Last updated on July 21st, 2023 at 09:00 pm
ChatGPT by OpenAI has become a massive talking point of AI in 2023. It has created waves of hype across the internet and is fast becoming a tool that can disrupt many industries, even the cryptocurrency space.
This article gives you some commands you can enter in ChatGPT to help you navigate the cryptocurrency space.
Things you can do with ChatGPT:
1. Ask how technical indicators and patterns work:
You can use ChatGPT to learn about various technical indicators and how to use them. It can tell you the best way to use an indicator and some common strategies you can utilise.
Examples:
- What is the relative strength index?
- What is the MACD indicator?
- What is a bullish Gartley harmonic pattern?
2. Ask about trading strategies:
ChatGPT can tell you about specific trading strategies and what they involve. Whether you are a scalper, day trader, or swing trader, it can give you specific information catered to you.
Examples:
- What are some good swing trading strategies?
- What is a good stop-loss strategy?
- How do I trade with leverage?
- How do I utilise risk management in trading?
3. Ask about specific cryptocurrencies:
You can really dive deep into how cryptocurrencies work and the technology behind them. For example, ChatGPT can give you detailed information on how the algorithms work behind Bitcoin, Ethereum, and many more of your favorite cryptocurrencies.
- How does Bitcoin work?
- What is the cryptography algorithm used in Bitcoin?
- What is the difference between proof-of-work and proof-of-stake consensus?
4. Write code:
ChatGPT can give you code snippets or the full code for certain functions. For example, if you want to launch an Ethereum ERC20 token, it can give you the full template code that you can use as well as the steps involved to launch it.
Examples:
- What is the code for an ERC20 token?
- How do I launch an ERC20 token?
- What is the code for a Cardano token?
Things you cannot do with ChatGPT:
1. Fetch current asset data
You cannot fetch information about current digital asset prices (e.g. What is the current price of Bitcoin) as ChatGPT has been trained to a certain date using a language model and is not consistently updated with data every day.
2. Create images
ChatGPT is a text-based bot and does not yet have the capability to create visual images. If you ask it to create an image for you it will tell you this and give you some examples of some tools or sources that you can use to create images. For an AI-generating tool, I highly recommend Midjourney, which is capable of generating images based on your text prompts through the power of AI and machine learning.
Frequently Asked Questions (FAQ)
Does ChatGPT have a crypto coin?
Currently, no crypto coins hold any association with ChatGPT, or OpenAI the developer of the chatbot. Although we never know, they might dip their toe in the industry in the foreseeable future.
What is ChatGPT token?
There is no official ChatGPT token. Scammers are creating fake ChatGPT tokens in order to capitalise on the hype. Any token bearing the ‘ChatGPT’ name is not associated with the company.
