In a significant milestone for the world of cryptocurrency, the Bitcoin network has processed its one billionth transaction. This achievement comes 15 years after the creation of the Bitcoin network.
The one billionth transaction was mined into block 842,241 at 9:34 pm UTC on May 5. This landmark event comes 15 years, four months, and four days after Bitcoin’s pseudonymous creator, Satoshi Nakamoto, mined the network’s first block on January 3, 2009.
Over its 5,603-day existence, the Bitcoin network has processed an average of 178,475 daily transactions. However, this count does not include transactions made on the Lightning Network, a Bitcoin layer 2 network primarily focused on micropayments. Data suggests that the Lightning Network processed a lower-bound estimate of 6.6 million transactions alone in August 2023.
The number of daily transactions on Bitcoin spiked around the network’s fourth halving event on April 20, with a record high of 926,000 transactions processed on April 23. Much of this demand came from the launch of the Runes protocol, a new Bitcoin token standard, at block 840,000.
Despite being the oldest cryptocurrency network, Bitcoin is not the first of its kind to process one billion transactions. Its biggest rival, Ethereum, has processed well over 2 billion transactions since its launch in July 2015.
As of now, 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.
This milestone is a testament to Bitcoin’s resilience and the growing acceptance of cryptocurrencies. As we move forward, it will be interesting to see how Bitcoin continues to evolve and influence the global financial landscape.
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