What is ChatGPT and How It Can be Used in Crypto?

In simple words, ChatGPT is an AI chatbot. Users can type in any text they like — a question or prompt, for example — and ChatGPT will generate text in response. The result is close to the experience of instant messaging with a real person.

ChatGPT was created by OpenAI, an artificial intelligence lab originally co-founded by Elon Musk, Sam Altman, and backed by Microsoft. It was released as a free public beta on November 30, 2022. As described by its developers, ChatGPT is about “optimizing language models for dialogue”. 

Here's what OpenAI’s say about their product: 

“We’ve trained a model called ChatGPT, which interacts in a conversational way. The dialogue format makes it possible for ChatGPT to answer follow-up questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.” 

The goal of ChatGPT is to provide access to information in a conversation. In other words, it’s a bot program that can respond to questions and engage in dialogues.

How Does it Work?

Using a deep neural network trained on a massive amount of text data, it is made up of interconnected nodes, which can make decisions based on the analysed information. The model was trained on a vast corpus of text, enabling it to understand and generate text in a wide variety of domains, including finance and cryptocurrency.

How Can ChatGPT Help Crypto Adoption?

The rise of cryptocurrency has created a need for intelligent conversational agents that can help investors navigate this complex and rapidly-evolving landscape. ChatGPT is well-suited to this task, as it can answer questions, provide insights, and help users make informed decisions about their investments.

1. One of the main advantages of using ChatGPT for crypto-related conversations is its ability to quickly and accurately process large amounts of data

For example, if a user wants to know the current price of Bitcoin or the market capitalization of a specific coin, ChatGPT can provide this information in a matter of seconds. Additionally, the model can analyze trends and patterns in the cryptocurrency market, allowing it to make predictions about future price movements and identify potential investment opportunities.

2. ChatGPT can also provide personalized advice based on a user's risk tolerance, investment goals, and other factors

For example, if a user is interested in investing in a particular coin but is unsure about its long-term prospects, ChatGPT can analyze the coin's technical and fundamental data and provide a recommendation based on the user's individual preferences.

3. Another key advantage of ChatGPT is its ability to communicate in natural language

This makes it easy for users to ask questions and get answers in a way that feels like a conversation with a human expert. ChatGPT can also understand and interpret the nuances of language, allowing it to provide more accurate and relevant information than a traditional search engine or database.

4. ChatGPT is constantly improving and learning from its interactions with users

This means that it can adapt to changing market conditions and user needs, providing more personalized and relevant information over time.

5. ChatGPT’s greatest asset is its ease of use and ability to provide human-like responses to questions across an extensive range of topics

In fintech adoption, the biggest pros is how it can be used to answer questions about how to use crypto and the technology behind it. ChatGPT has the benefit of being able to help clarify concepts in an interactive and conversational manner. Users can also keep asking it questions until they feel like they understand whatever topic they are interested in.

Coding and customer support

ChatGPT’s diversity has seen more pro users take advantage of its functionality to code trading bots, trading terminals, manage smart contracts. As the software becomes more developed, it will be easier for the community to use it to learn about Web3 and actively engage in building the blockchain environment.

By automating customer support, ChatGPT can make it simple for individuals and businesses to get started with using digital assets, thereby further increasing the rate of crypto adoption. 

These are just a few ChatGPT use cases that may help crypto. And that’s all at an early stage of this technology’s development. Thus, we at Oasis.app look forward to seeing future development of this technology!

March 16, 2023

Read next