Bitcoin

OpenAI’s artificial intelligence (<a href="https://finbold.com/topic/artificial-intelligence/" rel="noopener noreferrer nofollow">AI</a>) platform <a href="https://finbold.com/topic/chatgpt/" rel="noopener noreferrer nofollow">ChatGPT</a> has proven its usefulness in providing information on a wide range of topics, including the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency sector</a>, and its newest iteration was able to list all the reasons why the existence of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) was necessary.Indeed, Michael Saylor, who is the founder and chairman of the enterprise analytics platform <a href="https://finbold.com/topic/microstrategy/" rel="noopener noreferrer nofollow">MicroStrategy</a>, has asked GPT-4 why the world needed <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, and the AI platform has provided him with a detailed response containing eight specific reasons, as <a href="https://twitter.com/saylor/status/1635767667960209410" rel="noopener noreferrer nofollow">quoted</a> by Saylor in a tweet published on March 15.<h2 id="header-0">From decentralization and accessibility to security</h2>As the primary argument for the flagship digital asset, ChatGPT placed decentralization – the fact that no single entity, like government or <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> institution, can control it, in turn providing more freedom, autonomy, and resistance to censorship and manipulation.Secondly, the AI tool singled out Bitcoin’s ability to provide access to financial services to unbanked and underbanked individuals, such as in regions with limited or unavailable traditional <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> systems, who only need a smartphone and internet access to use the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a>.In the third place are the fees of Bitcoin transactions that can be lower “compared to traditional financial services, especially for cross-border transactions,” as ChatGPT highlighted, stressing this can also reduce costs for both customers and businesses involved in international transfers.Furthermore, “Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain,” so “transactions can be easily verified and traced, reducing the risk of fraud and corruption.”<h2 id="header-1">Deflationary, private, and programmable</h2>As the chatbot also correctly observed, Bitcoin has a limited supply of 21 million BTC, which makes it a deflationary currency, reducing the risk of inflation, which tends to “erode the purchasing power of traditional currencies 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 <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> transfers only being linked to a public address instead of sensitive personal information.In the seventh place is Bitcoin’s value as an <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investment</a> and a method of diversification of financial portfolios, as the AI tool noted that the largest decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset by market cap had demonstrated its “potential for significant growth in value over time.”Last but not least, is the fact that:<blockquote>“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.”</blockquote><h2 id="header-2">Bullish future?</h2>Bitcoin already has many believers in its <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> future who are well aware of its advantages, including <a href="https://finbold.com/guide/who-is-robert-kiyosaki/" rel="noopener noreferrer nofollow">Robert Kiyosaki</a>, the author of the best-selling <a href="https://finbold.com/guide/investment-books/" rel="noopener noreferrer nofollow">personal finance book</a> ‘Rich Dad Poor Dad,’ who has long <a href="https://finbold.com/robert-kiyosaki-urges-buying-bitcoin-as-more-fake-money-to-invade-sick-economy/" rel="noopener noreferrer nofollow">argued</a> for Bitcoin as the alternative to the United States dollar, which he considers “fake money” and a threat to the economy.At the same time, the maiden crypto has recently hit new multi-month highs and has demonstrated <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a> and indicators <a href="https://finbold.com/new-bitcoin-pattern-signals-start-of-massive-bull-run/" rel="noopener noreferrer nofollow">suggesting</a> that another bull run was in play after a period of uncertainty, having kicked off with a potential target of $1 million in the next couple of years, as <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> reported.Read more <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC" rel="noopener noreferrer nofollow">cryptocurrency news</a>.

ChatGPT-4 explains why the world needs Bitcoin

Table of Contents

Finbold

Other articles published on Mar 15, 2023

March Updates

DOJ and SEC to Probe SVB Collapse and Insider Stock sales: Report

Analysis of the Euler Finance’s 197M Exploit — the Largest Security Incident so far in Q1 2023

[Feature] Circle’s USDC Depegging: Aren’t Stablecoins Supposed to be Stable?

Ankr and Filecoin Join Forces to Empower Developers with Filecoin-Hosted Nodes Services Through N...

What Can You Do With Your Shiba Inu ($SHIB) Tokens?

Join our free newsletter for daily crypto updates!