Bitcoin, the oldest and most expensive cryptocurrency in existence, completed its first billion transactions this week. The asset, created in 2009, has taken fifteen years to reach one billion transactions. The crypto community is elated and flooding social media platforms with messages congratulating each other on BTC's milestone. In the context of this development, the price of the asset currently stands at $63,582 (roughly Rs. 53 lakhs) on international exchanges like CoinMarketCap.
Bitcoin completed one billion transactions on May 5 at block number 842,241, Clark Moody's Bitcoin Dashboard shows. As of Tuesday, May 7, the total number of BTC transactions stands at 1,000,701,505.
Nischal Shetty, the founder and CEO of Indian crypto exchange WazirX, reached out to X to comment on the development.
“This celebration of technology helps us improve the Web3 ecosystem. Although Bitcoin is focused on asset value and has limited transaction capacity, I'm excited for the day we celebrate 1 billion transactions per day on Web3 Shetty said.
Day 826
The world celebrated 1B lifetime transactions in the #Bitcoin network yesterday
This celebration of technology helps us improve the Web3 ecosystem.
Although Bitcoin is focused on asset value and has limited transaction capacity, I am excited about the day we celebrate 1B…
— Nischal (Shardeum):arrow_up_small: (@NischalShetty) May 7, 2024
The first Bitcoin block was mined on January 3, 2009. In its 5,603 days of existence, the Bitcoin network has processed an average of 178,475 daily transactions excluding those processed through the Lightning Network, which is a Bitcoin protocol of layer 2 that facilitates faster transactions.
The completion of one billion Bitcoin transactions came just weeks after the blockchain experienced its fourth halving event on April 20. Three days later, in April 2023, Bitcoin recorded the highest daily transaction count of 926,000. This transaction number increased in the context of the launch of the Runes protocol.
Created by Casey Rodarmor, who also created the now popular Ordinals protocol for BTC-based NFTs, Bitcoin Runes is an innovative protocol created to address issues associated with Bitcoin-based token systems that rely on off-chain data and native tokens used for operations.
Bitcoin's anonymous creator, pseudo-named Satoshi Nakamoto, published the first Bitcoin whitepaper on October 31, 2008. At that time, each BTC token was priced at $0.0008 (roughly Rs.0.067).
Bitcoin's market capitalization currently stands at $1.25 trillion (roughly Rs. 1,04,87,989 crore), according to data from CoinMarketCap. Of the total BTC tokens with a cap of 21 million, there are already 19,695,050 tokens in circulation. Bitcoin's last all-time high of $73,790 (roughly Rs. 61.6 lakh) was achieved on March 14.
