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Brief Published: 16 Apr 2018

Chatbot for Cryptocurrency Beginners

A chatbot named Ben is enabling cryptocurrency beginners to understand and trade Bitcoin on their smartphone

A chatbot named Ben is enabling cryptocurrency beginners to understand and trade Bitcoin on their smartphone without needing any prior knowledge of the digital currency.

Ben helps buy and sell bitcoin for a 1% transaction fee, offers lessons on cryptocurrencies and allows users to check the latest industry news from their smartphone. The app makes the trading process accessible to customers who lack technical knowledge via simplified terminology and an easy-to-use interface, following the trend in streamlining financial services to match consumer demands (see also Fast-Forward Finance).

Ben, which also lets users compete against friends by tracking investment progress in percentage form, is free to download, but is currently only available on the US App Store and Google Play. User cryptocurrency is stored on the cloud, but can only be accessed from a customer's smartphone, using a private digital key.

The app highlights a growing interest in trading cryptocurrencies among younger people, with 38% of American male millennials (aged 24 to 37) preferring to invest $1,000 in Bitcoin than in the stock market (Blockchain Capital, 2017). The chatbot is expecting to support other cryptocurrencies, including Ethereum and Ripple, in a few months.

The finance industry is changing rapidly and tech solutions such as Ben are disrupting the market to offer quick, cheap access to services and simplified investing for the everyday millennial consumer. Find out more in Turbo-Charged Consumers: Millennial 20/20 Summit 2018.