Bitcoin handles over 1 billion transactions! Unlock new milestones

According to ClarkMoody data, the Bitcoin network has completed the 1 billionth transaction. This transaction was born at block height 842,241 at 05:34 on May 6, Beijing time: 43. It has been 15 years, four months and four days since the anonymous inventor of Bitcoin, Satoshi Nakamoto, dug out the genesis block on January 3, 2009.

The average number of transactions per second in Bitcoin over the past 30 days was only 6. In the 5,603 days of Bitcoin’s existence, the Bitcoin network processed an average of 178,475 transactions per day. transactions, but this number does not include transactions conducted on the Lightning Network, a Bitcoin Layer 2 payment protocol designed to enable fast transactions between participating nodes.

River, a dedicated Bitcoin trading platform, previously issued a report stating that in August 2023 alone, the Lightning Network processed at least 6.6 million transactions. Since the launch of the Lightning Network in January 2018, it has completed so far hundreds of millions of transactions.

Before and after Bitcoin ushered in its fourth halving on April 20, its number of transactions soared, setting a single-day record of 926,000 transactions on April 23. This was mainly due to the Driven by the craze for the Runes protocol that was launched at the same time as the currency halving, the number of daily Bitcoin transactions began to decline, falling to 660,260 on the 4th.

Bitcoin hit a single-day record of 926,000 transactions on April 23

Scalability is a concern

Although Hitting the milestone of 1 billion transactions, Bitcoin’s scalability is still a concern. Analyst Colin Talks Crypto tweeted that as Bitcoin continues to grow, issues related to Bitcoin’s expansion still exist.

Colin Talks Crypto predicts that the price of Bitcoin will reach an exciting peak in the future, leading to massive network congestion and skyrocketing transaction fees, making it impossible for many people to afford transaction fees, which may be 90% higher than The balance of Bitcoin holding addresses is even higher, so the block size will eventually need to be increased.

Colin Talks Crypto also criticized the feasibility of the Lightning Network, believing that the Lightning Network cannot solve the core problems of the base layer.

Ethereum has processed over 2 billion transactions

Although Bitcoin is the oldest blockchain, it is not the first to reach 1 billion transactions , Etherscan data shows that Ethereum has processed nearly 2.4 billion transactions since its launch in July 2015.

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