Bitcoin, achieved a major milestone by processing its billionth transaction since its inception 15 years ago, according to Clark Moody.
This event occurred on May 5 when transaction 1,000,000,000 was recorded in block 842,241 at 9:34 pm UTC. On average, Bitcoin has seen 178,475 daily transactions over its 5,603-day history, excluding Lightning Network transactions.
The Lightning Network, focusing on micropayments, has processed an estimated 6.6 million transactions in August 2023 alone, hinting at significant activity since its launch in January 2018.
Bitcoin experienced a surge in daily transactions during its fourth halving event on April 20, reaching a record high of 926,000 transactions on April 23, driven partly by the Runes protocol launch.
While Bitcoin’s daily transactions have since eased to 660,260 on May 4, its rival Ethereum has processed over 2 billion transactions since its launch in July 2015. Bitcoin’s current price stands at $63,910, up 12.5% from a recent low but down 13.1% from its peak in March.
Bitcoin’s milestone of processing its billionth transaction showcases its enduring relevance and robust transactional capabilities despite challenges from competitors like Ethereum.