The Bitcoin (BTC) network for the first time in 11 years has exceeded 500 million transactions. According to Statoshi’s report, Bitcoin blockchain has processed half a billion transactions on February 05, 2020.
While celebrating the milestone on twitter, the co-founder and CTO of the crypto firm Casa and Satoshi, Jameson Lopp, had tweeted,
Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million transactions confirmed on the blockchain. https://t.co/eVLbYnHohj
— Jameson Lopp (@lopp) February 5, 2020
Bitcoins Transaction Increases Since 2009
According to the reports, in the first year, when Bitcoin was introduced in the market, it was very difficult to make more than 10,000 transactions per day. Later, in the year 2013, the transaction figure increased to 50,000 and in the mid of the year 2015, it touched almost 100,000.
The reports further stated that since 2015, the transaction figure never fell below 100,000 and in mid-2017 it reached 450,000. But in the year 2018, the figure started falling again owing to the bear market and reached below 200,000. Later in the mid of 2019, the figure again started rising and reached around 300,000 per day.
While appreciating Bitcoin for achieving the milestone, Hodlonaut tweeted that “Bitcoin just keeps ongoing.”
500 million transactions confirmed on the Bitcoin blockchain.
Bitcoin isn’t talking about this. Or about how revolutionary and unprecedented its traits of censorship resistance and immutability are.
Bitcoin just is. And does.
One block at a time.
— hodlonaut🌮⚡🔑 (@hodlonaut) February 5, 2020
History Of Bitcoin
Nakamoto and the late Hal Finney were the first contributors to the Bitcoin project and on January 12, 2009, they made the first transaction. Later on October 05, 2009, Bitcoin’s exchange rate was finalized by the New Liberty Standard. The initial rate set by the firm was against the dollar. Then in the year 2010, the first Bitcoin transaction for a physical good took place, a person bought two pizzas for 10,000 BTC.
Recently, the Deutsche Bank has released its report, stating that in future Bitcoin would continue to accelerate. It has also predicted that by the next decade around 200 million people would adopt the cryptocurrency technology. According to the reports, Bitcoin’s importance was not hampered with the adoption of other cryptocurrencies, instead, it improved.