Bitcoin Network Reaches Historic Milestone with 1 Billion Transactions

Jimmy Aki
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The Bitcoin network has processed its one billionth transaction, a major event in the cryptocurrency’s 15-year existence. This milestone was achieved on May 5, 2024, at 9:34 pm UTC.

Bitcoin Network Secures Achievement Without Centralised Intermediary

On-chain data Clarkmoody confirmed this historical moment for the Bitcoin network as its dashboard shows that the all-time Bitcoin transaction count on the network reached a total of 1,000,386,424.

Bitcoin network
Bitcoin transactions currently at 1,000,386,424.

Additionally, data from Swan reveals that the 1 billionth transaction on the Bitcoin network was achieved at the block height of 842,241.

This came after 15 years, four months, and four days that the pseudonymous creator Satoshi Nakamoto mined the first BTC block on January 3, 2009. Throughout its 5,603-day journey, Bitcoin has averaged 178,475 daily transactions.

Recall that there was a surge in daily Bitcoin transactions around the fourth halving event on April 20, with a record high of 926,000 transactions processed on April 23.

However, it should be noted that this figure excludes transactions conducted on the Lightning Network, a layer 2 solution for Bitcoin. Moreover, Bitcoin is not the first network to hit 1 billion transactions as its rival, Ethereum, has processed nearly 2.4 billion transactions since its launch in 2015.

Nevertheless, the Bitcoin community is celebrating this latest positive trajectory, which highlights the Bitcoin network’s seamless transaction processing and high-security standards.

Jack Dorsey, co-founder of Twitter (now X) and former board member of Bluesky, acknowledged this achievement, while Tarik Sammour, a prominent healthcare worker and supporter of Bitcoin, disclosed that this milestone was achieved “flawlessly, securely, and without any centralized intermediary.”

Sammour’s view suggests that Bitcoin can process transactions directly between users without relying on a central authority or intermediary, such as a bank or payment processor. This decentralized nature is a key feature of Bitcoin and is often cited as one of its main advantages over traditional financial systems.

Analyst Predicts Bitcoin Adoption to Hit Meteoric Rise

Market analysts are optimistic about the future growth of Bitcoin adoption, especially with the increasing institutional involvement, including the introduction of regulated products like the spot Bitcoin exchange-traded funds (ETFs).

The growing demand for Bitcoin investment funds worldwide is a clear indicator of this trend, with analysts like Robert Kiyosaki advocating for increased investment in Bitcoin as he has predicted its price to hit $100K by the last quarter of 2024.

Willy Woo, a Bitcoin analyst, made a comparison on May 3 to illustrate the current stage of Bitcoin’s adoption. He likened Bitcoin’s adoption rate, which is currently at 4.7%, to the level of internet adoption in January 1999.

This comparison implies that, despite Bitcoin’s increasing popularity and widespread recognition, it is still in its early stages of adoption, suggesting that there is still major potential for Bitcoin to see further adoption and growth, similar to how the internet continued to expand and become more ubiquitous after 1999.

Woo’s observation highlights that both individuals and institutions have yet to fully embrace cryptocurrency.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.