OpenAI’s artificial intelligence (AI) platform ChatGPT has proven its usefulness by providing information on a wide range of topics, including the cryptocurrency industryand its latest iteration was able to list all the reasons for the existence of Bitcoin (BTC) was needed.
Indeed, Michael Saylor, founder and president of the business analytics platform MicroStrategyasked GPT-4 why the world needed Bitcoinand the AI platform provided him with a detailed response containing eight specific reasons, such as cited by Saylor in a tweet posted on March 15.
From decentralization and accessibility to security
As the main argument in favor of the flagship digital asset, ChatGPT placed decentralization – the fact that no entity, such as the government or financial institution, can control it, in turn offering more freedom, autonomy and resistance to censorship and manipulation.
Second, the AI tool highlighted Bitcoin’s ability to provide access to financial services to unbanked and underbanked people, such as in regions where traditional resources are limited or unavailable. banking systems, which only need a smartphone and internet access to use the cryptocurrency.
Third, bitcoin transaction fees which can be lower “compared to traditional financial services, especially for cross-border transactions,” as ChatGPT pointed out, pointing out that it can also reduce costs for customers and businesses. involved in international transfers.
Additionally, “Bitcoin transactions are recorded on a tamper-proof public ledger called the blockchain,” so “transactions can be easily verified and traced, reducing the risk of fraud and corruption.”
Deflationary, private and programmable
As the chatbot also correctly observed, Bitcoin has a limited supply of 21 million BTC, making it a deflationary currency, reducing the risk of inflation, which tends to “erode the purchasing power of traditional currencies at over time”.
The sixth pro-Bitcoin argument listed by GPT-4 was the greater degree of privacy when transferring assets compared to traditional transactions, thanks to the crypto the transfers being only linked to a public address instead of sensitive personal information.
In seventh place is the value of Bitcoin as investment and a method of diversifying financial portfolios, as the AI tool noted that the largest decentralized finance (Challenge) assets by market capitalization had demonstrated “potential for significant growth in value over time”.
Last but not least, the fact that:
“Bitcoin and other cryptocurrencies enable programmable money through smart contracts, which can automate and streamline various financial processes and transactions, leading to increased efficiency and new business models.”
Bitcoin already has many believers in its bullish future who are well aware of its benefits, including Robert Kiyosakibestselling author personal finance book ‘Rich dad, poor dad,’ who has long argued for bitcoin as an alternative to the US dollar, which he considers “counterfeit money” and a threat to the economy.
Meanwhile, the first crypto recently hit new multi-month highs and demonstrated chart templates and indicators suggest that another bull run was in play after a period of uncertainty, having started with a potential target of $1 million over the next two years, as Fineball reported.