24 Oct '14, 4pm

Computer scientists use algorithm to predict Bitcoin prices

Computer scientists use algorithm to predict Bitcoin prices

An MIT professor and his student have written a paper describing the use of an algorithm to predict the fluctuating price of Bitcoin. Bitcoin is a digital currency, which is collected in exchange for lending processing power or bought from providers. The paper , by Devavrat Shah and Kang Zhang, explored whether using historical Bitcoin data from currency exchange company OKCoin could help predict the future price of the currency when the Bayesian regression algorithm is applied. “Instead of making subjective assumptions about the shape of patterns, we simply take the historical data and plug it into our predictive model to see what emerges,” Shah told MIT News . “We were also intrigued by the challenge of predicting a currency that has seen its prices fluctuate regularly in the past few years.” More on Bitcoin Bitcoin exchanges maturing, but Bitcoin security still a concer...

Full article: http://www.computerweekly.com/news/2240233358/Computer-sc...

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