The Bitcoin (BTC) network has a new one milestone achieved. The largest crypto has processed its 1 billionth transaction. The milestone took place on May 5 in block 842.241 and is a sign of the success of BTC and the overall crypto market.
The milestone comes more than 15 years after the launch of the network. In early January 2009, BTC founder Satoshi Nakamoto created the first block on the Bitcoin blockchain. Since then, the network has experienced exponential growth. On average, more than 178,000 transactions have been carried out per day since the “genesis block”.
Lightning Network not included
It is important to note that the 1 billion transactions only include direct transactions on the Bitcoin network. Transactions on layer-2 (L2) protocols, such as the Lightning Network, which is specifically designed for fast and efficient transactions, are not included.
If the Lightning Network was included, the total number of transactions would be significantly higher. In the summer of last year alone, this L2 platform processed an average of 6.6 million transactions per month, which equates to approximately 220,000 transactions per day. This is higher than the daily average on the Bitcoin network itself.
BTC price is rising again
The BTC price is on the rise again. The popular coin briefly fell below $57,000 at the beginning of May, but quickly recovered to its current price of $63,500.
This price increase is largely due to unemployment figures in the United States, which suggest that the economy is contracting faster than expected.
Investors hope the Fed will cut interest rates to stimulate the economy. Lower interest rates provide more capital to the market, which can positively influence cryptocurrency prices.
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Source: https://newsbit.nl/bitcoin-bereikt-mijlpaal-1-miljard-transacties-uitgevoerd/
