The article provides an answer to the question: 'How can ChatGPT be used as an educational technology for learning?' by identifying its educational benefits and downsides for teaching and learning as seen from the educators' perspective. To answer this question a mixed methods case study was carried out in the context of two workshops involving a total of 205 educators, educators with ChatGPT expertise, and other participants from a traditional large-scale European university. The analysis identifies 12 benefits of ChatGPT for learning and 11 downsides that work against learning. The benefits and downsides are ranked and validated according to their relevance for different subject areas with a follow-up survey. The survey revealed that most educators identified ChatGPT's availability to students at all hours, its support for students' creative processes, and its ability to provide examples and generate overviews that the students can learn from as the main benefits for teaching and learning. The survey also revealed that the majority of educators identified several downsides, including a widespread concern about the required educator and student skills to use ChatGPT constructively in teaching and learning; the missing transparency, accountability, and reliability of its answers; and the aspect of permissible use and cheating. Based on the results, the article discusses how ChatGPT can be used for teaching and learning in higher education as well as its implications for research.