This is an editorial opinion by Kroum Kroumov, a writer and editor with the venture design studio focused on Bitcoin Peak Shift Ltd.
Bitcoin innovation is snowballing, with new projects being released every month. As excited as I am about this boom, I have to admit that it can go on and on. But there’s something more exciting about technology than Bitcoin. More specifically, the release of ChatGPT’s AI language model has revolutionized research.
The potential of combining Bitcoin together with AI research made me think immediately: Is the information provided by AI accurate? Are the sources relevant? Can AI keep pace with Bitcoin and Lightning Network developments?
In this article, I will explore the benefits and limitations of using AI when researching Bitcoin, drawing on my personal experience highlighting the pluses and minuses. Let’s see what we found!
Research Made Simple By AI
Artificial intelligence has changed the way we conduct research. I find this exciting, because it has the potential to onboard a plethora of people to Bitcoin through the accessibility of information. AI algorithms sift through vast amounts of data, automatically identifying the most useful information and returning it to clear, understandable language. This saves time and effort when searching for resources.
We’ve all experienced the agony of sifting through random blog posts and articles, and we know how time-consuming and confusing it can be. I remember the steep learning curve that I had to go through when I first encountered Bitcoin. Why can’t I have an AI to point everything out for me by just asking a few questions?
In this way, AI can make general information about Bitcoin easier to understand and do in almost any language. You can even ask to clarify more and more! The result will be that the notorious Bitcoin learning curve will become easier to understand for anyone, anywhere. With ease of understanding, we get more adoption.
Organization Information
One of the most distinguishing features of AI is its ability to organize information in seconds. With the large and growing amount of data already available about Bitcoin and Lightning, there is no tool more useful than the one that brings this information together. I will admit that AI is now a 24 hour personal assistant. It’s smart, fast and can play text anyway I asked for. Yes, it can even give you sailors and Shakespeare’s speech.
AI organizes and categorizes information, making it easier for users to find what they need, while presenting it the way they want. Some of the ways we can do this are by asking AI to extract key points from text, create study plans, simplify language, translate, clarify, provide article bullet points, and the list goes on. .
The organization and sorting is especially useful for researchers, investors, entrepreneurs, journalists, students and general learners trying to understand any aspect of Bitcoin or the Lightning Network. For example, we can ask you to provide a list of resources and prioritize them based on important criteria.
Limitations of AI Research
Despite the benefits, there are major limitations to consider when using AI to research the Bitcoin network in 2023. One limitation is that the insights provided by AI-powered tools may be less accurate or factually reliable than more traditional research methods. This is because ChatGPT’s knowledge is limited to data up to 2021, and does not reflect recent developments in Bitcoin or the Lightning Network. Lightning in particular is experiencing a development boom with rapid changes in technology and available tools. Take a look at some of the recent Lightning hackathons that have taken place. Therefore, the time limit of AI is a serious factor to consider.
Considering developer events like hackathons, the development of Bitcoin and Lightning is very fast. Even addicts have trouble staying up. There are developers working on Bitcoin all over the world and new resources and information are available all the time. This rapid growth makes it difficult for AI systems to keep up, and anyone looking for data and trends today will have to look elsewhere.
Another limitation that affects AI is the open-source nature of Bitcoin and Lightning. AI has limited knowledge of newly hatched resources. Therefore, the information provided by AI-powered tools will be more general and may not cover specific innovations in the network.
And another thing that doesn’t exist is the lack of on-the-fly data. 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-fly data is very important. Fortunately, there are resources and tools outside of AI models that provide direct data for research. For visual and live Lightning Network research with graphs, maps and charts, you can try platforms like The Lightning Network Explorer or Amboss.
Incorrect information
From my research using AI, I found that there is a lot of false information coming in. This can be difficult. At first glance, the content may look good, but if you are an expert in your field, you will quickly see the holes in the text. That’s why we still need humans to check anything that comes from AI.
For example, when I asked ChatGPT for Lightning resources, it gave me a list, but I could not find all the resources listed when I opened a Google search, which made me wonder if some of these resources exist at all. So, in 2023, this is another reason we need the human touch. We can’t trust you yet, AI.
AI Is Promising, But There’s Work To Be Done
In summary, AI helps us research Bitcoin by providing common information, developing 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.
The rapid development of Bitcoin and Lightning projects is something that AI cannot do because of the limitations of 2021, AI has limited knowledge of independent niche innovation and data exploration of Bitcoin and Lightning Network is another area that AI does not have.
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 releases. In addition, as we have done, AI is limited to information only until 2021.
When diving into Bitcoin research, I recommend starting with AI and moving to other Bitcoin-specific tools for network exploration. Even using something like Wikipedia to review information, if you know a little bit about Bitcoin, it will be helpful.
Overall, use AI to organize and explain your information and to understand common and broader topics. For anything deeper than “what” and “when” questions, pay more attention and use up-to-date and verified sources. By carefully using AI, you will be able to 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.