieve a competitive advantage in their essential business applications.

Data streaming

Information is moving at a faster pace today than ever before. Companies must take advantage of the information about their customers to stay updated and respond in real-time for quick decision-making.

Cloud computing (https://www.striim.com/product/striim-cloud/) can be used to support real-time data streams for better business decision-making. With cloud computing, companies can use their servers and hardware as much as they want with little overhead from extra hardware and software.

Cloud technology results in lower costs, quicker service delivery, and faster network data streaming. It also allows companies to offload large amounts of data from their networks by hosting it on remote servers anywhere on the globe.

Multi-cloud computing

Cloud computing allows companies’ multiple servers to store and manage their data in a distributed fashion. The model enables easy transfer of cloud services between different geographic regions, either onshore or offshore.

Companies have the flexibility to choose the location where they have the best infrastructure to deploy their businesses. Cloud computing has provided additional advantages like interoperability with traditional enterprise systems via APIs.

Testing new programs

With cloud computing, companies can test new programs and software applications from the public cloud. Parameters can be changed, updated, or performance enhanced without the time-consuming installation of new hardware and software.

Cloud technology allows companies to test many programs and decide which ones to launch for consumers quickly. The testing helps reduce the overall cost, time, and risk associated with building new hardware so companies can focus more on their core business functions.

Centralized data storage

Cloud technologies provide users with centralized storage for all information. For example, e-mail messages and documents are stored in the cloud, giving users access to their data from any location. 

Information is encrypted and stored on firewalls or protected by redundancy and many other security methods to ensure data safety. The data storage from one company can be accessed by another company through multiple clouds, decreasing or even eliminating the need for traditional onsite storage systems for companies.

Disaster recovery and data backup

Cloud technology helps companies recover business processes in a natural disaster. Cloud technology allows for information to be shared and stored in remote data centers, making it possible to continue operations even when premises get damaged. Companies can also implement redundant systems and virtualized equipment to ensure the continuity of services.

Data backup is one of the most important benefits of cloud computing. The data backup solution makes it possible to recover your business operations when a system fails. The system eliminates the requirement to purchase expensive backup systems and other equipment.

Big data analytics

The amount of data in today’s world is growing exponentially, and cloud computing provides excellent tools that analyze large volumes of information and carry out marketing segmentation. Using data mining and advanced analytics, companies can better analyze customer behavior patterns to predict their needs and provide more customized products and services.

An organization can process vast amounts of unstructured data from social media networks and websites by running computationally intense workflows on these applications in a distributed network environment.

Provision of infrastructure as a service (IaaS) and platform as a service (PaaS)

Cloud technologies allow companies to rent servers and storage to provide IaaS. The IaaS model works well for new startups that don’t want the capital expense of building an IT infrastructure.

Companies that handle hardware, software, and security measures in a data center provide managed cloud hosting services. Companies can share resources and pay according to their usage with automatic billing, lowering costs while still enjoying the security of scalable IT offerings.

Companies use PaaS to rent access to a development environment with applications and storage. Users can develop new software or update existing programs without installing additional software. Cloud computing enables companies to quickly deploy new applications for employees without wasting time on installation in their IT networks.

Before you go

Cloud technology has proven to be an excellent model for large companies. Cloud computing allows companies to increase productivity with reduced costs and improve their business structures by improving real-time information. Cloud technology also provides customers and employees new ways of connecting, sharing data, and creating customized services.

The post 7 Enterprise Applications for Companies Using Cloud Technology appeared first on SmartData Collective.

Source : SmartData Collective Read More

AI Helps Automate Tax Compliance Procedures

AI Helps Automate Tax Compliance Procedures

AI technology has helped companies boost profitability and increase efficiency in many ways. According to most surveys, 90% of the most successful companies use AI to some degree.

One of the most beneficial applications of AI is in the realm of tax compliance. You can automate your tax compliance process by using sophisticated AI-driven software.

AI is Becoming Essential for Promoting Tax Compliance

Running a business consists of many aspects – creating innovative strategies, acquiring new customers, paying employees, and much more. In this hassle, many business owners often overlook a critical part of managing a business – taxes. Taxes are a part of almost every jurisdiction, and unless you run your business from a country with no tax liabilities, you’ll have to pay a part of your profits to the government. This is why it is so important to use AI and other forms of technology to make sure you do things right.

This is exactly what tax compliance is – adhering to and complying with the relevant tax laws and regulations in your country. Depending on the country, these taxes could include income tax, corporate tax, value-added tax (VAT), payroll taxes, and more. Of course, not complying with these regulations often results in heavy penalties from the government – which is why it’s so important to stay on top of your business’s taxes. In addition to paying the right amount of tax, businesses should also adhere to strict deadlines, while also looking for possible tax cuts to maximize the business’s profits.

The good news is that AI technology can help with many of them. We previously talked about three benefits of using AI to deal with payroll tax issues.

There are many ways to ensure tax compliance. Some companies handle taxes themselves, while others outsource it and pay professionals a fee for handling it. However, in the last couple of years, more and more businesses are starting to use an automated tax compliance solution like bluedotcorp.com, simply because it offers way too many benefits to be ignored. Continue reading to understand the importance of tax compliance as well as the benefits of using an automated solution.

Why Is Tax Compliance Important?

There are many reasons why paying taxes and adhering to the relevant deadlines are important for a business. The most obvious one is avoiding penalties from the government, which can amount to a lot of money. Different tax offices have different penalty rates, and in some countries, like Australia, the penalty can be up to 100% of the unpaid tax.

Another reason why tax compliance is important is that it helps businesses build a good reputation. Staying compliant with the law shows that you’re a responsible business owner who is willing to play by the country’s rules. This can help you attract new customers and partners, while also keeping your existing ones happy. On the other hand, failing to comply with the tax regulations could leave a permanent mark on your reputation and cause you to lose profits.

Last but not least, tax compliance can also help businesses save money in the long run. By ensuring that you’re paying the right amount of taxes, you can avoid overpaying, which frees up more funds that can be reinvested back into the business. In some cases, you might be even eligible for tax reimbursements, which can drive your business in the right direction.

Benefits of Automating Tax Compliance with AI

There are many benefits of using AI to create an automated solution for tax compliance, which we’ll cover below:

Improved Accuracy

One of the main advantages of using an automated solution is that it can help improve the accuracy of your tax filings. This is because an automated software solution is designed to specifically handle large volumes of data, meaning it can quickly identify any errors or discrepancies. This isn’t the case with manual processing, where mistakes happen much more often. This is more important than ever, since the IRS is using AI to identify tax cheats.

Increased Efficiency

Another benefit of using an automated solution is that it can help increase the efficiency of your tax compliance process. If you don’t have the help of an automated solution, you’d have to go through all the files manually, which could take a large amount of time and is quite labor-intensive.

Reduced Costs

Many business owners try to minimize the number of third-party subscriptions they have, as they’d like to maximize the profits for the business. While this is usually true, a subscription for an automated tax compliance software will do the opposite. In fact, it’s usually much more costly to outsource your tax filings than to automate them.

Increased Compliance

With an automated solution in place, businesses can be sure that they are always compliant with the latest tax regulations. Taxes are a complex aspect of running a business and managing them can be a problem if there are new rules and regulations. On the other hand, a tax compliance software solution gets constantly updated with the latest changes, ensuring that you always adhere to the relevant tax laws.

AI Helps Automate Tax Compliance Processes

Handling tax compliance can be quite burdensome for many businesses, but thankfully, there are many solutions to properly manage it. AI has helped make it easier than ever. The benefits of having an automated solution for tax compliance are evident, which is why an increasing number of businesses are starting to use them. Consider doing your research to find out how much an automated tax compliance solution can help you.

The post AI Helps Automate Tax Compliance Procedures appeared first on SmartData Collective.

Source : SmartData Collective Read More

How To Enhance Your Analytics with Insightful ML Approaches

How To Enhance Your Analytics with Insightful ML Approaches

Did you know that 53% of companies use data analytics technology? Most of these companies have found that is is very useful. It can be even more valuable when used in conjunction with machine learning.

Machine Learning Helps Companies Get More Value Out of Analytics

There are a lot of benefits of using analytics to help run a business. You will get even more value out of analytics if you leverage machine learning at the same time.

Analytics has been influencing the income for companies for quite some time now. These days more and more organizations are embracing the use of analytics. They are digging deeper into their data to improve efficiency, gain a competitive advantage, and further increase their profit. This is why businesses are looking to leverage machine learning (ML). They need a more comprehensive analytics strategy to achieve these business goals.

For years, spreadsheet programs like Microsoft Excel, Google sheet, and more sophisticated programs like Microsoft Power BI have been the primary tools for data analysis. However, the rapidly changing business environment requires more sophisticated analytical tools in order to quickly make high-quality decisions and build forecasts for the future. These tools help companies boost productivity, reduce costs and achieve other objectives.

You definitely need to embrace more advanced approaches if you have to:

process large amounts of data from different sources find complex hidden relationships between themmake forecastsdetect unusual patterns, etc.

In this article, we will share some best practices for improving your analytics with ML.

Top ML approaches to improve your analytics

Times are changing — for the better! Today, there are many advanced ML approaches that you can use to enhance your analytics and gain valuable insights on how to optimize business processes, improve decision-making, build the right customer relationships, and leverage your market proposition. Let’s dig deeper.

Clustering

Сlustering is an approach where several data points are clustered according to the similarity between them, so they are easier to interpret and manage. Сlustering with ML methods creates computer clusters of data by using its numerous parameters or properties which is more difficult for human-led clustering. Once clustering is complete, domain experts can interpret these clusters to better understand the business or apply it to different classifications. There are a number of ready-made BI solutions that allow you to group data. However, if you need custom data processing due to the huge amount of data and specific tasks, or are willing to save money, you can benefit from creating a specific ML module that will process the data the way you need it.

There are many ways to use data clustering such as image processing,, customer segmentation, medical imaging, etc. For example, marketing managers can run a cluster analysis to segment customers by their buying pattern or preferences. Moreover, cluster analysis is typically used when you are dealing with large unstructured datasets. Clustering can help you process large datasets and quickly organize them into something more usable with no need to define a full algorithm. For example, insurance companies use cluster analysis to detect false claims, while banks use it to assess creditworthiness. 

Predictive analytics

Predictive analytics uses historical data to predict future trends and models, determine relationships, identify patterns, find associations, and more. Basically, predictive analytics answers the question, “What is most likely to happen based on my existing data, and what can I do to change that result?” Although most BI tools have out-of-the-box solutions for predictive analytics, there are prerequisites and limitations. They usually have expensive licenses, are simplified for the average customer, and block solutions within a single vendor. While the existent tools cover typical use cases, the next step is to set up a custom forecasting module to perfectly meet your needs and configuration.

The applications of predictive analytics based on ML are countless and include sales forecasting, risk evaluation, financial modeling, predictive maintenance, inventory forecasting, etc. Predictive analytics has been successfully used in different industries such as ecommerce, telecommunications, marketing, banking, insurance, or energy, to name a few. For example, using predictive analytics, product managers can predict and reduce customer churn with much greater accuracy in comparison to basic analytics tools.

Anomaly detection

Anomaly Detection (AD) systems are either created manually by experts configuring thresholds for the data or created automatically by examining the available data using ML. For an environment where data changes eventually, such as fraud, manual deployment may not be a good solution as it builds a system that cannot adapt. ML is in line with the engineer’s goal of creating an adaptive AD system with better performance. Anomaly detection powered by ML enables large amounts of data to be processed automatically and detects even single occurrences of anomaly while it would be left undetected in aggregated data analysis.

With anomaly detection, you can easily identify suspicious groups of users, defective products, or abnormalities in the client’s data. Anomaly detection has been successfully used to optimize business operations in a variety of industries such as banking, financial services, retail, manufacturing, IT and Telecom, defense and government, healthcare, and more. For example, manufacturing companies rely on anomaly detection to quickly pinpoint equipment failures.

Explainable AI 

In areas where technology affects people’s lives, it is vital to understand what is behind the AI algorithms and on the basis of what decisions are made. A typical concern for potential AI adopters is that it is usually unclear how the technology comes to certain conclusions. This is where Explainable AI comes into play. Explainable AI is the next generation of AI that opens a black box so people can understand the logic that goes inside AI algorithms. According to NMSC, the global explainable AI market will reach $ 21.78 billion by 2030.

Explainable AI finds its application in areas where AI models’ credibility and intelligibility are essential, e.g. in healthcare, automated transportation, manufacturing, banking & insurance, as well as mission-critical applications such as predictive maintenance, natural resource exploration, and climate change modeling. For example, explained AI could help doctors diagnose diseases more accurately, such as detecting cancer with an MRI image that identifies suspicious areas that could be tumors.

Summing Up

The potential benefits of machine learning have tremendous appeal, which is why many companies are looking to invest in advanced analytics solutions. The logical step for organizations seeking to maximize the potential of data is to leverage ML to analyze data. Those who adopt these advanced approaches the fastest will optimize their business processes and also get the highest return on investment.  

You can find expertise related to ML by partnering with outsourcing data scientists (which may be familiar to you from the dedicated development team model) or find the right specialists for your in-house team.

The post How To Enhance Your Analytics with Insightful ML Approaches appeared first on SmartData Collective.

Source : SmartData Collective Read More

Albanian Bitcoin Investors Tap the Power of Predictive Analytics

Albanian Bitcoin Investors Tap the Power of Predictive Analytics

Business Partner Magazine recently published an article on the growing popularity of bitcoin trading in Albania. Many investors have started trading bitcoins and other cryptocurrencies in recent years.

Although bitcoin trading is still fairly new to the South European country, these traders have to compete against more experienced investors abroad. Fortunately, there are a number of ways that they can do so. Many Albanian bitcoin traders are relying more heavily on predictive analytics technology to make profitable trading decisions. Many traders in other countries are already benefiting from using predictive analytics, so Albanian investors should use it too.

How Can You Use Predictive Analytics to Become a Profitable Bitcoin Investor in Albania?

There are a lot of ways to find information on how to be a profitable BTC trader in Albania. You can find this information on the internet, in newsgroups, and in forums. You can also find this information in magazines, newspapers, and other sources of information.

The best way to acquire knowledge on profitable BTC trading in Albania is by using a reliable broker who can give you all the necessary information about the market. Bitalpha Ai is one of the most authentic platforms that are providing its users instant profits in bitcoin trading. 

However, understanding the general best practices of bitcoin trading isn’t enough. You also have to use the latest technology to distinguish yourself from equally savvy and potentially more experienced investors.

Predictive analytics technology has helped many Albanian bitcoin traders earn more money with their trades. Here are some of the best ways to use predictive analytics to thrive as a bitcoin trader.

Projecting Bitcoin Prices with Historic Price Data

In 2020, Sudheer Palakurla, a software engineer that earned his Masters Degree from Bournemouth University, wrote a paper on the benefits of using predictive analytics to anticipate bitcoin price patterns based on historic price data. Palakurla writes that random forest algorithms appear to be highly effective at gauging future cryptocurrency prices. Predictive analytics models with these algorithms can be useful for forecasting future bitcoin prices.

Predicting Asset Values Based on Geopolitical Events

Most predictive analytics models designed to predict bitcoin prices rely on historic price data. However, this approach might not be as useful for bitcoin as stocks, because the markets tend to be less efficient and are more easily affected by external events. Therefore, more accurate predictive analytics algorithms will account for other factors, such as geopolitical events.

These predictive analytics algorithms must evaluate events on a global scale, rather than those related to Albania. For example, some Albanian traders might be tempted to overstate the importance of local trends, such as Albanian Prime Minster Edi Rama’s recent proposal to tax cryptocurrency. Predictive analytics algorithms will consider more significant global events.

What Do Albanian Bitcoin Traders Need to Do Besides Using Predictive Analytics Tools?

Predictive analytics can be very helpful for Albanian bitcoin traders trying to boost their profits. However, they have to follow some other best practices as well, which are listed below.

Role of a Good Broker

A good broker will always offer you different options when it comes to market analysis. They should be able to show you charts and graphs that will help you understand the trends better. This is very important before you are experienced enough with predictive analytics to project the direction of the market on your own. In addition, they should also provide you with tips on how to trade successfully.

Rules for Choosing a Broker

1.      Should be Licensed by the FSA

It is also important that your broker is licensed by the Financial Services Authority (FSA). This will ensure that your broker is legitimate and that you will not be cheated out of your money. You should also check out the fees charged by your broker before you sign up with them.

2.      An Experienced in this Business

When it comes to choosing a broker, make sure that you pick one who has been in the business for a long time. This way, you can be sure that they have a lot of experience and that they know what they are doing. In addition, make sure that the broker offers you a demo account so that you can try out their services before committing to them.

3.      Diversify Portfolio in BTC Trading

Last but not least, when it comes to Bitcoin trading in Albania, always remember to diversify your portfolio. Do not put all your eggs in one basket. Invest in different kinds of assets so that you can minimize your risk.

These are some tips on how to grab knowledge about profitable BTC trading in Albania.

Cryptocurrency trading can be extremely profitable if you know what you’re doing. However, it can also be very risky, especially if you’re new to the game. If you’re looking to get started in BTC trading in Albania, there are a few things you need to know before you start.

Solid Understanding of Financial Markets

First and foremost, you need to make sure that you have a solid understanding of how the market works. There’s no point in getting involved if you don’t understand how it all works. You also need to make sure that you have a good strategy for making money. Without a solid plan, it will be very difficult to turn a profit.

Be Patient

Another important thing to keep in mind is that you need to be patient when trading. The market can be very volatile, and you may lose money if you’re not careful. If you’re not willing to wait for the right opportunity, you may never make any money.

You need to remember that there is no such thing as a sure thing when it comes to trading. Even the best traders in the world sometimes lose money. If you’re not prepared to accept this fact, then you shouldn’t get involved in trading at all.

Also, it is important to understand the basics of how BTC works. You need to find a reliable and reputable broker who can provide you with the best possible deals. You need to be aware of the risks involved in BTC trading.

Predictive Analytics Helps Albanian Traders Make Profitable Trading Decisions But They Must Take Other Steps Too

Predictive analytics technology has helped many investors make more profitable trading decisions. However, they have to take other steps as well.

The first thing you need to do when you want to start BTC trading in Albania is to understand the basics of how BTC works. You can do this by reading books or articles about BTC, or by attending seminars and conferences about BTC. Once you have a good understanding of how BTC works, you will be able to make better decisions when it comes to trading BTC.

The next thing you need to do when you want to start BTC trading in Albania is to find a reliable and reputable broker. There are many different brokers out there, so it is important to take your time and choose the one that is best for you. There are many things you should consider when looking for a broker, such as their experience, fees, and the types of services they offer.

The post Albanian Bitcoin Investors Tap the Power of Predictive Analytics appeared first on SmartData Collective.

Source : SmartData Collective Read More

What is the Impact of the Blockchain System on Finance?

What is the Impact of the Blockchain System on Finance?

Blockchain technology is growing at an unprecedented pace. A couple of months ago, Fortune Business Insights released a report showing that the market is growing over 56% a year.

One of the many reasons that the blockchain is growing so rapidly is that more people are investing in bitcoin. There are a number of great websites for people trying to learn more about blockchain and bitcoin. However, the details below should help.

The Bitcoin blockchain is a decentralized ledger system that records all bitcoin transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. You can also explore metaverse profit, which is one of the best platforms that provide you with powerful tools for gaining profit with BTC trading. 

A novel solution accomplishes this without any trusted central authority: blockchain maintenance is performed by a network of communicating nodes running bitcoin software. Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.

How is Bitcoin Blockchain putting an Impact on the financial market?

The financial market is constantly evolving with new technologies and ideas. One of the most talked about topics in finance is the impact of Bitcoin and other digital currencies.

The use of the Bitcoin blockchain is growing at a rapid pace and it is having a major impact on the traditional banking system. Blockchain is changing the financial sector.

What is Bitcoin Blockchain?

A blockchain is a digital ledger that records all transactions that take place in a network. The Bitcoin blockchain is a public ledger that records all Bitcoin transactions. Every transaction that takes place on the network is recorded in the blockchain. This allows anyone to view the entire history of Bitcoin transactions.

Why is Blockchain Important?

Blockchain technology offers a number of advantages over traditional banking systems. First, it is much more secure. The blockchain is a decentralized network that is not controlled by any single entity. This makes it nearly impossible for hackers to steal funds or manipulate the ledger.

Second, blockchain technology offers transparency. All transactions that take place on the network are visible to everyone. This allows people to see how their money is used and track where it is going.

Finally, blockchain technology is efficient. Traditional banking systems require a lot of time and energy to process transactions. With blockchain, transactions can be processed much faster and at a lower cost.

What are the Implications of Blockchain Technology?

The implications of blockchain technology are far-reaching. For one, it has the potential to disrupt the traditional banking system. Banks have been slow to adopt new technologies, but they are starting to take notice of blockchain.

Several major banks are already experimenting with blockchain technology. For example, JPMorgan Chase is developing a blockchain-based platform for processing payments. If successful, this could lead to a major shift in how banks process transactions.

Another implication of blockchain technology is that it could help reduce fraudulent activities. Currently, there is no way to know if a transaction is truly unique. With blockchain, each transaction would be recorded on the public ledger. This would make it much more difficult for criminals to commit fraud.

Finally, blockchain technology could have a major impact on the global economy. Currently, international payments can take days or even weeks to process. With blockchain, these payments could be processed almost instantaneously. This would make it easier for businesses to trade internationally and could help boost the global economy.

The Bottom Line

The Bitcoin blockchain is having a major impact on the financial market. The technology offers a number of advantages over traditional banking systems. It is more secure, transparent, and efficient. Additionally, it has the potential to disrupt the traditional banking system and reduce fraudulent activities. The implications of blockchain technology are far-reaching and it is sure to have a major impact on the global economy in the years to come.

The post What is the Impact of the Blockchain System on Finance? appeared first on SmartData Collective.

Source : SmartData Collective Read More

The Cloud Creates Opportunities for Algerian Bitcoin Investors

The Cloud Creates Opportunities for Algerian Bitcoin Investors

Cloud technology has touched countless industries. Since there are many benefits of leveraging the cloud, the market for cloud services is projected to be worth over $791 billion by 2028.

Algeria has been impacted by cloud technology as much as any other country. Although almost every profession has been touched by cloud computing, bitcoin investors are among those most heavily affected. A growing number of Algerian bitcoin investors are finding creative ways to leverage cloud computing to boost their profits.

How Are Algerian Bitcoin Investors Taking Advantage of Cloud Technology?

The cloud has disrupted the state of bitcoin investing in many ways. Here are some of the ways that Algerian bitcoin investors are using it to boost their profits.

Take Advantage of Cloud Crypto Mining

One of the ways that cloud technology is changing cryptocurrency is by opening the doors for clod-based crypto mining. This allows bitcoin users to rent software and hardware over the cloud, which they can use to mine bitcoins.

CoinTelegraph reports that cloud crypto mining can be a great source of passive income. However, you have to be sensible about finding the right mining providers and know how to use the technology.

Store Bitcoins More Safely on the Cloud

One of the biggest concerns with investing in bitcoin is figuring out how to store it safely. In the early days of bitcoin investing, many traders created paper wallets. They would record their private keys on a piece of paper. This had a lot of risks, since the paper could be lost and the ink could bleed.

The cloud can be a better way to store bitcoin wallets. Some people were initially hesitant to use the cloud to store bitcoins, because it had a reptation for security risks. However, new advances have made the cloud more secure, so it is a great place to store cryptocurrencies.

Purchase Bitcoins Over the Cloud

Cloud technology has also made it easier than ever to purchase bitcoins. Paypal actually created a cloud-based payment solution that made bitcoin trading possible.

Be a More Informed Investor

Cloud technology also helps people communicate more effortlessly. Bitcoin investors are able to do more research and collaborate with other investors via cloud communications, which helps them uncover better trading opportunities.

How Algerian Investors Can Get Started with Bitcoin Investing

Did you know that BTC trading in Algeria can quite profitable if you know what you are doing? Yes, there are many people out there who are making a lot of money by trading BTC. As we stated above, there are different ways to use cloud technology to be a more successful investor.

However, before you can start using the cloud to create a successful bitcoin trading strategy, you have to understand the fundamentals. In order to be able to make money from BTC trading, you need to have some knowledge about it. You can also get help from bitcoin 360 ai official site which provides tips to make a profit with digital trading.

Here are some tips on how you can get started.

1) Learn about the basics of BTC trading.

You need to understand what BTC is and how it works before you can start trading it. There are plenty of resources online that you can use to learn about BTC. Once you have a good understanding of the basics, you can move on to more advanced topics.

2) Find a good BTC broker. 

There are many brokers out there who offer BTC trading services. However, not all of them are created equal. You need to find a broker who is reputable and who offers good terms and conditions.

3) Start small.

When you are first starting out, it is best to start with small trades. This way, you can get a feel for how the market works and how to make money from it. Once you have more experience, you can start making bigger trades.

4) Be patient. BTC trading can be very volatile. 

There will be times when the prices go up and down rapidly. You need to be patient and wait for the right time to sell or buy BTC.

5) Have realistic expectations. 

Don’t expect to become a millionaire overnight by trading BTC. It is possible to make a lot of money from BTC trading, but it takes time and patience.

Hopefully, these tips will help you get started with BTC trading in Algeria. Just remember to be patient and to start small. With time and experience, you can become a successful BTC trader.

If you want to get into the BTC trading game in Algeria, there are a few things you need to know. 

First and foremost, BTC is a volatile asset and its prices can swing wildly from day to day. This means that if you’re not careful, you could end up losing all of your investment. 

Secondly, there are a limited number of exchanges in Algeria that allow BTC trading. This means that you’ll need to be very careful about which exchange you choose to use. 

Lastly, don’t forget to take into account the fees associated with each exchange. These can add up quickly, so make sure you’re aware of them before committing to any one exchange. With these things in mind, let’s take a look at how to get started with BTC trading in Algeria.

Find a Reputable Cloud-Based Exchange

You need to do is find a reputable exchange that allows BTC trading in Algeria. As mentioned previously, there are a limited number of exchanges that operate in this country. This means that you’ll need to be very careful about which one you choose to use. The best way to find a reputable exchange is to ask around within the community. 

There are many forums and online groups dedicated to BTC trading, so you should have no problem finding someone who can give you advice on which exchanges are the best to use.

Once you’ve found a reputable exchange, the next step is to create an account and deposit some money into it. Remember, because BTC is a volatile asset, you’ll want to deposit more money than you think you’ll need to trade. This way, if the market crashes, you’ll still have some money left over.

Yo will want to make sure that the exchange uses cloud technology to backup resources. You don’t want your bitcoins to disappear into the ether because of a server outage. However, you also have to make sure that the cloud storage option it uses is secure. Read about cloud security to learn more.

Margin Trading

Now that you have an account set up and funded, it’s time to start trading. BTC trading is done through a process called margin trading. This simply means that you’re borrowing money from the exchange in order to buy BTC. The amount of money you can borrow will depend on the size of your account and the current value of BTC.

In general, when you margin trade, you’re looking to buy low and sell high. However, because BTC is so volatile, it’s important to keep an eye on the market at all times and be willing to adjust your position accordingly.

The post The Cloud Creates Opportunities for Algerian Bitcoin Investors appeared first on SmartData Collective.

Source : SmartData Collective Read More

AI-Based Algorithmic Trading Can Disrupt Bitcoin Market

AI-Based Algorithmic Trading Can Disrupt Bitcoin Market

AI technology has had a huge impact on the direction of many industries. The traditional financial sector has been one of the most heavily affected. The market for AI in finance is exploding. Allied Research projects it will grow from under $4 billion in 2020 to over $64 billion in 2030.

These forecasts pertain to the expected proliferation of AI in the traditional financial sector. However, AI can be equally impactful for alternative financial professions, such as bitcoin traders.

There are a number of ways that AI is disrupting the market for bitcoins and other cryptocurrencies. One way is by making algorithmic trading more common. Even countries like Djibouti are using AI to trade bitcoins more effectively.

AI Technology Helps Bitcoin Traders Discover New Opportunities but Can Disrupt the Market

We previously mentioned that AI technology can help traders navigate the volatility of bitcoin. However, artificial intelligence can also lead to greater volatility at the same time. One of the reasons that AI can create more volatility is by making algorithmic trading more common.

The cryptocurrency market is still in its infancy, which means that there are still many unknowns. This makes it more sensitive to changes in the market.

One of these unknowns is the role that whales play in the market. While we don’t know everything about how whales influence the market, we do know that they can have a significant impact on prices. Many of these whales use AI-based trading algorithms to automate their trades.

In recent months, we’ve seen an increase in the number of large transactions taking place on the Bitcoin blockchain. These transactions, known as “splashes”, are typically made by whales moving large amounts of BTC from one wallet to another. It isn’t clear how many of these whales rely extensively on AI technology to make their trades, but a large number of them certainly seem to do so. BitProfit is one the best platforms that is helping many of its users to earn profit with automated trading that uses sophisticated AI algorithms.

While it’s difficult to say exactly why whales are making these splashes and how much AI-driven algorithmic trading plays a role, some believe that they may be trying to manipulate prices. If a whale where to sell a large amount of BTC all at once, it could cause prices to drop sharply. Similarly, if a whale where to buy a large amount of BTC all at once, it could cause prices to surge.

Of course, we can’t know for sure what the whales are up to. However, their impact on prices is undeniable. If you’re trading cryptocurrency, it’s important to be aware of the role that whales can play in the market.

Details about the on-chain data of Whales:

Whales have been playing an important role in the cryptocurrency market since its inception. They are the big players who can manipulate the market by buying or selling large amounts of digital assets.

As the prices of Bitcoin and other cryptocurrencies have surged in recent months, so has the activity of whales. AI-based algorithmic trading appears to be more common as well.

Data from blockchain analysis firm Glassnode shows that the number of whales holding 1,000 to 10,000 BTC has increased significantly since October 2020. This group now holds a total of approximately 650,000 BTC, worth over $32 billion at current prices.

Similarly, the number of whales holding 10,000 to 100,000 BTC has also increased during this period. This group now holds a total of approximately 550,000 BTC, worth over $27 billion at current prices.

The increase in the number of whales holding large amounts of BTC is a bullish sign for the market. It indicates that more and more investors are accumulating Bitcoin with the expectation that prices will continue to rise in the future. More of them are likely to automate their trades with AI technology.

However, it is also important to note that whales can also have a significant impact on prices when they sell their digital assets. For example, if a whale decides to sell just 1% of its holdings, it could cause a significant drop in prices.

Therefore, it is important to keep an eye on the activity of whales and understand their potential impact on the market.

Exchanges for Bitcoin:

Bitcoin exchanges are online services that allow their users to trade Bitcoin and other cryptocurrencies for traditional fiat currencies or other digital currencies. They can be market-makers that take the bid/ask spreads as transaction commissions for their services, or simply charge fees as a matching platform.

Most of these exchanges also provide highly liquid markets in which to trade Bitcoins. Since most of them offer in-depth analysis of the cryptocurrency market, advanced features like margin trading, derivatives and short selling, 24/7 customer support, deep liquidity, and high-security standards, they have become quite popular among cryptocurrency traders.

The largest Bitcoin exchange in the world at the moment is Coinbase, with over 13 million active users. Other popular exchanges include Kraken, Bitstamp, and Gemini. Many of them use AI algorithms to help investors automate their trades.

Bitcoin Wallets:

Before you can try to mimic the behavior of whales by using AI to automate your trades, you have to get a reliable bitcoin wallet. Here are is an overview of the main types of bitcoin wallets.

Desktop:

Desktop wallets are downloaded and installed on a PC or laptop. They offer a high level of security; however, if your computer is hacked or gets a virus, there is a possibility that someone could steal your Bitcoins.

Mobile:

Mobile wallets are similar to desktop wallets, but they are apps that can be downloaded onto your smartphone. They offer the same level of security as desktop wallets; however, if your phone is lost or stolen, you will lose your Bitcoins.

Web:

Web wallets are hosted on a website and can be accessed from any device that has an internet connection. They are not as secure as the other types of wallets; however, they are convenient because they can be accessed from anywhere in the world.

Hardware: Hardware wallets are physical devices that look like USB sticks. They are offline devices, which means that they are not susceptible to viruses or hacking attacks. Hardware wallets are the most secure type of wallet; however, they are also the most expensive.

AI Helps Bitcoin Whales and Other Investors Automate Their Trades

AI technology has definitely shaped the future of bitcoin trading. More investors are using AI to automate their trades. Many whales take advantage of this, which can manipulate the market. You need to understand their significance and try to time your trades accordingly.

The post AI-Based Algorithmic Trading Can Disrupt Bitcoin Market appeared first on SmartData Collective.

Source : SmartData Collective Read More