In the last 4-5 years, cryptocurrencies have changed a lot in their value and apparent importance in the society. Currencies like bitcoin have skyrocketed in price and have become highly valuable assets. From our point of view it is limited to here, but it is entirely possible for AI to have a bitcoin world, where bitcoin would be the currency that would dominate the world.
Depending on the country you live in, you have a currency with a certain value if we compare it with other currencies like the dollar or euro. But if we think about the one which generally dominates in most of the markets, it is the US Dollar. It can be said that it is the currency that is taken as reference by a large part of the countries, although there are some who are looking for alternatives.
ChatGPT AI Knows the Key to Creating a World Dominated by Bitcoin
AI does not agree that the US Dollar, Euro or Yuan are the currencies that will govern the society of the future. Using ChatGPT 4, its most up-to-date version, he asks what would need to happen for bitcoin to become the currency that dominates the world. Given this, OpenAI AI believes that there should be a global financial crisis, which would lead to inflation and cause us to look for alternatives like bitcoin. After this, BTC should be adopted by financial institutions and stock exchanges start trading in bitcoin.
The legalization and regulation of bitcoin should be used at the time that is already in place today. Then comes the adoption of bitcoin by consumers and it gradually becomes a global store of value. At this point we will have a “bitcoinized world”, where the first change we will see is the decentralization of economic power. AI believes it will be a utopian world with greater financial stability
No inflation. In fact, they believe that there would be a better distribution of wealth, whereby the least developed countries would be at the same level as the most advanced.
Although it sounds like a utopian world, many things have to change.
This hypothetical world where bitcoin would be an internationally used currency would require changes to security and technical infrastructure. As we have already seen, the current society with security in terms of cryptocurrencies and bitcoin leaves a lot to be desired. We face many attacks, thefts and frauds. This is where the AI responds to the negative things it thinks a world dominated by bitcoin could bring.
First of all bitcoin has high volatility and the same can be said about the rest of the cryptos. The price can go up and down a lot in a short period of time, affecting the global economy. Another drawback would be that there would be a greater disparity in wealth and borders when it comes to controlling the currency. Of course, there was the fact that a world dominated by bitcoin would result in huge energy consumption and more pollution.
We would also find ourselves with a security problem, as hackers could steal bitcoins, thereby destabilizing the world economy. Finally, the apparent lack of consumer protection would be notorious, as there is no way to protect yourself should fraud or errors occur in a transaction.