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AI and crypto: ChatGPT is on board with the Bitcoin revolution

03 Mar, 2023

Artificial intelligence (AI) is an emerging technology that has been gradually evolving for years, but the phenomenon has been generating significant hype lately. This is thanks to new tools such as ChatGPT and Stable Diffusion that have demonstrated how machine learning (ML) and natural language processing (NLP) can use prompts from humans to generate impressive text and image content. As with many new technologies, blockchain enthusiasts have been eager adopters, incorporating AI into their projects for digital assets and decentralised finance. But what can AI really offer the crypto world? Let's sort the innovation from the hype.

ChatGPT becomes orange-pilled

ChatGPT is a large language AI model trained on the vast amount of written content available on the internet. The algorithm can predict the order in which word patterns are more likely to appear and generate writing that impressively resembles a chat conversation. The tool made headlines in the crypto space last month when Parman, a Bitcoin educator and writer, engaged ChatGPT in a conversation about how humanity could bring about the end of central banking — arguably, the mission that Bitcoin (BTC) was created to do.

ChatGPT surmised that humanity should "end fiat" and use "decentralised digital currencies". But Parman, a Bitcoin maximalist, was not satisfied with this and reminded the AI that Bitcoin was the only digital currency with no issuer and no central leadership, 'convincing' ChatGPT to state that Bitcoin was superior to other cryptocurrencies.

Does this mean that we should bow down to the superior mind of the machine and all become Bitcoin maximalists? Hardly. ChatGPT is incapable of understanding what it writes or truly holding an opinion. But it is intended as a resource for people looking for information online, and its responses prove that whenever people question the current financial system, cryptocurrency will be on the table as a solution.

New tools for the blockchain industry

ChatGPT's ability to provide complex solutions to tasks that previously required significant human intervention has the potential to send the productivity of crypto projects into overdrive.

For example, ChatGPT could be used to:

  • Generate smart contracts after being given the conditions in a prompt
  • Create chatbots for crypto community management and educational content
  • Conduct market analysis and run simulations of economic scenarios
  • Automate coding and documentation for dApps
  • Conduct security tests on blockchain apps

All of these activities can make crypto projects scale much faster and be more user-friendly, driving up the adoption of cryptocurrency among the public.

An integral part of the metaverse

The metaverse combines virtual worlds with blockchain-based infrastructure for digital items and avatars. Metaverse cryptocurrencies such as Decentraland (MANA) are innovating in this space that combines social media, gaming, shopping and digital asset trading. However, many metaverses available today are in their infancy, resembling multiplayer games with few players.

With AI now able to more effectively process human language and interactions and generate digital objects that look, move, and speak like humans, tools such as ChatGPT and Stable Diffusion can be used to make metaverse content much more engaging, including:

  • Digital avatars for our metaverse selves that move and look more convincingly human
  • Digital clothing and items created by AI that automatically match what users ask for
  • Virtual environments that respond to our body movements and voices
  • NPCs or bots that can hold a conversation, inform us, and provide entertainment

Aside from being decentralised, the metaverses of Web3 are supposed to let us navigate the internet using more 'natural' ways than a mouse and keyboard, i.e., with our voices, hands and eyes. Advanced AI that can learn from our behaviour and react to human language will be a key part of that.

Be smart about AI coins

AI offers fantastic new possibilities for the crypto and blockchain space, but we can't forget to use our human intelligence whenever possible. The crypto markets have recently been spammed with low-quality altcoins of dubious provenance, with the words 'ChatGPT' or 'Bing AI chat' in their names. None of the big AI tools has an official cryptocurrency, so these are likely pump-and-dump traps and should be avoided.

Savvy readers of this blog will recognise the kind of hype exploitation that we have previously seen with shitcoins named after Squid Game or Queen Elizabeth. Of course, one sure-fire way to avoid such traps is to trade exclusively on an exchange that only hosts the best legitimate cryptocurrencies.

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Want Bitcoin for free?

Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.

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