15 Years of Creation, Bitcoin Reaches 1 Billion Transactions

Liputan6.com, Jakarta – The Bitcoin crypto asset network has processed 1 billion transactions, marking a significant moment for the network 15 years after its creation.

Quoted from cointelegraph, Monday (6/5/2024), Clark Moody's Bitcoin Dashboard shows that the 1,000,000,000th transaction has been reached, which was mined to block 842,241 at 21.34 UTC on May 5, 2024.

The 1 billionth transaction occurred 15 years, four months and four days after the pseudonymous creator of Bitcoin (BTC), Satoshi Nakamoto, mined the network's first block on January 3, 2009.

This means an average of 178,475 daily transactions have been made on Bitcoin in its 5,603 days of existence.

However, the number of transactions does not include transactions made on the Lightning Network, Bitcoin's layer 2 network that primarily focuses on micropayments.

Data from Bitcoin-specific exchange River found that the Lightning Network processed a lower-end estimate of 6.6 million transactions alone by August 2023 — which could suggest that hundreds of millions of transactions have been conducted on Lightning since its launch in January 2018.

Daily transactions on Bitcoin surged around the network's fourth halving event on April 20, including a record high of 926,000 transactions processed on April 23.

Much of this demand came from the launch of the Runes protocol – the new Bitcoin token standard, at block 840,000.

Even so, the number of daily Bitcoin transactions has reduced to 660,260 on May 4.

Although Bitcoin is the oldest cryptocurrency network, it is not the first network to process one billion transactions.

Bitcoin's biggest rival, Ethereum, has processed more than 2 billion transactions since its launch in July 2015, according to Etherscan data.

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