Bitcoin
Bitcoin meets AI: What this means for crypto’s future
Posted:
| Last updated: July 9th, 2023
contributor
- Bitcoin to benefit from AI courtesy of Lightning Labs’ new AI tools.
- BTC dipped slightly after accumulation slowed down in the last few days, followed by some profit-taking.
Artificial intelligence’s popularity this year has somewhat stolen some of Bitcoin’s [BTC] thunder. Most of the attention that Bitcoin previously held has shifted to AI, and the same goes for potential liquidity. But what if Bitcoin could also benefit from AI integration?
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The Lightning network might just be headed down the path of embracing AI. Lightning Labs, the company behind it, announced the launch of new AI tools. They are reportedly designed to help developers create Bitcoin AI-powered products.
In other words, the Lightning network might be about to tap into AI to derive more efficiency from Bitcoin.
Announcing a new set of tools to build Lightning⚡and #bitcoin-powered AI products for a global audience.
Using L402, a standard for API authentication with LN payments, and @langchainAI, a simplified AI app framework, we are opening up #AI4All! ??https://t.co/EQseanCurv
— Lightning Labs⚡️? (@lightning) July 6, 2023
One of the biggest questions regarding this development is how Bitcoin will benefit from AI. According to the official announcement, the tools can create advanced functionalities within the Lightning network. This includes the development of a new authentication mechanism, or perhaps boosting network performance.
Perhaps one of the best use cases for the new AI tools for the Lightning network is that it may facilitate Bitcoin use in the Internet of Things (IOT). If cryptocurrencies such as Bitcoin will become embedded in the future of commerce, then it makes sense to develop AI-powered tools. Bitcoin interaction with AI tools is perhaps another reason why developers should consider AI integration with blockchain.
Will the development encourage more adoption?
The aforementioned benefits might just represent a fraction of the advantages of integrating Bitcoin with AI. More advantages might be unlocked in the future, but before that, consider this. We have already seen that most top companies are adopting AI to boost productivity.
Thus, Lightning’s integration with AI could also allow Bitcoin to maintain its competitive advantages.
BTC price action recap
The advantages may not be immediately felt, but could have a significant impact on Bitcoin in the future. The cryptocurrency’s press time situation underscored the return of sell pressure after failing to push above the $31,419 price level.
The king coin exchanged hands at $30,181 at the time of writing.
Source: TradingView
Read Bitcoin’s [BTC] Price Prediction 2023-24
Will Bitcoin slip below $30,000 once again? So far, the coin’s MFI reveals that there have been significant outflows in the last few days. However, a price tag below the $30,000 range is easily achievable if sell pressure continues to build up.
The right FUD-inducing news could send the king coin even lower. On the other hand, investors should also look out for more accumulation supported by positive developments.
