Bitcoin
Bitcoin hits 1 billion transactions, marking important milestone
The Bitcoin Network has processed its one billionth transaction marking a significant milestone in the 15 years of the network’s existence.
According to CoinTelegraph, a bitcoin user Clark Moody’s dashboard showed that transaction 1,000,000,000 was processed in block 842,241 at 9:34 pm UTC on May 5.
The transaction comes 15 years, four months, and four days after the anonymous creator of Bitcoin Satoshi Nakamoto mined the network’s first block on January 3, 2009.
The Bitcoin network has processed an average of 178,475 daily transactions in its 5,603-day existence.
The count however does not include transactions made on the Lightning Network, a Bitcoin layer-2 payment protocol enabling faster transactions.
Data from credible sources has shown that the lightning network has processed an estimated 6.6 million transactions alone in August 2023 which means that hundreds of millions of transactions have been processed on the network since it was launched in 2018.
Daily transactions on Bitcoin spiked during the event of its fourth halving on April 20 with a record high of 926,000 transactions processed on April 23.
Since then, Bitcoin’s daily transaction count has since cooled off to 660,260 on May 4.
According to Coin Gecko Bitcoin is currently priced at $63,750, up over 12% since it hit a two-month low of $56,800 on May 2.
However, it is still down 13,6% from its all-time high of $73,740 set on March 13.
What to know
- Despite being the oldest cryptocurrency Bitcoin is a bit late to the one Billionth transaction party as its closest rival Ethereum has processed over 2 billion transactions since its launch in July 2015.
- Bitcoin founded in 2009 remains the largest cryptocurrency by Market capitalization.
