Bitcoin Network today reached a new milestone of processing 500 million transactions. For the first time since it went live in 2009, the network crossed the threshold of 500 million transactions today.
In Sept. 2017, the network had processed 250 million transactions and since then it has been on an incline. The growth rate as per the data site Satoshi didn’t show any signs of slowing come bear or bull market.
At this rate, in the next two years, we will be celebrating another milestone of crossing 1,000 million transactions on the Bitcoin network. Casa CTO Jameson Lopp commented about the importance of this block:
“Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million transactions confirmed on the blockchain.”
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
Bitcoin enthusiast Rhythm Trader also notes how Bitcoin has kept on going without stopping all this time.
“The 500 millionth transaction was just sent on the Bitcoin Network. No government, bank or third party had to verify these half a billion transactions, nor could they have stopped them if they wanted to. The power of bitcoin.”
On February 3rd, the Bitcoin network also saw $3.5 billion changing hands for the first time since the bull run of 2017. A big chunk of it, $1.7 billion was because of one cryptocurrency exchange Bitfinex which changed addresses.
PSA: today @bitfinex moved 182k+ BTC on its new cold wallet:
Public Trackers: please add it to Bitfinex pool
— Paolo Ardoino (@paoloardoino) February 3, 2020
These highs and milestones are being made irrespective of the Bitcoin price which has been through serious ups and downs during these times.