What is Bitcoin used for?

The main functions of Bitcoin are: value storage, payment method, investment tool, remittance channel, safe haven asset, anonymous payment, and specific applications. As a store of value, it has limited supply and is anti-inflation, and can be used for payment, investment, remittance, safe-haven assets, and is anonymous. In addition, it is used in applications such as supply chain management, crowdfunding, identity verification, and decentralized finance.

The Role of Bitcoin

Bitcoin is a cryptocurrency that is mainly used for the following purposes:

Store of Value:

• Bitcoin can be used as a store of value, similar to Traditional assets such as gold.
• Due to its limited supply, Bitcoin’s value is intrinsic and inflation-resistant.

Payment methods:

• Bitcoin can be used to pay in stores, networks and services.
• Its decentralized and anonymous nature makes it ideal for cross-border payments.

Investment:

• Bitcoin has become a popular investment vehicle due to its volatility and potential growth in value.
• Investors can buy and hold Bitcoin with the hope of future appreciation.

Remittance:

• Bitcoin can be used to send money quickly, safely and cheaply.
• Cross-border money transfers often take days, while Bitcoin transactions can often be completed within minutes.

Safe-haven asset:

• During times of economic uncertainty, Bitcoin is sometimes viewed as a safe-haven asset.
• Due to its non-correlation and resistance to inflation, it may appeal to investors seeking to protect wealth from market fluctuations.

Anonymity and Privacy:

• Bitcoin transactions are anonymous, which makes it ideal for individuals or businesses where privacy is paramount.
• However, it is important to note that all Bitcoin transactions are recorded in the blockchain and therefore are not completely untraceable.

Other uses:

• Bitcoin is also used in some niche applications such as:

  • Supply chain management
  • Crowdfunding
  • Identity verification
  • Decentralized finance

Bitcoin Price Gains Strongly

As of 11:00 AM on July 16, 2024, Bitcoin (BTC) was quoted at $64,683. The trading volume in the past 24 hours reached $363 billion and the price increased by 3.46%.

Rising Factors

Recent gains have been attributed to increased interest from institutional investors, an improving regulatory environment, and global economic uncertainty.

Future Outlook

Analysts expect Bitcoin prices to continue rising, with a long-term target of $100,000. However, there may be pullbacks and volatility in the short term.

Action Recommendations

• For long-term investors: Hold Bitcoin as it is expected to continue rising in the long term.
• For short-term traders: Monitor the market closely and look for buying opportunities in the event of a pullback.

Short Term Forecast

In the short term, Bitcoin price is likely to fluctuate within a range of $60,000 to $70,000.

Indicator

• Price: 64,683 USD
• 24-hour trading volume: 363 billion USD
• Circulation market capitalization: 12.76 trillion USD
• Float volume: 19 700,000 Bitcoins
• Maximum supply: 21 million Bitcoins

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