Alex Omenye
The Bitcoin Network has achieved a momentous milestone by processing its one billionth transaction, marking a significant event in its 15-year history.
As reported by CoinTelegraph, the milestone transaction, numbered 1,000,000,000, was confirmed in block 842,241 at 9:34 pm UTC on May 5, according to data from bitcoin user Clark Moody’s dashboard.
This achievement comes precisely 15 years, four months, and four days after Bitcoin’s enigmatic creator, Satoshi Nakamoto, mined the network’s inaugural block on January 3, 2009.
Over its 5,603 days of existence, the Bitcoin network has averaged an impressive 178,475 daily transactions.
It’s worth noting that this tally excludes transactions conducted on the Lightning Network, a layer-2 payment protocol designed to expedite Bitcoin transactions.
Data from reliable sources indicates that the Lightning Network alone processed an estimated 6.6 million transactions in August 2023, underscoring its role in facilitating a significant volume of transactions since its inception in 2018.
The Bitcoin network experienced a surge in daily transactions surrounding its fourth halving event on April 20, reaching a peak of 926,000 transactions on April 23. However, transaction activity has since subsided, with daily transactions dipping to 660,260 on May 4.
Despite recent fluctuations in transaction volume, Bitcoin’s price has demonstrated resilience, currently hovering around $63,750, reflecting a 12% increase from its recent low of $56,800 on May 2.
Nevertheless, it remains 13.6% below its all-time high of $73,740 recorded on March 13.
Notably, while Bitcoin holds the distinction of being the oldest cryptocurrency, Ethereum, its closest competitor, has surpassed two billion transactions since its launch in July 2015.
Despite this, Bitcoin maintains its position as the largest cryptocurrency by market capitalization, underscoring its enduring relevance and prominence within the digital asset ecosystem.
