Bitcoin Has Achieved One Billion Transactions

Over its 5,603-day lifespan, Bitcoin has seen an average of 178,475 transactions per day.

Source: www.indyturk.com

The Bitcoin network has successfully processed its one billionth transaction, a significant milestone occurring 15 years after its inception. According to Clark Moody's Bitcoin dashboard, this landmark transaction numbered 1,000,000,000, was included in block 842,241, which was mined at 9:34 pm UTC on May 5.

The Bitcoin network's milestone of one billion transactions arrives precisely 15 years, four months, and four days after Satoshi Nakamoto mined the network's inaugural block on January 3, 2009. This achievement averages out to approximately 178,475 daily transactions over Bitcoin's 5,603-day existence. However, this count excludes transactions conducted on the Lightning Network, a Bitcoin layer 2 solution primarily focused on micropayments. Data from the Bitcoin-exclusive exchange River reveals that in August 2023 alone, the Lightning Network processed an estimated lower bound of 6.6 million transactions. This indicates that since its launch in January 2018, Lightning may have facilitated hundreds of millions of transactions.

Bitcoin experienced a surge in daily transactions surrounding its fourth halving event on April 20, with a record-setting 926,000 transactions processed on April 23. A significant portion of this uptick was attributed to the launch of the Runes protocol, a novel Bitcoin token standard introduced at block 840,000. However, following this peak, Bitcoin's daily transaction count cooled off to 660,260 on May 4.

While Bitcoin holds the title of the oldest cryptocurrency network, it isn't the first to reach the one billion transaction mark. Its chief competitor, Ethereum, has surpassed two billion transactions since its inception in July 2015, according to data from Etherscan. As of now, Bitcoin is trading at $63,750, reflecting a notable increase of over 12% from its recent low of $56,800 on May 2. Nevertheless, it remains down by 13.6% from its record peak of $73,740 on March 13.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.