Bitcoin reaches a new milestone

Bitcoin reaches a new milestone
Photo by Kanchanara / Unsplash

One billion transactions processed since the Genesis block
The Bitcoin network achieved a significant milestone by processing its one billionth transaction since its launch 15 years ago. According to Clark Moody's Bitcoin dashboard, this billionth transaction was recorded in block 842,241 at 9:34 PM UTC on May 5, 2024.

This achievement underscores the continued popularity and importance of the Bitcoin network in the digital asset sector. Over its 5,603-day existence, Bitcoin has maintained an average of 178,475 transactions per day. It's worth noting that this figure does not include transactions made via the Lightning Network, a second-layer payment protocol enabling faster transactions.

River, a Bitcoin-focused exchange platform, reported that the Lightning Network processed approximately 6.6 million transactions in August 2023 alone. This indicates a significant volume of transactions conducted on this protocol since its launch in 2018.

According to data from Glassnode, the Bitcoin network saw a significant increase in daily transaction volume around its fourth halving event on April 20, with a peak of 926,000 transactions on April 23. Additionally, it appears that the launch of the Runes protocol during this period also contributed to this surge.

Bitcoin's journey to this milestone began with the publication of its white paper in 2008 by the pseudonymous creator, Satoshi Nakamoto. Since then, it has become a global phenomenon in finance and technology. One of the key factors in its success lies in its decentralized nature, ensured by a network of miners and nodes worldwide. This decentralization has allowed Bitcoin to withstand any form of censorship and manipulation, enhancing its appeal to users.

While Bitcoin is the oldest cryptocurrency network, it is not the first to process one billion transactions. According to Etherscan data, Ethereum, Bitcoin's primary competitor, has processed over two billion transactions since its launch in July 2015.

It's also worth mentioning that Bitcoin's current price is $63,750, marking an increase of over 12% from its two-month low of $56,800 reached on May 2. However, this also represents a decrease of 13.6% from its all-time high of $73,740 reached on March 13.

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