The Bitcoin blockchain network (BTC) has processed its first 500 million transactions, since Satoshi Nakamoto brought it to life for the first time more than 11 years ago on January 12, 2009.
Half a billion transactions
According to the crypto data analysis site “Satoshi“; named after him, or the founders of the first cryptocurrency of mankind; There have been more than 500,016,500 transactions within the Bitcoin Blockchain.
Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at block height 616064, Bitcoin exceeded 500 million transactions confirmed in the blockchaincommented Jameson Lopp.
As can be seen in the current block explorers, the first transaction took place on January 12, 2009; less than 1 year after the devastating global economic crisis. The ravages of this milestone are still visible today.
This transaction took place between Satoshi Nakamoto, and the late developer Hal Finney. This operation consisted of sending 10 BTC; from the first character to the second; with the intention of proving to Hal Finney that everything was already operational. After this the experienced developer began to function as a miner. At that time, from its own CPU.
Then, almost 10 months later, on October 5, 2009; The New Liberty Standard portal established the first BTC / USD pair. At that wonderful moment, each BTC token cost 2300.03 for every US dollar.
On the other hand, the famous and controversial user of crypto twitter @hodlonaut. Famous for the demands coming from Craig Wright.
An impressive number?
Regrettably, Satoshi’s website began recording transactions since the end of 2017. Just at the end of that year, BTC crossed the 250 million transactions for the first time.
According to crypto analysts. To keep up with the current growth of the Bitcoin Blockchain. “Bitcoin could cross the billion dollar barrier in less than 2 years.”
But, we cannot say that this is an impressive number but we have to compare it with. If we go to the case of PayPal; This electronic payment company currently has an annual transaction amount of 10,553,400,000 (10 billion).
Of course, if we compare them side by side, we could assume that the figure reached by BTC is insignificant. But, it must be taken into account that PayPal is available for much longer than BTC, since 2000 to be exact (but with another name). And at the beginning of his story, he had some of the same problems that BTC has experienced in this period.
But, for nothing it is a small figure. Well, unlike PayPal, cryptocurrencies are not fiat currency, but quite the opposite. At least in the case of Bitcoin, this seeks to be a complete alternative to traditional and inherited systems.
Therefore, we can conclude that yes, these numbers are quite impressive. Without the terrible rates that PayPal has, or the sudden censorship in which its customers are victims.
What could be the future of Bitcoin? Is reaching the #moon or #mars really possible? or are we thinking very small scale?
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.