The Bitcoin network has reached a significant milestone by processing its one billionth transaction since its inception 15 years ago. According to Clark Moody’s Bitcoin dashboard, the one billionth transaction was recorded in block 842,241 at 9:34 pm UTC on May 5, 2024.
This achievement highlights the network’s enduring popularity and utility in the digital asset space. Bitcoin has maintained an average of 178,475 daily transactions over its 5,603-day lifespan, excluding transactions conducted on the Lightning Network, a layer-2 payment protocol that enables faster transactions.
River, a Bitcoin-only exchange, reported that the Lightning Network processed an estimated 6.6 million transactions in August 2023 alone, indicating a significant volume of transactions on this layer since its launch in 2018.
According to Glassnode data, the network saw a surge in daily transactions around its fourth halving event on April 20, reaching a record high of 926,000 transactions on April 23. This is believed to have been largely driven by the launch of the Runes protocol during the same period.
Bitcoin’s journey to this milestone began with the release of its whitepaper in 2008 by the pseudonymous creator, Satoshi Nakamoto. Since then, it has grown to become a global phenomenon in finance and technology. One key factor in its success has been its decentralized nature, secured by a network of miners and nodes worldwide. This decentralization has helped Bitcoin remain resilient against censorship and manipulation, further enhancing its appeal to users.
Despite Bitcoin’s status as the oldest cryptocurrency network, it is not the first to process one billion transactions. According to data from Etherscan, Ethereum, Bitcoin’s main competitor, has processed over two billion transactions since its launch in July 2015.
Bitcoin’s current price stands at $63,750, up over 12% from a two-month low of $56,800 on May 2 but still down 13.6% from its all-time high of $73,740 on March 13.
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