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The Bitcoin network today achieved an important milestone by processing its 1 billionth transaction, marking a significant event in the cryptocurrency's nearly 15-year history.
This milestone was reached on May 5, 2023 at 9:34 PM (UTC) when transaction #1,000,000,000 was mined into block 842,241.
This milestone occurred 15 years, 4 months, and 4 days after Bitcoin's pseudonymous creator Satoshi Nakamoto mined the network's first block on January 3, 2009. . Bitcoin lasted for 5,603 days and processed an average of 178,475 blocks each day. transaction.
However, it is important to note that this transaction count does not include transactions made on Bitcoin's Layer 2 network, the Lightning Network.
This milestone comes at an exciting time for Bitcoin, with daily transaction levels increasing over the past year as new protocols such as Bitcoin Ordinal and Rune attract more activity to the world's first blockchain. ing. The launch of the Spot Bitcoin ETF is also contributing to the bullish sentiment towards Bitcoin.
Bitcoin daily transactions skyrocketed around the network's fourth halving event on April 20th, with the number of transactions processed reaching an all-time high of 926,000 on April 23rd. Much of this demand can be attributed to the launch of the Runes protocol, a new Bitcoin token standard that has been blocked.84 million. However, the number of Bitcoin transactions per day has since cooled down to 660,260 on May 4th.
However, Bitcoin is not the first blockchain to process over 1 billion transactions. For example, Ethereum has processed far more than 2 billion transactions, even though it was launched about six years later than Bitcoin.
Bitcoin is currently trading at $63,700, a 12% rally from its two-month low of $56,800 on May 2nd. The stock is still down 13.6% from its all-time high of $73,740 on March 13th. this year.
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