Bitcoin
Bitcoin Blockchain Reaches One Billion Transaction Limit
The world’s first cryptographic network, the Bitcoin blockchain, reached the limit of one billion transactions after 15 years of its launch. Bitcoin is the only cryptographic blockchain to reach this notable milestone.
This increase in network activity on Bitcoin is attributed to the launch of innovative projects like BTC Ordinals and Spot BTC ETFs.
BTC reached the milestone of one billion transactions in 15 years
The Bitcoin network processes an average of 178,475 transactions daily. Data from Clark Moody reveals that Bitcoin’s billionth transaction was mined in block 842,241 on Sunday, May 5, at 9:43 pm UTC.
Pseudonymous developer Satoshi Nakamoto launched the Bitcoin blockchain on January 3, 2009, after mining the network’s genesis block. This means that it took the blockchain 15 years, four months and four days after its launch to reach the most recent milestone.
Some market analysts highlighted that the Bitcoin blockchain stands out with this milestone. They compared their performance in terms of number of transactions with prominent giant companies like Mastercard and VISA.
According to Matteo Pellegrini, founder of Orange Pill App, BTC reached the 1 billion transaction threshold ten years faster than VISA. Notably, VISA only reached the milestone 25 years after its launch, as opposed to Bitcoin’s 15 years.
Despite stiff competition in the payments industry landscape, BTC has proven itself to be a worthy competitor. Despite competing platforms like Visa, PayPal, Alipay, Mastercard, Venmo and others, Bitcoin has shown resilience, growth and increased adoption.
Another analyst and associate professor at the University of Adelaide, Tarik Sammour, praised Bitcoin’s recent achievement. According to Sammour, Bitcoin reached the milestone “seamlessly and securely, without a centralized intermediary.”
Discover Bitcoin ETFs, Bitcoin Ordinals and Runes that have increased Bitcoin network activity
Notably, the approval of spot Bitcoin ETFs in the US increased BTC adoption as it sparked investor interest in the asset. According to data from Farside Investors, cumulative BTC ETF inflows reached $11.56 billion on May 3, with the recently launched spot BTC ETFs in Hong Kong recording inflows of $5.9 million on the same day.
Additionally, new protocols such as BTC Ordinals and Runes have brought more activity to the blockchain. Additionally, the conclusion of the fourth Bitcoin halving event on April 20 mountain range an increase in same-day transaction volume.
Glassnode data disclosed that BTC reached a new high of 926,000 daily transactions on April 23. The Runes protocol, launched on block 840,000, played an important role in increasing transactions.
According to a Dune Analytics DashboardRune transactions now constitute up to 68% of total Bitcoin transactions.
Despite its position as the first cryptographic blockchain, BTC still lags behind Ethereum in terms of transaction volume. Data from Etherscan shows that Ethereum has surpassed two billion transactions since its emergence in 2015.
Meanwhile, BTC recovered some of the value lost over the weekend. As of 6:50am EST on May 6th, BTC negotiations at $64,594, an increase of 1.39% in the last 24 hours. Furthermore, its trade volume increased by 5.62%, reaching 21.11 billion dollars.
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