This is an opinion editorial by Kroum Kroumov, a writer and editor at Bitcoin-focused business design studio Peak Shift Ltd.
Bitcoin innovation is growing like a snowball, with new projects being released every month. As excited as I am about this boom, I have to admit that it’s daunting to keep up. But there is even more to get excited about in technology besides Bitcoin. More specifically, the release of the ChatGPT AI language model has already revolutionized research.
The potential of combining Bitcoin together with AI research immediately got me thinking: Is the information the AI provides accurate? Are the sources relevant? Can AI keep up with the rapid development of Bitcoin and the Lightning Network?
In this article, I will explore the benefits and limitations of using AI when researching Bitcoin, drawing on my personal experience by highlighting the pros and cons. Let’s dive into what I found out!
AI Simplified Research
Artificial intelligence has changed the way we do research. I find this exciting as it has the potential to bring a large number of people into Bitcoin through the accessibility of information. AI algorithms analyze large amounts of data, automatically identify the most useful information and return it to you in clear and understandable language. This saves time and effort when searching for resources.
We’ve all experienced the agony of rummaging through blog posts and random articles, and we know how confusing and time consuming it can be. I remember the steep learning curve I had to go through when I first found Bitcoin. Why didn’t I have AI to point it all out for me just by asking it a few questions?
In this way, the AI can make general information about Bitcoin easier to understand and can do so in almost any language. You can even ask him to clarify more and more! The result will be that Bitcoin’s infamous learning curve will be easier for anyone, anywhere to understand. With ease of understanding, we get wider adoption.
Organization of information
One of the most distinctive features of AI is its ability to organize information in seconds. With the huge and growing amount of data already available on Bitcoin and Lightning, there couldn’t be a more useful tool than one that can bring the information together. I admit that AI is now my 24/7 personal assistant. It’s efficient, fast, and can rotate text any way you ask it to. Yes, it can even give you sailor Y Shakespearean speak.
AI organizes and categorizes information, making it easy for users to find what they need, while presenting it the way they want it presented. Some ways we can do this is to ask the AI to extract the main points of a text, create a lesson plan, simplify language, translate, clarify, bullet an article, and the list goes on. . .
The organization and classification is especially useful for researchers, investors, entrepreneurs, journalists, students, and general students trying to understand any aspect of Bitcoin or the Lightning Network. For example, we may ask you to provide us with a list of resources and to prioritize them based on our importance criteria.
Limitations of AI research
Despite the benefits, there are important limitations to consider when using AI to investigate the Bitcoin network in 2023. One limitation is that the insights provided by AI-powered tools may be less accurate or less reliable than those of more traditional research methods. This is because ChatGPT knowledge is limited to data up to 2021, and does not reflect more recent developments in Bitcoin or the Lightning Network. Lightning, especially, is experiencing a development boom with the rapid changes in technology and available tools. Just look at some of the recent Lightning hackathons that have taken place. Therefore, the AI time frame limitation is a serious factor to consider.
Considering creation events like hackathons, the development of Bitcoin and Lightning is very fast. Even enthusiasts have trouble keeping up. There are developers working on Bitcoin all over the world and new resources and information are becoming available all the time. This rapid growth makes it difficult for AI systems to keep up, and anyone looking for current data and trends will need to look elsewhere.
Another limitation that affects AI is the open source nature of Bitcoin and Lightning. The AI has limited knowledge of newborn independent resources. Therefore, the information provided by AI-powered tools will be more general and may not cover niche innovation within the network.
And another thing that is missing is the lack of data on the fly. Getting a current and complete picture of the network is not possible at this stage with AI. For investors and entrepreneurs, up-to-date and on-the-go data is crucial. Fortunately, there are resources and tools outside of AI models that provide live data for research. For live, visual investigation of the Lightning Network with graphs, maps, and charts, you can try platforms like Lightning Network Explorer either Anvil.
faulty information
From my research with AI, I found out that it was inputting false information. This can be tricky. At first glance, the content may look great, but if you’re an expert in the field, you’ll quickly see holes within the text. That’s why we still need a human being who can verify anything that comes from AI.
For example, when I asked ChatGPT for Lightning resources, it gave me a list, but I couldn’t find all the resources listed when I did a Google search, which made me wonder if any of these resources existed. Therefore, in 2023, this is another reason why we need the human touch. We still can’t fully trust you, AI.
AI is promising, but there is work to be done
In short, AI helps us investigate Bitcoin by providing background information, expanding learning opportunities, translating, explaining, and organizing information. But the limitations of AI include limited resources, lack of data on smaller projects, unverified information, and faulty resources.
Extremely rapid development of Bitcoin and Lightning projects is something AI cannot keep up with due to its 2021 cap, AI has limited knowledge of independent niche innovation, and Bitcoin and Lightning Network live data exploration is another area that lacks AI.
Ultimately, while AI simplifies research, it is limited to more general information because it lacks up-to-date data on newer or lesser-known industry launches. Also, as we stand, AI is restricted to information only until 2021.
When diving into Bitcoin research, I recommend starting with AI and moving on to more Bitcoin-specific tools for network exploration. Even using something like Wikipedia to check information, in case you know little about Bitcoin, will be helpful.
In general, use AI to organize and explain your information and to familiarize yourself with general and broader topics. For anything deeper than the “what” and “when” questions, pay more attention and use up-to-date, verified sources. By using AI with some caution, you will reach your goals faster and more efficiently in 2023 and beyond.
This is a guest post by Kroum Kroumov. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
