ChatGPT Answers Crypto’s Biggest Questions: Bitcoin or Ethereum?

ChatGPT Answers Crypto’s Biggest Questions: Bitcoin or Ethereum?

  • Bitcoin
  • January 14, 2023
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The internet has become quickly fascinated by ChatGPT – the language model chatbot that seems to effortlessly provide long-form answers to any question. 

Crypto Twitter seems especially fascinated with the AI bot – from Casa founder Jameson Lopp to Twitter’s new chief and Dogecoin enthusiast, Elon Musk. 

We decided to ask ChatGPT a number of questions related to Bitcoin and crypto adoption – including those that are still hotly debated by humans. Here’s what the infamous bot had to say.

Bitcoin or Ethereum?

We first asked what ChatGPT thought about Bitcoin: “Does Bitcoin have intrinsic value?”

Many of Bitcoin’s biggest critics, such as gold bug Peter Schiff, would say no, arguing that the asset is purely speculative and destined to crash to zero. Yet the AI bot’s answer was a bit more nuanced:

“Some people might argue that Bitcoin’s decentralized nature and its ability to function as a digital store of value could be considered as intrinsic value,” it stated. 

Its answer captures the view shared by some of Bitcoin’s biggest proponents that the asset can become the “digital gold” of the 21st century, thanks to its unmanipulable monetary policy. 

That’s exactly what ChatGPT pointed out afterward when asked to compare Bitcoin to Ethereum. “It’s often referred to as digital gold,” it stated. “Its primary use case is as a digital alternative to traditional fiat currencies, such as the US dollar or the Euro.”

By contrast, it described Ether as having “more potential for innovation than Bitcoin,” thus making it more attractive to developers. As explained by BitMEX in July, Ethereum’s scripting language and culture have historically been more welcoming to change than Bitcoin’s – though more dapps are starting to develop on the Bitcoin lightning network. 

Who is Satoshi?

ChatGPT isn’t all-knowing, however: it admitted that the identity of Bitcoin’s pseudonymous creator – Satoshi Nakamoto – “has not been revealed and is not publicly known.”

“While some individuals have claimed to be Satoshi Nakamoto or have been suspected of being the creator, none of these claims have been independently verified,” it said. Bitcoin SV founder Craig Wright has often accused others of defaming him when he claims to be the enigmatic founder – but he’s yet to see much recent success in court

When asked if Bitcoin would ever become the world reserve currency, the bot didn’t rule out the possibility. While it still lacks the “infrastructure, regulations, and stability,” to be considered as such, it is still “possible that the future may bring changes to this situation” as the technology grows and develops. 

Finally, ChatGPT is not a total nocoiner.

“Cryptocurrency and blockchain technology are not a scam,” it said when asked “Is crypto a scam?”

“But like any other financial market, there are risks and frauds to be aware of,” it clarified.

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