Bitcoin has surpassed the milestone of one billion transactions for the first time since its inception in 2009.
The inaugural Bitcoin block was mined on January 3, 2009, by its anonymous creator, who adopted the pseudonym Satoshi Nakamoto.
This week, Bitcoin, the oldest and most valuable cryptocurrency, achieved a significant milestone by completing its first billion transactions. Since its creation in 2009, it has taken fifteen years to reach this milestone. The cryptocurrency community is celebrating this achievement by sharing messages of congratulations on various social media platforms. Against this backdrop, the current price of Bitcoin is $63,582 (approximately Rs. 53 lakhs) on international exchanges like CoinMarketCap.
Bitcoin reached the milestone of one billion transactions on May 5, as indicated by block number 842,241 on Clark Moody’s Bitcoin dashboard. As of Tuesday, May 7, the total number of BTC transactions stands at 1,000,701,505.
Nischal Shetty, Founder and CEO of the Indian cryptocurrency exchange WazirX, shared his thoughts on the development.
“This acknowledgment of technology contributes to the advancement of the Web3 ecosystem. While Bitcoin prioritizes asset value and has constrained transaction capacity, I eagerly anticipate the day when we commemorate 1 billion transactions per day in Web3,” Shetty remarked.
The first Bitcoin block was mined on January 3, 2009. Over the course of its 5,603 days of existence, the Bitcoin network has reportedly averaged 178,475 daily transactions, excluding those facilitated through the lightning network. The lightning network serves as a Layer-2 Bitcoin protocol designed to expedite transactions.
Bitcoin achieved the milestone of one billion transactions just weeks after its fourth halving event on April 20. By April 23, 2023, Bitcoin recorded its highest daily transaction count of 926,000. This surge in transaction numbers coincided with the launch of the Runes protocol.
Crafted by Casey Rodarmor, the mind behind the widely adopted Ordinals protocol for BTC-based NFTs, Bitcoin Runes stands out as an inventive protocol designed to tackle challenges linked to Bitcoin-based token systems relying on off-chain data and native tokens for functionality.
The enigmatic creator of Bitcoin, known only by the pseudonym Satoshi Nakamoto, released the inaugural Bitcoin Whitepaper on October 31, 2008. During its inception, each BTC token was valued at $0.0008 (approximately Rs. 0.067).
Presently, Bitcoin’s market capitalization stands at $1.25 trillion (approximately Rs. 1,04,87,989 crore), as per data from CoinMarketCap. Of the total capped supply of 21 million BTC tokens, 19,695,050 tokens are already in circulation. Bitcoin reached its most recent all-time high of $73,790 (approximately Rs. 61.6 lakh) on March 14.
