The famous cryptocurrency, Bitcoin, has crossed half a billion transactions on the blockchain since it went live more than a decade ago.
This piece of good news was shared and confirmed by Satoshi, a blockchain analytical site that keeps track of crypto transactions and trends. Jameson Lopp, CTO, and co-founder of Satoshi took to Twitter to make the announcement. He is also the CTO of Casa, a crypto firm.
Sharing the link to Statoshi’s dashboard, Jameson tweeted that Bitcoin surpassed 500 million transactions as of ‘block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064’.
Rewind To 2009
It was in the year 2009, on Jan. 12th, that the first-ever Bitcoin transaction was done. Nakamoto and late Hal Finney were the first ones to make a transaction as a test. Nakamoto sent 10BTC to Hal Finney during the test.
On 5th October 2009, New Liberty Standard set the exchange rate for Bitcoin at 2300.03 BTC for one dollar.
On 22nd May 2010, the first transaction of Bitcoin in exchange for physical goods took place when Laszlo Hanyecz purchased two pizzas for 10,000 BTC. He had put up an offer on the Bitcointalk forum to purchase pizzas with Bitcoin.
”Jercos” or Jeremy Sturdivant, then a teenage student, sent Hanyencz the two pizzas and accepted Bitcoin as a payment.
Post this, there have been numerous transactions on the exchange with more and more people showing interest and investing in Bitcoin. There have been highs and lows, wins and losses, and praises and accusations. While some embraced crypto, others steered clear of it. Governments of different countries had and still have varied opinions about the cryptocurrency.
Back to the Present
If we were to look at the percentage of the transactions per year, Statoshi’s reports show that the number of transactions has steadily risen with each passing year. The analytical site has begun tracking the transactions in late 2017, the year it went live. Bitcoin has crossed the 250 million transactions mark in the same year.
It took less than three years for Bitcoin to complete the remaining half of the transactions to surpass the 500 million mark. At this rate, we can estimate that it would take a little under two years for Bitcoin to reach the major milestone of touching the one billion transactions mark.
Hodlonaut, the famous Twitter pseudonymous Twitter user who started the Bitcoin Lightning Torch (a move where common crypto lovers made Bitcoin transactions, by sending BTC to each other) expressed his opinion on the new achievement.
He said that Bitcoin just keeps going and doing its thing without making any grand announcements and gestures.
After the ups and downs in the past few months, Bitcoin has finally touched $9,745.17 at around 1.30 PM EST on 5th Feb 2020. The cryptocurrency went up by about 7% in less than 24 hours to trade at the highest level since October 2019.
This latest development has cheered many investors and economists who believe that cryptocurrency is the future.
Want to learn more? This article might be of interest to you: