ChatGPT-4 Explains the Need for Bitcoin Around the World

OpenAI ChatGPT-4 highlights the significance of Bitcoin in today's world

The artificial intelligence (AI) powered ChatGPT from OpenAI has demonstrated its value in giving information on a variety of topics, such as the cryptocurrency industry, while its most recent iteration was capable to identify every justification for the importance of Bitcoin (BTC). ChatGPT-4 explains the need for Bitcoin, interestingly, when ChatGPT-4 was asked by Michael Saylor, the creator, and CEO of the enterprise analytics software MicroStrategy, why the world required Bitcoin, the AI platform responded in-depth with a list of eight reasons

Decentralization, or the fact that no single organization, like 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 principal 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 systems, where only a smartphone and internet connectivity are to use the cryptocurrency.

Third on the list are Bitcoin transaction fees, which, as ChatGPT said, can be lower "than traditional financial services, especially for cross-border transactions." It also stressed that this can result in lower costs for both customers and enterprises engaged in international transfers. Furthermore, "transactions can be easily verified and traced, minimizing the danger of fraud and corruption" because "Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain."

The chatbot also correctly noted that because there are only 21 million Bitcoins available, it acts as a deflationary currency and lowers the risk of inflation, which over time tends to "undermine the purchasing 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 GPT-4, which observed that the largest DeFi asset by market size had shown its potential for significant growth in value over time. By the use of smart contracts, which may automate and expedite a variety of financial procedures and transactions, Bitcoin and other cryptocurrencies "allow programmable money, leading to enhanced efficiency and innovative business models.