Follow by Email
Facebook
Twitter
Telegram

AI Chatbots in the Crypto Industry: A Blessing or Curse?

AI Chatbot smart digital customer service application concept. Computer or mobile device application using artificial intelligence chat bot automatic reply to online message to help customers instantly.

News about ChatGPT and AI chatbots, in general, are nearly everywhere in social media and major news outlets. But what does it mean for the crypto market and investors?    

What is an AI Chatbot

Automation customer service concept with 3d rendering cute robot working with headset and notebook

Simply put, an AI chatbot is a software that can understand inquiries and provide adequate responses using a combination of artificial intelligence and natural language processing. While AI chatbots have been available for some time, one of the most popular versions nowadays is the OpenAI-made ChatGPT.

AI Chatbots Implemented in Crypto

Cryptocurrency concept with Blockchain text. 3D illustration.

Despite just releasing last November 2022, ChatGPT is making waves in the news for its impact on various industries, including cryptocurrency. However, it could be utilized for both improving and taking abusing the crypto sphere.

The Good…

Crypto project developers and auditors see the potential in using the tool to create smart contracts and review them to detect potential problems. With its efficiency and accuracy in finding exploits within the contracts, it can make crypto transactions safer and more convenient.

However, other crypto experts point out that the contracts it creates may have some issues with implementation. Additionally, as it relies on the information provided, its responses may not be as perfect as initially perceived.

… And the Not so Good

Conversely, as the tool is open for anyone to use, hackers can also utilize it to abuse existing exploits to their benefit. One attacker reportedly detected vulnerabilities on a DeFi platform to take nearly $80 million. Moreover, the rising use of AI chatbots could threaten the job security of crypto auditors, as they can do the same job at a lower cost.

What to Expect from AI Chatbots

As with most technological innovations, AI chatbots are a double-edged sword. Used wisely, and it will further improve crypto projects and make them more appealing to investors. In malicious hands, it can destabilize many crypto projects with various exploit abuses. One thing’s for sure – AI chatbots are here to stay and be part of crypto economics.

Make a safe and secure crypto investment with the ETHi token. Buy ETHi Now!

Related articles

What to Expect After Ethereum Purge

In a recent post on X (formerly Twitter), Ethereum co-founder Vitalik Buterin revealed what users should look forward to with upcoming changes. With this initiative on the way, let’s check what the new protocol will bring and how it will affect the network and the blockchain. What is the ‘Purge’? The ‘Purge’ is part of […]

Learn More

How AI Impacts the Future of Cryptocurrency 

AI or Artificial Intelligence has been making waves in various industries, including the crypto sphere. Certain aspects of modern crypto trading gain significant help thanks to AI. These include:   Real-Time Market Analysis  With the sophisticated learning algorithms that AI employs, it can quickly go through large quantities of data and provide reliable analysis of market […]

Learn More

Is the Age of Crypto Payments for Retail Services Here?

When Bitcoin was first introduced in 2009, the dream was for cryptocurrency to replace traditional fiat currency. In early November 2024, a US-based convenience store announced that their Mid-Atlantic stores would be accepting crypto payments for in-store purchases. With these changes taking place, how impactful will crypto be in the retail service market, and is […]

Learn More