The relationship between Bitcoin and blockchain

Bitcoin is the first cryptocurrency to run on blockchain technology. Blockchain supports Bitcoin through transaction records, verification, tamper resistance, transparency, etc. In addition, blockchain technology can also be applied to supply chain management. , voting systems, healthcare, real estate and other fields.

Bitcoin and Blockchain

What is the relationship between Bitcoin and Blockchain?

Bitcoin is the first cryptocurrency to run on blockchain technology.

How does blockchain support Bitcoin?

Blockchain is a distributed ledger that records and verifies transactions without the need for a central authority. It supports Bitcoin in the following ways:

• Transaction Recording: The blockchain records all Bitcoin transactions, creating an immutable and transparent ledger.
• Transaction Verification: Miners in the network verify transactions and add them to the blockchain, ensuring they are valid and authentic.
• Tamper Resistance: Once transactions are added to the blockchain, they cannot be changed or deleted, providing tamper resistance and security.
• Transparency: The blockchain is open to the public, allowing everyone to view transaction records, providing transparency and accountability.

Wider Impact of Blockchain

In addition to supporting Bitcoin, blockchain technology can be used in other areas such as:

• Supply Chain Management: Tracking the movement of goods and materials, improving Transparency and efficiency.
• Voting System: Create a more secure and transparent voting system that reduces the possibility of fraud and manipulation.
• Healthcare: Securely store and share patient records to improve healthcare outcomes.
• Real Estate: Simplify and speed up property transactions, increase efficiency and reduce costs.

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

The above is the detailed content of The relationship between Bitcoin and blockchain. For more information, please follow other related articles on the PHP Chinese website!