Bitcoin Surpasses 1 Billion Processed Transactions After 15 Years
The premier crypto blockchain network, Bitcoin (BTC), has processed over 1 billion transactions, marking a major milestone after 15 years, 4 months, and 4 days since its launch on January 3, 2009. This historic accomplishment for the biggest and most valuable cryptocurrency in the world was reached on Sunday, May 5, at 9:34 p.m. UTC.
1b txn https://t.co/akb8kbe0dD
— jack (@jack) May 6, 2024
According to Clark Moody's report on the Bitcoin dashboard, the Bitcoin Network has successfully recorded 1 billion transactions, with an average of 178,475 per day. This happened at block height 842,241, showing how resilient Bitcoin's transactional architecture is.
These achievements come at a thrilling time for Bitcoin. Innovative protocols like Runes and Bitcoin Ordinals define it. Moreover, market sentiment has improved with the launch of spot Bitcoin ETFs.
In terms of transactions processed, Ethereum, its main competitor, is far ahead of the competition. According to Etherscan data, Ethereum was launched more than six years after BTC had already handled almost 2.4 billion transactions.
It appears that Bitcoin took longer than expected to reach the billion-dollar transaction milestone. A few of the challenges are due to its scalability problems. Bitcoin is unable to manage the volume of transactions required to effectively compete with established payment processors.
This often results in expensive transaction costs, which might prevent wider adoption globally. In addition, the environmental consequences of Bitcoin mining, which is heavily dependent on energy, continue to be a major source of disagreement.
However, note that activity on the Lightning Network is not included in the Bitcoin transaction count mentioned above. Over the past year, there has been a significant catalyst in the form of increased adoption and activity.
A report claims that in just two years, the network expanded by 1212%, and in August 2023 alone, the Bitcoin network processed 926,000 transactions after the Bitcoin Halving, accounting for 6.6 million transactions after the Lightning Network.
The Bitcoin blockchain is still breaking new ground as the price of Bitcoin (BTC) hovers around $64,000 and gears up for the long journey towards the next billion transactions.
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