Windows – use the new ReFS file system on Windows 8

According to discussion at Storage Spaces, Parity and ReFS

• ReFS in storage spaces is available only for two-way and three-way mirroring until Windows 10 Anniversary update incl.
  • see Wolfrevo's answer for workaround
• Creators update brought support for ReFS parity storage space
• Fall Creators update removes ReFS entirely from storage spaces
  • the AllowRefsFormatOverNonmirrorVolume workaround no longer works
  • all the ReFS functionality was moved to Windows 10 Pro for Workstations

There are pros and cons to both systems. In short, ReFS is designed to be a more robust filesystem for large data storage.

ReFS has some distinct advantages over current reigning Windows file system NTFS, but it also has some drawbacks. It boasts self-healing powers, ability to repair files without down time, less risk that data will be lost when there’s a power failure (due to the way it writes metadata), and of course the ability to create huge volumes and files and even give those files names that are longer than 255 characters if you wish. Source

For an in-depth discussion of the differences, I suggest you read the following TechNet Article

I am making the assumption from your question that this 4TB drive is in addition to an existing drive that contains your OS. It is not recommended to install Windows on a ReFS drive:

NTFS remains the file system of choice for the operating system boot volume as well as any other general needs for data storage.