ChatGPT picks 3 cryptocurrencies to use as cash vs. CBDCs

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), spoke at the Singapore FinTech Festival 2023 on November 15. In her speech, Georgieva stated that Central Bank Digital Currencies (CBDCs) have the potential to replace cash in our society.

“CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts.”

— Kristalina Georgieva

However, some individuals view the idea of using a CBDC with skepticism due to its highly controlled and centralized nature.

In this context, Finbold asked ChatGPT-4 to mention 10 decentralized cryptocurrencies to use as cash as an alternative to the rise of central banks’ digital currencies. In the prompt, we also asked GPT-4 to pick 3 out of the 10 and justify its pick in a brief paragraph.

AI’s 10 cryptocurrencies to use as cash instead of CBDCs

Cryptocurrency

Short squeeze alert for November 15: Two cryptocurrencies with potential to skyrocket

Cryptocurrency

$1.2 billion worth of Bitcoin sent to exchanges in a month

Cryptocurrency

Google Bard predicts Bitcoin price for start of 2024

Cryptocurrency

$6.7 billion Ark says Bitcoin and crypto to be worth $25 trillion by 2030

Cryptocurrency

BlackRock discloses ‘exposure to stablecoin risks’ on spot Bitcoin ETF

Interestingly, the API used for this research is a Telegram bot that allows direct payments for each ChatGPT prompt. This ‘pay-per-use’ tool accepts multiple cryptocurrencies as cash and uses one of its picks, Nano (XNO), as the unit of accounting.

Answering the prompt, the Artificial Intelligence (AI) provided the following output and list:

“IMF Managing Director Kristalina Georgieva has speculated that Central Bank Digital Currencies (CBDCs) might replace cash in the future. However, for those opposed to using CBDCs, several decentralized cryptocurrencies could serve as alternatives.”

  1. Bitcoin (BTC)
  2. Litecoin (LTC)
  3. Monero (XMR)
  4. Dash (DASH)
  5. ZCash (ZCH)
  6. Bitcoin Cash (BCH)
  7. Decred (DCR)
  8. Nano (XNO)
  9. DigiByte (DGB)
  10. PIVX (PIVX)
ChatGPT-4’s output of cryptocurrencies to use as cash vs. CBDCs. Source: Finbold

Bitcoin (BTC)

“Bitcoin is the first and most well-known cryptocurrency, often referred to as digital gold. Its wide adoption, strong security through its proof-of-work consensus mechanism, and the vast network of users and merchants make it a primary candidate for replacing cash for those seeking a decentralized option.”

— ChatGPT-4

Litecoin (LTC)

“Designed as the silver to Bitcoin’s gold, Litecoin offers faster transaction times and lower fees, making it an efficient medium of exchange for everyday transactions. Its longer track record and technological stability could gain the trust of users looking for cash alternatives.”

— ChatGPT-4

Monero (XMR)

“Monero’s focus on privacy and anonymity positions it as a strong contender for cash replacement. It uses sophisticated cryptographic techniques to obfuscate transaction details, which can appeal to users prioritizing financial privacy similar to that provided by cash transactions.”

— ChatGPT-4

Nevertheless, it is notable that the adoption of CBDC is growing worldwide. As of June 2023, 11 countries have already adopted the centralized solution for digital money. The IMF said that 100 countries are exploring their own solutions.

Interestingly, decentralized cryptocurrencies are facing a harsh regulatory environment, which difficulties their growth as competitive tools for cash worldwide. 

Comments

Post a Comment

Popular posts from this blog

Tax Strategy for XRP: Lawyer Urges Caution Before Dipping for Altcoins

Jeremy Hogan advises crypto holders to be cautious of crypto tax as they optimize for profit in the bull run. He pointed out the tax advantages of not liquidating XRP held for over a year. Per the lawyer, long-term capital gains incur a lower 15% tax rate than the higher 30% rate for short-term gains. Prominent legal expert Jeremy Hogan, Partner at ‘Hogan & Hogan’ has offered counsel to crypto holders, urging caution in the disposition of their XRP assets. In a recent post on X, Hogan shared guidance with crypto investors looking to maximize their tax efficiency amid the anticipated crypto bull market. The lawyer’s counsel targeted crypto enthusiasts based in the United States. He advised considering the tax obligation on their crypto investment from the angle of the duration of the token holdings. Hogan pointed out that maintaining a token for over a year could result in a more advantageous tax scenario. He noted that long-term capital gains, applicable
Read more

Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

BTC options expiry reveals short-term volatility post ETF approval. Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions. With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings. As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17. In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale , exploring the potential for exhilarating opportunities in the evolving crypto landscape. First BTC Options expiry post Bitcoin ETF approval The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibits a muted r
Read more

MicroStrategy’s Saylor Sells $216M of His Shares to Buy More Bitcoin

MicroStrategy’s executive chairman, Michael Saylor, is selling $216 million worth of company shares. Saylor plans to use the proceeds to expand his personal Bitcoin holdings. The sell-off began with 5,000 shares on January 2, with 5,000 shares scheduled to be sold every trading day for the next four months. MicroStrategy‘s executive chairman, Michael Saylor, has begun selling $216 million worth of his shares in the company. The decision reveals Saylor’s intention to utilize part of the proceeds to expand his personal Bitcoin holdings. Saylor, a prominent advocate for cryptocurrency adoption, unveiled this plan in a filing with the U.S. Securities and Exchange Commission (SEC). The regulatory filing reveals that Saylor is selling 315,000 MicroStrategy shares acquired via stock options. 310,000 of these were granted in 2014 and are set to expire in April of this year. Saylor has already begun the sell-off, initiating the process with the sale of the first t
Read more