One thing that ardent Bitcoin lovers and the usual Bitcoin vultures have in common is their need to keep their eyes on the charts – everyone seems to be having bubble predictions which are simply anticipations of a crash that is expected anytime soon. On Sunday afternoon Bitcoin’s value shot up to over $11,770 from a low of $9,9400 on Thursday. This rapid 1,434% increase in value that has been witnessed in just a few months has led people to think that its volatility is a clear indication that the Bitcoin bubble will burst soon.
Now, innovative apps are coming into play to help the Bitcoin community in monitoring changes in Bitcoin’s prices. Presented at the Disrupt Berlin hackathon, the Bitcoin Bubble Burst app is one such handy tool that allows Bitcoin users to focus on other important things while it monitors changes in Bitcoin’s price and related news events then alerts the users in real time. There are, of course, plenty other apps that offer alert services for changes in Bitcoin prices or trading volumes but the creators of Bitcoin Bubble Burst are offering something totally different with their app. While none of the other similar apps offer adequate warnings, Bitcoin Bubble Burst makes use of neural networks and an advanced machine learning system that they trained on data linked to Bitcoin price changes. These include trading patterns as well as key news items all of which are detected by the Bitcoin Bubble Burst’s system and once they attain a certain vital threshold, users are alerted via email with a logical justification of the warning.
“Sometimes huge events, like the ban of Bitcoin in China, are mentioned in social media and the news – before it affects the value,” the creators of BBB say on their website. The idea behind the project was not just to spot and monitor the dynamics of the Bitcoin ecosystem but also to offer Bitcoin users relevant advice on whether they should either buy or sell. Also, according to the creators, Bitcoin Bubble Burst will not have ads or spam and it will be an open source, encrypted service that will only give alerts when they are important.
Fundamentally speaking, the Bitcoin world is still unpredictable which therefore implies that the viability of this app, and other similar ones, still needs to be tested over a significantly extensive stretch of time. Other than that, the idea of having an app that does all the hard work for you is exceptional. Who wouldn’t want that?