According to Clark Moody, Bitcoin reached a significant milestone when it processed its billionth transaction since its creation 15 years ago.
The Lightning Network, which focuses on micropayments, processed an estimated 6.6 million transactions in August 2023 alone, indicating high activity since its introduction in January 2018.
This occurred on May 5, when transaction 1,000,000,000 was recorded in block 842,241 at 9:34 p.m. UTC. Bitcoin has witnessed an average of 178,475 daily transactions in its 5,603-day existence, excluding Lightning Network transactions.
Bitcoin had a boom in daily transactions during its fourth halving event on April 20, reaching a record high of 926,000 transactions on April 23, owing in part to the Runes protocol’s debut.
Bitcoin’s Enduring Importance and Transactional Strength
Bitcoin’s achievement of performing its billionth transaction demonstrates its lasting significance and powerful transactional capabilities, despite competition from Ethereum.
Bitcoin’s daily transactions have now dropped to 660,260 on May 4, its rival Ethereum has processed more than 2 billion transactions since its inception in July 2015. Bitcoin is currently trading at $63,910, up 12.5% from a recent low but down 13.1% from its March peak.
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