How To Use ChatGPT for Crypto Research.

How To Use ChatGPT for Crypto Research

Reading time

As ChatGPT continues to make rounds as a flagship AI assistant, it has opened many doors to simplifying complex processes. From writing, scheduling, researching, analysis and even long-term strategies, ChatGPT is an invaluable tool for individuals and companies involved in the digital world. The same is true for the Crypto research efforts, as ChatGPT can save time, money and resources for aspiring crypto entrepreneurs and businesses. 

With its global database and actively updated data feed, ChatGPT serves as a giant hub for retrieving and analysing information regarding the crypto landscape. And it is a welcome innovation since the crypto industry has become increasingly complex to navigate with numerous new parties entering the market. 

As of 2023, it is almost impossible to discern the mountains of new developments, startups, rising companies and events in the crypto industry. Therefore, properly utilising ChatGPT can be a game changer. Let’s discuss how.

ChatGPT Explained

ChatGPT is a revolutionary tool from OpenAI, acting as a personal assistant to anyone across the globe. While ChatGPT was introduced as a simple chatbot, it has transcended this modest role astronomically. Today, ChatGPT can be utilised to write various documents, proofread texts, write and debug complex lines of code, generate brainstorming ideas and much more. 

The possibilities are almost endless since ChatGPT is an AI tool continuously learning and adapting to new information. With such tremendous AI power and capabilities, ChatGPT has been swiftly adopted by Crypto experts as a go-to research tool.

Today, crypto experts can research, analyse and monitor massive amounts of information in the blockchain field with the assistance of ChatGPT. While human supervision is still vital, ChatGTP still serves as a groundbreaking tool to minimise extensive research times and required human resources.

Importance Of Proper Prompts For The Accurate ChatGPT Results

Although ChatGPT is an immensely powerful digital tool, it is only as effective as the quality of given instructions. ChatGPT uses prompts, and lines of instructional text, to analyse your requests and provide corresponding solutions. It is well documented that ChatGPT’s prowess varies depending on the preciseness of the prompts, as mentioned above. 

As an example, let us imagine a crypto expert X giving ChatGPT the following command – “Give me a list of the best cryptos.” While it may seem like a logical and well-constructed request, this prompt lacks clarity, direction and context. As a result, ChatGPT will provide an equally vague answer with almost non-existent value.

Conversely, crypto expert X orders ChatGPT to “Obtain a list of best new crypto startups in location X as of June 2023”, but the result will be entirely different. ChatGPT has more reference points and can easily search its database for appropriate answers. With this prompt improvement, crypto expert X has a higher chance of receiving a valuable solution. Creating high-quality prompts is not as easy as illustrated above. However, the online landscape is ripe with reputable creators sharing the best prompts to use for the crypto industry. 

How ChatGPT Enhances the Crypto Research Process 

ChatGPT can answer many pressing questions for crypto enthusiasts with its colossal database and AI-powered features. With ChatGPT, spending hundreds of hours deciphering complex crypto documents and scraping the internet for crypto news is no longer necessary. 

This extensive process is now handled in minutes, giving individuals and businesses more time for diligent analysis and decision-making. Below, we discuss how ChatGPT can simplify, or even trivialise, some of the most challenging processes in crypto research.

Simplifying the Complex Crypto Information 

While the basic concept of blockchain is fairly simple to comprehend, the depths of this newly-minted industry are quite intimidating for newcomers and even experts. With increasingly complex technical details, industry jargon and new technologies, it can be daunting to grasp every crypto concert thoroughly.

That is where ChatGPT comes in, letting users simplify challenging concepts and supply accessible explanations. With well-designed prompts, ChatGPT can demystify crypto intricacies and provide easy-to-understand examples and use cases. If the initial answers are still confusing, users can simply ask ChatGPT to elaborate further. As a result, crypto experts can break down informational barriers and grasp even the most demanding concepts in the realm of blockchain.

Summarizing Large Documents Swiftly 

Crypto projects are also known for their extensive whitepapers and other text-heavy documents. To truly understand each new crypto offering, it is important to examine these texts carefully, grasping the technology, design and other vital concepts behind it. Previously, all this demanding work was conducted manually, with crypto professionals spending dozens of hours going through each page. 

With ChatGPT, users can simply upload discussed whitepapers and other documents and order the AI to do all the heavy lifting. In the end, users will receive a comprehensive summary that provides essential information from the entire body of text. 

However, it is important to note that ChatGPT is not always precise and correct. This innovative tool is infamous for providing faulty information and conducting inaccurate analyses. So, it is unwise to completely delegate the document examination process to ChatGPT. 

Analyzing Tokenomics 

In addition to the underlying technology, unique advantages and other crucial details, crypto projects primarily include the tokenomics breakdown. Tokenomics are the governance and economic management system for given crypto projects, serving a vital function in the grand scheme of things. Without understanding tokenomics, it is virtually impossible to grasp if a specific crypto project will be successful in the long run. 

ChatGPT helps individuals and businesses simplify the complex matter of tokenomics, presenting the entire system in a simplified and understandable manner. From the supply and emission schedules to token utilities, demand, distribution and governance, ChatGPT will examine each important aspect of tokenomics and provide a summary of essential points. 

Obtain Background Information 

Last but not least, crypto research requires a lot of background information related to emerging projects. From the creative team and investors to local regulations, economic conditions and other prevalent matters, each crypto project demands careful examination outside of their respective whitepapers. 

In the past, obtaining all of this sensitive information was time-consuming and often frustrating since crypto experts had to manually search hundreds of websites for pertinent data. More often than not, most of this research was fruitless and unproductive. 

However, with ChatGPT, it is much easier to accumulate all the background info on a given project. This process takes minutes and provides essential insights into the team’s reputation, previous track record and other relevant details.

Final Takeaways: Why ChatGPT Elevates Crypto Research

ChatGPT is quite literally a Pareto improvement for crypto researchers. This groundbreaking solution has dramatically transformed the crypto research process, minimizing manual labor and letting experts focus on decision-making. Now, individuals and companies can focus on high-level decisions instead of wasting countless hours looking at hundreds of whitepaper pages and other documents. 

However, ChatGPT is far from perfect, and it frequently makes dramatic mistakes, so it is crucial to have a human presence at the helm.

Recent articles

Things to Consider as a Business to Accept Crypto Payments
Accept Crypto Payments As a Business in 2024: Things to Keep in Mind
Education 21.05.2024
Ensure Your Funds Safety With a Money Transfer License
What is a Money Transfer License? Does Your Payment Processing Provider Have One?
Education 20.05.2024
What Do Cryptocurrency Payment Processing Systems Look Like?
Cryptocurrency Payment Processing System: What Happens Behind Transactions?
16.05.2024
How to integrate Bitcoin payment API
Bitcoin Payment API: How to Choose and Integrate
Education 15.05.2024