When Bitcoin encounters information in an online forum: Using text mining to analyse user opinions and predict value fluctuation

PloS One
Young Bin KimChang Hun Kim

Abstract

Bitcoin is an online currency that is used worldwide to make online payments. It has consequently become an investment vehicle in itself and is traded in a way similar to other open currencies. The ability to predict the price fluctuation of Bitcoin would therefore facilitate future investment and payment decisions. In order to predict the price fluctuation of Bitcoin, we analyse the comments posted in the Bitcoin online forum. Unlike most research on Bitcoin-related online forums, which is limited to simple sentiment analysis and does not pay sufficient attention to note-worthy user comments, our approach involved extracting keywords from Bitcoin-related user comments posted on the online forum with the aim of analytically predicting the price and extent of transaction fluctuation of the currency. The effectiveness of the proposed method is validated based on Bitcoin online forum data ranging over a period of 2.8 years from December 2013 to September 2016.

References

Feb 2, 2011·Current Opinion in Structural Biology·Artem Y LyubimovJames M Berger
Apr 27, 2013·Scientific Reports·Tobias PreisH Eugene Stanley
Aug 31, 2013·PloS One·Márton MestyánJános Kertész
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Sep 21, 2013·Scientific Reports·Ladislav Kristoufek
Dec 3, 2014·Neural Networks : the Official Journal of the International Neural Network Society·Jürgen Schmidhuber
May 29, 2015·Nature·Yann LeCunGeoffrey Hinton
Dec 10, 2016·PloS One·Young Bin KimChang Hun Kim

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Citations

Dec 5, 2018·PloS One·Lars Steinert, Christian Herff
Dec 12, 2019·Royal Society Open Science·Andrew Burnie, Emine Yilmaz
Aug 17, 2019·Royal Society Open Science·J C GerlachD Sornette
Aug 13, 2019··Bruno Guazzelli BatistaMauricio Zaparoli

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Software Mentioned

nVIDIA CUDA
Google Tensorflow
ConceptVector
Bitcoin
Wikipedia
Google Trend
Coindesk

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