What exactly is Bitcoin used for?

Bitcoin is a decentralized digital currency whose main uses include: Store of value: Limited supply, not affected by inflation. Transaction medium: Purchase goods and services online and offline, providing fast, secure and low-cost transactions. Remittances: Cross-border money transfers are cheap and fast, bypassing the traditional banking system. Investment: Speculative assets with large price fluctuations that can be bought and sold for profit. Anonymity: Transactions can be conducted anonymously, maintaining financial privacy. Other uses: smart contracts, crypto games, donations, etc.

Uses of Bitcoin

Bitcoin is a decentralized digital currency that has the following main uses:

Store of Value:

• Bitcoin is an asset with a limited supply , making it a potential store of value.
• It is not affected by inflation as its supply does not increase.

Medium of Exchange:

• Bitcoin can be used to purchase goods and services at various online and offline stores.
• It provides fast, safe and low-cost transaction method.

Remittance:

• Bitcoin can be used for cross-border remittances with low fees and fast speed.
• It can bypass the traditional banking system and avoid high remittance fees.

Investment:

• Bitcoin is a speculative asset and its price fluctuates greatly.
• Investors can buy and sell Bitcoin to make profits.

Anonymity:

• Bitcoin transactions can be conducted anonymously as it is not linked to personally identifiable information.
• This makes it a potential option for people who want to maintain financial privacy.

Other uses:

• Smart Contracts: The Bitcoin blockchain can be used to create and execute smart contracts, allowing for automated execution of agreements in a trustless environment.
• Crypto Games: Bitcoin is used to purchase in-game assets and rewards in crypto games.
• Donations: Nonprofits and charities accept Bitcoin donations because it reduces transaction fees and provides anonymity.

Bitcoin Price Gains Strong

As of 11:00 AM on July 16, 2024, Bitcoin (BTC) is 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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