Part 3 — Crypto Bots, what are they?

Why bots?

One of the issues that cryptocurrencies have solved has been the easiness of participation in the international financial market. It has opened up new monetary possibilities for those who are interested in investing, without necessarily being held hostage by financial institutions.

Among the various roles in the financial market there are analysts and stock trading specialists, known as “traders”. One of the roles of a trader is to follow and analyze the market and make the decision to buy and sell stocks and bonds, thus creating their strategies. This is intensive and hard work, which involves analyzing large amounts of information in order to act and receive the best result.

Unlike the stock exchange, crypto-currencies do not have schedules where transactions can be made. Trading is open 24 hours a day, 7 days a week, so it quickly becomes difficult to manage. That’s where the bots come in.

What is a bot?

The bot is an automated algorithm that, in general, performs the same buying and selling activity of a trader, however, using predefined metrics in its operations.

Unlike a human being, a bot can work 24 hours a day — including checking at extremely short intervals — following pre-established rules.

In our next article we will teach you how to use Gimmer and all its features to create and use crypto bots to work with your coins and put into practice everything we have presented here!