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The Bitcoin blockchain reaches the billionth transaction threshold
The world’s first cryptographic network, the Bitcoin blockchain, has reached the billion transaction mark 15 years after its launch. Bitcoin is the only cryptographic blockchain to reach this extraordinary milestone.
This increased network activity on Bitcoin is attributed to the launch of innovative projects such as BTC Ordinals and Spot ETF on BTC.
BTC has reached its billionth transaction milestone in 15 years
The Bitcoin network processes an average of 178,475 transactions per day. Data from Clark Moody reveals that the billionth Bitcoin transaction was mined in block 842,241 on Sunday, May 5 at 9:43 pm UTC.
The pseudonymous developer, Satoshi Nakamoto, launched the Bitcoin blockchain on January 3, 2009, after mining the network’s genesis block. This means that the blockchain took 15 years, four months and four days from its launch to reach the latest milestone.
Some market analysts have highlighted that the Bitcoin blockchain stands out for this achievement. They compared its performance in terms of number of transactions with prominent giant companies such as Mastercard and VISA.
According to Matteo Pellegrini, founder of the Orange Pill app, BTC reached the 1 billion transaction threshold ten years faster than VISA. Notably, VISA reached the milestone just 25 years after its launch, compared to Bitcoin’s 15 years.
Despite stiff competition in the payments industry landscape, BTC has proven itself to be a worthy contender. Despite competing platforms such as 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 The recent result of Bitcoin. According to Sammour, Bitcoin achieved this milestone “impeccably and securely, without centralized intermediaries.”
Locate Bitcoin ETFs, Bitcoin Ordinals, and Spiked Bitcoin Network Assets with Runes
Notably, the approval of spot Bitcoin ETFs in the US has increased BTC adoption as it has piqued investor interest in the asset. According to data from Farside Investors, cumulative BTC ETF inflows reached $11.56 billion as of May 3, with Hong Kong’s recently launched spot BTC ETFs recording inflows of $5.9 million. dollars the same day.
Additionally, new protocols, such as BTC Ordinals and Runes, have brought more business to the blockchain. Additionally, the fourth Bitcoin halving concluded on April 20 saw a spike in transaction volume on the same day.
Glassnode data revealed that BTC hit a new high of 926,000 daily transactions on April 23. The Runes protocol, launched at block 840,000, played a major role in the surge in transactions.
According to a Dune Analytics dashboardRunic transactions now make up up to 68% of total Bitcoin transactions.
Despite its position as the first crypto blockchain, BTC still lags Ethereum in terms of transaction volume. Data from Etherscan shows that Ethereum has surpassed two billion transactions since its inception in 2015.
Meanwhile, BTC recovered some of the lost value over the weekend. At 6:50am EST on May 6, BTC trades to $64,594, up 1.39% in the past 24 hours. Furthermore, trading volume increased by 5.62% to $21.11 billion.
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