Bitcoin hits one billion transactions for the first time since its inception in 2009

Bitcoin, the oldest and most expensive cryptocurrency in existence, completed its first billion transactions this week. Created in 2009, the asset took fifteen years to reach one billion transactions. The crypto community is excited and the social networking platform is flooded with messages congratulating each other for BTC’s milestone moment. In the backdrop of this development, the asset is currently priced at $63,582 (approximately Rs 53 lakh) on international exchanges like CoinMarketCap.

Shows Bitcoin completed one billion transactions on May 5 at block number 842,241 Clark Moody’s Bitcoin Dashboard, As of Tuesday, May 7, the total number of BTC transactions is 1,000,701,505.

Nischal Shetty, founder and CEO of Indian crypto exchange WazirX, turned to X to comment on the development.

“This celebration of technology helps us advance the Web3 ecosystem. While Bitcoin focuses on asset value and has limited transaction capacity, I am excited about the day we celebrate 1B transactions per day in Web3,” Shetty said.

The first Bitcoin block was mined on January 3, 2009. In its 5,603 days of existence, the Bitcoin network has Allegedly An average of 178,475 daily transactions were processed, excluding transactions processed through the Lightning Network, a layer-2 Bitcoin protocol that facilitates faster transactions.

Bitcoin’s completion of one billion transactions comes just weeks after the blockchain’s fourth halving event on April 20. Three days later in April 2023, Bitcoin recorded its highest daily transaction count of 926,000. These transaction numbers increased against the backdrop of the launch of Runes Protocol.

Created by Casey Rodermer, who also created the now popular Ordinals protocol for BTC-based NFTs, Bitcoin Runes is an innovative protocol created to address the issues associated with Bitcoin-based token systems that are used for operations. -Relies on on-chain data and native tokens.

Bitcoin’s anonymous creator, pseudonymous Satoshi Nakamoto, published the first Bitcoin whitepaper on October 31, 2008. At that time, the price of each BTC token was $0.0008 (approximately Rs 0.067).

Currently, the market cap of Bitcoin stands at $1.25 trillion (approximately Rs 1,04,87,989 crore), the data shows. coinmarketcap, Out of a total of 21 million BTC tokens, 19,695,050 tokens are already in circulation. The latest all-time high for Bitcoin was $73,790 (approximately Rs 61.6 lakh) achieved on March 14.