A significant milestone has been reached by Bitcoin, the world’s most valuable cryptocurrency, as it surpassed one billion processed transactions. This achievement came about eight hundred weeks and a day after its inception on January 3, 2009, with the creation of its genesis block.
This landmark achievement comes during an especially thrilling period for Bitcoin. Over the past year, the cryptocurrency has experienced an increase in daily transactions. This surge in activity can be attributed to the introduction of innovative protocols such as Bitcoin Ordinals and Runes, which have drawn more and more activity to the world’s first blockchain. Additionally, the launch of spot Bitcoin Exchange-Traded Funds (ETFs) has also contributed to a bullish sentiment for the token over the past year.
Despite this accomplishment, Bitcoin is not the first blockchain to reach the one billion transaction milestone. Its competitor, Ethereum, has already processed nearly 2.4 billion transactions. However, Bitcoin’s journey to this milestone has been slower and longer. According to Clark Moody’s Bitcoin dashboard, Bitcoin has been processing transactions at an average rate of 6 transactions per second over the past 30 days. This latest milestone was reached just a few weeks after its most recent programmed halving event.
Following the hype surrounding the halving event, daily transaction fees have largely cooled down. However, the seven-day moving average of transactions on the chain remains high compared to most of Bitcoin’s history, excluding the past year. As Bitcoin embarks on the long journey towards two billion total transactions, it continues to demonstrate its resilience and potential in the world of cryptocurrencies.
