The artificial intelligence platform ChatGPT from OpenAI has demonstrated its value in giving knowledge on a variety of subjects, including the cryptocurrency industry, and its most recent version was able to enumerate every justification for the necessity of Bitcoin.
Indeed, when GPT-4 was asked by Michael Saylor, the creator and CEO of the enterprise analytics platform MicroStrategy, why the world required Bitcoin, the AI platform responded in-depth with a list of eight reasons, as stated by Saylor in a tweet on March 15.
Why does the world need #Bitcoin?
— Michael Saylor⚡️ (@saylor) March 14, 2023
GPT-4: While it's a matter of perspective whether the world "needs" Bitcoin, there are several reasons why Bitcoin and other cryptocurrencies have gained popularity and are seen as valuable by many people:
1. Decentralization: Bitcoin operates… https://t.co/SHas5pxLlm
Decentralization, or the fact that no one organization, such a government or financial institution, can control it, provides more freedom, autonomy, and resistance to censorship and manipulation, and is the main justification for the flagship digital asset, according to ChatGPT.
Second, the AI tool highlighted Bitcoin's capacity to give unbanked and underbanked people access to financial services, such as in areas with constrained or non-existent traditional banking institutions, or who only has a smartphone and internet connectivity to utilize the cryptocurrency.
Third on the list is Bitcoin transaction fees, which, as ChatGPT said, may be cheaper than traditional financial services, especially for cross-border transactions. It also stressed that this can result in reduced costs for both users and enterprises engaged in international transfers.
Additionally, transactions can be easily verified and traced, minimizing the danger of fraud and corruption due to the fact that Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain.
The chatbot also accurately noted that because there are only 21 million Bitcoins available, it acts as a deflationary currency and lowers the danger of inflation, which over time tends to "erode the buying value of traditional currencies."
The better level of anonymity when transferring assets compared to regular transactions provided by crypto transfers being simply associated with a public address rather than sensitive personal data was the sixth pro-Bitcoin reason cited by GPT-4.
The value of Bitcoin as an investment and a means of diversifying financial portfolios comes in seventh position, according to the AI tool, which observed that the largest DeFi asset by market size has shown its "potential for considerable rise in value over time."
Not least of all:
“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.”
In addition to Robert Kiyosaki, the best-selling author of the personal finance book "Rich Dad Poor Dad," who has long argued for Bitcoin as a replacement for the United States dollar, which he considers "fake money" and a threat to the economy, Bitcoin already has many believers in its bullish future who are well aware of its advantages.
At the same time, as reported by Finbold, the first cryptocurrency recently reached new multi-month highs and displayed chart patterns and indicators suggesting that another bull run was in the works after a period of uncertainty.
