If you’re reading this, you have probably completed a cryptocurrency transaction at some stage. So you probably remember the learning curve of figuring out what wallets, addresses, miner’s fees and public and private keys mean. Even as you get used to using cryptocurrencies, the hassles of inputting information, slow transaction times and worst of all fraud and theft persist.
For a complete newcomer, especially one with less interest in financial technology these problems are a big hurdle. You might have the hang of Bitcoin, but your grandmother would probably have less aptitude for it. But the persistent media attention given to cryptocurrencies is fueling a constant stream of new, curious users.
All this pressure to increase the usability of crypto is leading many to look for new ways to leverage technology to make the whole process easier. A new era of computing has dawned with the advent of Artificial Intelligence (AI), which enables the automation of functions that previously only a human could do.
One such project is TeleX AI, who want to use a chatbot to make the entire investing and trading process much easier.
A lot of buzz but a lot of hassle
It is kind of amazing how underdeveloped the user experience of trading and transacting cryptocurrencies is relative to the amount of interest the wider public has on the topic. Recent all-time highs in Bitcoin price has the public queuing up to get involved.
However, consider the difficulty in onboarding a new user. There is first the information gap: most people have never heard of exchanges, don’t know what an appropriate miner’s fee is, and have no clue how to trade currencies for each other or convert to and from fiat.
Add to this the extra security measures that some platforms require, like ID verification, and you have a recipe for a clunky onboarding experience at the best of times…