Bitcoin Network Celebrates 1 Billion Transactions with Satoshi-Era Wallet Awakening

Bitcoin The network processed its billionth transaction 15 years after mining its genesis block in January 2009.

Remarkably, the network reached this milestone on the same day that a Satoshi-era Bitcoin address came to life.

1 billion transactions

According to Bitcoin data panel at Clark Moody, the network processed its billionth transaction in block 842,241 at 05:34 UTC+8 on May 6.

On average, the network has processed 178,475 transactions daily in the 15 years since its launch.

The milestone drew praise from the crypto community, which has its sights set on the next billion goal.

Tarik Sammour, associate professor at the University of Adelaide, pointed that Bitcoin reached this milestone “perfectly, securely and without any centralized intermediary”.

Likewise, Matteo Pellegrini, the founder of the Orange Pill app, observed that Bitcoin reached this milestone in 15 years compared to Visa 25 years.

What is driving Bitcoin transaction volume?

In its early years, Bitcoin transactions were primarily driven by users who used the currency to move value between themselves. However, this trend has changed recently, thanks to the launch of new protocols such as Ordinal Inscriptions and Runes. These assets have drawn greater attention and interest to blockchain, spurring major activity on the network.

For context, the Bitcoin blockchain recorded its highest daily transaction volume on April 23, processing more than 926,000 transactions, of which approximately 90% originated from the Runes protocol.

Furthermore, the launch of the spot Bitcoin Exchange Traded Funds (ETFs) In January of this year, the number of transactions carried out through the network also increased.

Satoshi era BTC address

A long-inactive Bitcoin address originating from the early days of Satoshi Nakamoto creation, was recently brought back to life after a decade of dormancy.

By holding 687 BTC valued at US$43.9 million, the wallet saw its contents divided and transferred to two different addresses in the early hours of today, May 6th. In this transaction, 625.43 BTC went to an address starting with bc1qky, while the remaining 61.9 BTC went to bc1qdc.

Blockchain Researcher Lookonchain reported that the whale first received the 687.33 BTC on January 12, 2014, when the price was $917.

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Posted in: Bitcoin, Cryptography

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