Bitcoin network celebrates 1 billion transactions as a Satoshi-era wallet awakens Bitcoin network celebrates 1 billion transactions as a Satoshi-era wallet awakens
Bitcoin's 1 billion transactions is over a decade faster than Visa.
2 min read
Updated: May. 6, 2024 at 12:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin network processed its one billionth transaction 15 years after it mined its genesis block in January 2009.
Notably, the network achieved this milestone the same day a Satoshi-era Bitcoin address came to life.
1 billion transactions
According to data from the Bitcoin dashboard on Clark Moody, the network processed its one billionth transaction in block 842,241 at 05:34 UTC+8 on May 6.
On average, the network has processed 178,475 transactions daily within the 15 years of its launch.
The milestone drew praise from the crypto community, who have set eyes on the next billion target.
Tarik Sammour, an associate professor at the University of Adelaide, pointed out that Bitcoin achieved this milestone “flawlessly, securely, and without any centralized intermediary.”
Similarly, Matteo Pellegrini, the founder of the Orange Pill App, noted that Bitcoin reached this milestone in 15 years compared to Visa’s 25 years.
What is driving Bitcoin transaction volume?
In its early years, Bitcoin transactions were mainly driven by users using the coin to move value between themselves. However, that trend has changed recently, thanks to the launch of novel protocols like Ordinals Inscriptions and Runes. These assets have drawn increased attention and interest to the blockchain, spurring high network activities.
For context, the Bitcoin blockchain recorded its highest daily transaction volume on April 23, processing over 926,000 transactions, of which approximately 90% stemmed from the Runes protocol.
Moreover, the launch of spot Bitcoin exchange-traded funds (ETFs) in January this year has also increased the number of transactions the network handles.
Satoshi era BTC address
A long-dormant Bitcoin address, originating from the early days of Satoshi Nakamoto’s creation, was recently brought back to life after a decade of dormancy.
Once holding 687 BTC valued at $43.9 million, the wallet saw its contents split and transferred to two distinct addresses during the early hours of today, May 6. In this transaction, 625.43 BTC found its way to an address beginning with bc1qky, while the remaining 61.9 BTC headed to bc1qdc.
Blockchain investigator Lookonchain reported that the whale first received the 687.33 BTC on Jan. 12, 2014, when the price was $917.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Visa
Visa is an American multinational financial services corporation headquartered in Foster City, California, United States.