Bitcoin Forum

The Bitcoin network just reached a new milestone.

More than 400 million transactions have now been processed on the network, according to the data tracker Smartbit (https://www.smartbit.com.au/charts/transactions-total).

https://dailyhodl.com/wp-content/uploads/2019/04/Screenshot-2019-04-09-at-12.56.37-PM.png
Source: Smartbit

On average, the Bitcoin network is processing about 350,000 transactions per day at a speed of four transactions per second, with an average cost of $1.70 in fees per transaction. Since its inception in January of 2009, the network has been operating with nearly zero downtime. Estimates place Bitcoin’s uptime at 99.98%.

The number of blockchain wallet users has also reached a new all-time high at 35 million, up 45% since April 2018 when the number of users crossed 24 million.


Reference: https://dailyhodl.com/2019/04/09/bitcoin-btc-hits-400-million-transactions-ethereum-based-crypto-lending-platform-launches-and-tron-founder-reveals-big-donation/

Despite the crisis in the crypto market, Bitcoin continues to evolve, and this suggests that soon we will witness a new rally cryptocurrency. Perhaps the growth will not be as fast as it was at the end of 2017 - the beginning of 2018, but it will be. In any case, fundamentally, Bitcoin is strong and a deferred interest from investors will not take long to wait. I hope that by the end of the year we will see Bitcoin at $ 10,000 for Bitcoin, and by the end of 2020 Bitcoin will cost 20-25 thousand. The only thing that can negatively affect the development of the blockchain is the global financial crisis that could happen in the next 2 years.

Nothing surprising here. Bitcoin has been recording new milestones left and right thanks to the ever growing cryptocurrency community and the steady adoption growth rate. I want to see the expressions on the faces of the haters who proclaimed that 'Bitcoin is dead'.

Majority of the TX records are from the 2017 crazy rally though.

Hm... I got an idea.
If there is any way to figure out which percent of those transactions is related to speculations (it supposed to be a pretty large number) thengeneral amount of transactions without speculations may show the exact usage of Bitcoin. That's not a super serious thing but we could be able to track the bitcoin adoption this way.

Tracking it out? No we cant, out of those numbers we cant even identify about those tx related to speculations.It doesnt really matter at all the important thing is that we are seeing some progress here as the year goes by.

It is like a huge thing that to be considered about the Bitcoin development because if people don't want to take it as a serious job it will not go up like this and that will be huge opportunities in this Bitcoin development to make everyone life more peaceful and better than previous time and it will be the reason for the development like this.

Bitcoin passed all the tests of time and as time passes by, it receives more achievements that are making its foundation firmer. From an obscure platform to a well-grown cryptocurrency. Who would have thought that it could go this far? I'm sure that it will keep on soaring and would reach more achievements more than what we expect especially now that it's reaching every corner of the world.

it deserves because there is no other currencies had so much population and development will happened in very short time and people were thinking this is the currencies for everyone in the future then only the development is seen by as like this

this statement says it as a record for Bitcoin transaction and it made with kine was stronger than before when people are interested in anything it will go early in the positive direction and development is confirmed about it and I am surely say it will be the most useful currency ever I have used it in my life.

Maybe the stability is what it needed all along.
This price is enabling people to get more involved with the Bitcoins and by people we mean not just the ones who are rich and have a lot of money to invest but even a normal market trader is now thinking about investing because of the past and the price right now.
It's literally brimming with immense potential and thus there is a scope for a lot of profit even if it reaches the price of 2017, therefore day by day people are getting more educated about it and considering adopting the Bitcoins into their normal investing strategy .
I think this is pretty well balanced because in this way they are not only helping the price to recover but at the same time they are getting profited.

The chart is going upward very high direction so so it will be a huge development in recent time for Bitcoin and this transaction are most safe and Secure that's why people are trying to do it every time when they want to do it.

400 millions transactions is a huge one despite of a decentralized network bitcoin is still doing great like this, and the recent stability have busted the confidence of new users to get fully involved. And from the chart it show the market is really growing and the number of wallets users are on the increase.

That's why BTC's price has not shown signs of going down. The volume is increasing and there seems to be many investors participating in the crypto market.
I'm worried that sharks are trying to manipulate the price of BTC. They can make us excited now but they will sell off BTC when the psychology of investors is excited. So be careful in investing, always place stoploss orders to avoid risks.

We know addresses of major exchanges. It seems like if major exchanges support this thing and they would be able to count the amount of transactions they received. I think that some major crypto exchanges would be enough to make at least approximate calculations.
Sometimes police can track transactions, related to some serious dark web illegal stuff. I thing it is possible to gather some data used by legal services.

That’s a good news. Shows that there are lots of people who are into cryptocurrency, but I don’t believe the part that there are 35 million users. There might be up to 35 million wallets, but that doesn’t mean that there up to 35 million. Only one person is likely to own about twenty wallets and above, so how exactly who is making use of that wallet? There’s no possible way for anyone to reveal.

Quite a lot of people are involved in crypto, this is one proof that crypto has many users and deserves to be a future coin. Even though the wallet was visible, at least there were many people who knew about bitcoin and its development.

I really think we are literally at the start just yet. 400 million is basically nothing compared to what other payment processors are doing and this is our TOTAL not even like daily thing.

By comparison bitcoin has about 5 transactions per second right now whereas visa has around 1600+ that is a 320 times the difference and it will take years for us to cover that difference. Even ethereum has more transactions than bitcoin right now because its cheaper and it has a utility of being used for digital stuff thanks to its smart contracts and dapps and all that.

We need to get bitcoin adopted more and used in much more places, we can buy it and sell it but when it comes to earning and spending options are still very limited, if we can get much more options than we can see that 400 million become 400 billion much more quickly.

Compare that with credit card transactions over the same period or even just the last year and the amount for bitcoin will look very very tiny.

Network growth is inevitable IMO, considering that we continue to attract a lot of people in the field. Also, more and more services are sprouting from all directions that dabble with bitcoin and other cryptocurrencies, and that's also one factor I see for the growth of the network. While 4 txs/sec is ridiculously small on payment processing standards, it's a good start considering that the network had almost no outage or interruption whatsoever, and that's what matters most IMO.

The virus is spreading ;D Keep it up everyone, the more use it gets the more people believe in it. Bitcoin is going to be the next global currency and will overtake both gold and the US dollar. Better stock up now while the prices are still reasonably.

Positive information to be able to find crypto users, each exact period continues to increase so that bitcoin deserves to be a global currency. This is the goal of crypto and accepted by many people, good development and having a future.

I think that the process of bitcoin's future is already brewing, now at this time many enthusiasts and new speculators, investors of the market are entering to invest, to buy and sell, gradually increasing the market capitalization, and now that we are In an accumulation phase according to Wyckoff's theory, it is expected that for the bullish trend phase the numbers will be much larger.

This information means blockchain technology is growing and people are understand this technology now than before.  People and traders that are using bitcoin price to determine how the cryptocurrencies market is performing should know that the technology and use is what matters and not pricing.

Such a good news in terms of crypto! Yep, probably the chart shows us the development of bitcoin. Especially, it paves the way for bitcoin to get dramatically progressive. People have been gradually paying attention on bitcoin than ever before. Actually, compared to 2018,  bitcoin has a positive movement in this year which pleases many of us. Bitcoin is becoming more and more powerful and popular in around the world. Hopefully, we will receive more good news of bitcoin in the future.

Considered the fact that we were in a bear market and we are in this transition to a more positive climate, this metric is extremely positive for future prospects.
I think that Lightning network has also helped a lot to increase the number of transactions in the blockchain and as people get more acquainted with the technology we can hit a larger number.

I see this as just the beginning of the future, and many people will come on this forum and say people are not using Bitcoin for payment, so what exactly is this, or is this one a manipulated figure too?

I a glad we are gradually reaching the milestone and with the increase rate of adopters, I am very sure that this will surely double within the next 2 years. This should also make us stronger in the heart about Bitcoin that it will never vanish or collapse in the future, every of this news I see about BTC makes me stronger the more on my investment and whatever investment I have now, I am willing to leave it for the next 10 years.

But at least bitcoin network don't have any recorded downtime unlike with credit cards specifically with the banks, how many times that their system had downtime and glitches? You're funny.

The numbers are proof that it's growing and drawn more attention in the market and yes thanks to LN, btw.

I hope that bitcoin will become the legal currency in the whole world and other competitors, bitcoin is already widely known and don't hesitate to invest.

This value is something, i wonder if the number of transactions would be semnificanly higher if the cryptocurrency wouldbe reglementation in the developed countries.

A cool thing about Lightning Network is that Bitcoin become more private when people will switch to it, and we'll no longer know how many transactions are processed per day, how many transactions was made, etc. 400 millions is unimpressive, and in general this stat is pretty weak, because Bitcoin blocks are so limited, although not hitting that limit would be quite alarming. It's better to look at mempool and pending tx's throughout some period to judge the network activity.

Yeah I wonder how these metrics will be measured after lightning takes over a significant amount of transactions. There'll probably need to be a decentralized statistics protocol that lightning network nodes should update every 10 minutes so we know how much BTC was transacted. Interesting to watch where this is going.

Unfortunately, that's true. Bitcoin is growing, the amount of users and transactions is increasing, but it's still baby steps we are talking about. Bitcoin's rate of growth is far from sufficient to compete with the top payment systems. I'll take many decades if things go at the same pace, and by then Bitcoin will only reach what the giants have today. Adoption is happening, activity is going up, but far from being taken seriously as the signs of mass adoption. Bitcoins has 35 million users, while even such a new and not that popular thing as Apple Pay has 250 million.

This clearly shows that BTC can improve, and is effectively improving. 2,500 transactions per block isn't a problem, transactions are fast and cheap. The future looks bright!

I agree. Everyday transactions will continue to rise as adoption is also increasing. Bitcoin community is still the strongest community here in this cryptocurrency induatry. Here in my country it is now convenient to use Bitcoin as payment because our local exchanges are regulated by the government and merchants accepted Bitcoin payment including bills, goods and other services that is why transactions will skyrocket.

That's true it's look like that even we are in bearish situation people still wants to use crypto or bitcoin. Hopefully it will more continue to move up this year so we can get back what we lose before that the market is very dropped. And I think many of as are looking forward to new rally and hope that will happen.

It is correct that bitcoin users have multiple wallets and that 35 million wallets don't count towards as individual wallets.
According to this source (https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/), there are only 7.1 million active bitcoin users, but I doubt it is 100% accurate.

If the source is accurate than the possible wallets one individual could have is 4.93, that's per bitcoin users.

I think it will be more amazing (for thread title and overally) to open thread for discussion when bitcoin hits 500 million because it can be written as "half".
Btw how much transaction was created daily when price was between it's all time highs? It will be interesting to see (where to find it?) because at that moment fees were insane but demand was still huge.

Seeing this condition does look better and every exact period will continue to increase. We can see that bitcoin has experienced a good increase and continues to have a positive impact that is indeed worthy of being an effective transaction tool.

The highest total transaction was almost 500k, this was during second week of December when the price is nearly at its highest.

You can check the chart on blockchain or use this shortcut (https://www.blockchain.com/charts/n-transactions?timespan=2years) it will show the daily transaction count in the last 2 years.

On average the amount of transactions we have in the past few days compared to back then is almost the same the only difference is the fees.

Yeah its a good achievement and within the short time bitcoin had shaken the world and give a lot of people a better transaction, no matter what people said and how is the market situation bitcoin keep on evolving and helping people, and within more people realise this, the development of bitcoin will progress faster and this is just the start point, I believe when more transactions being process there will be more advance and sophisticated network to bring the better transaction

right, the growing number of bitcoins can be seen from the number of transactions, with the increasing number of transactions, it will certainly be an incentive for others to join, and of course from here, the beginning for advanced technology is developed

The number of transactions is high, this shows that Bitcoin has a transaction and investment tool that is feasible to develop. We will see continuously every day will continue to increase because it is easy and effective in saving our assets for the future.

And how many users do you think are out there?
Counting 7.1 million users it would mean an average of 60 transactions in 10 years, or 1 transaction every two months pe user..
Can we count it as a "user" in this situation?

I highly doubt the number of users is anywhere above 5 million, not with 300k transactions a day.

Let's compare visa:
800 million cards, 150 million transactions a day, let's say 1/6
That would lead to some 1 800 000 users for BTC.

And when you pay something with visa it is one transaction, not like with bitcoin where you do a tx, then the merchant collects the coins in another address maybe in another, then send them to exchange with again do some transactions batching of their own..
How many tx are just exchanges collecting coins from deposits and sending them in and out of cold storage?

The 400 million tx is minuscule right now....
Mc Donalds, for example, has 68 million clients a day  ;D

There is so much more to be done till we reach a level where the volume of transactions means something globally
A lot!!!!!!

I am not really surprised because bitcoin is so popular in worldwide now.So, we'll see many records like this in future.Bitcoin is the king of all crypto and everyday thousands of transaction is happening.Though 400M is a big number and I guess the count started from the very beginning 2009.I wish bitcoin may make more records like this and help people like us who are in need of.                   

It has been only 10 years but it would be naive to say that 400 million transactions was done equally, we can clearly see from the charts that there was a big uptick from 2017 and onward obviously and that has not slowed down that much. We are in a world where bitcoin is only getting bigger and bigger and this is the proof of that.

There is no doubt that bitcoin will "die" like some predict because there is just way too many transactions and moves done via bitcoin all the time, that is why I honestly think that bitcoin will only grow stronger and that is why I keep buying/earning bitcoin and put some aside since I can bet all my life savings on the fact that bitcoin will be x10 one day, maybe not tomorrow but one day it will go there. I suggest everyone else to stock up as well or you are going to regret these prices.

This is a very nice implication because the greater the number of transactions means greater number of users; and the greater number of users leads is closer to our dream of crypto adoption. I can't believe thay we are reaching this far.
That's understandable since we knew that Visa and McDonald's (based on your example) are already considered empires of their own industry when btc is not yet matured. And besides, we can see that btc is growing fast — that's the most important thing. Let's give it another time, btc might become bigger than the companies stated above after more couple of years, who knows?

This comes to no surprise since bitcoin has risen up over the past 10 years, especially  in the past 2 to 3 years where its price has risen significantly due to many companies starting to adopt it as a payment method, i am pretty sure that transaction reached a high in 2017 due to the price increase and if we see another one like that  i am sure that it will lead to bitcoin having more and more transaction and will eventually lead to mass adaptation, and all of this due to the strong and supporting community that it has, and if other currencies had the same support they will succeed as well.

I am not surprised a bit that we have gotten to this stage that we are now in crypto world because people always look for comfortable ways of carrying about transactions without being monitored the banks or any government agency. For example, I am a freelancer and do development for lots of clients all around the world, this client pays me in crypto only and there is no way anybody in my country could know my earnings since they are all in bitcoin.

this means, bitcoin began to enter people's lives, very good

This is good and in future this will be a small number as more people will start use bitcoin and now also the price grow over 5400$ can be a stable grow and i think grow will continue all this year.

It does look good and develops well. Seeing so many transactions indicates that bitcoin is indeed legit and will expand, perhaps 400 million of these transactions are arguably small in the world. But this will still develop so many people will use it.

I don't see any crisis in crypto market especially Bitcoin. We may see Bitcoin price drops but it's not a crisis but a correction on it's price. Don't get me wrong but Bitcoin is in a steady pace where in the volume is still high in the market.

It is clear that adoption is growing and no one can stop it, despite of some criticism saying that it is dying but the charts shows the real status of Bitcoin and cryptocurrency performances. As the crypto community tackles different barriers it continues to grow and stabilise over the time.

That is an amazing fact that proves Bitcoin is on its way to enjoy greater mass adoption and therefore could generate more number of transactions as its users grow. I think its a milestone that could serve as a gauge to where cryptocurrency adoption is heading. And I guess  everybody in the crypto community should rejoice about this.  :)

I do agree that 400M txs is minuscule at the moment but it is already a great achievement in crypto.
As more merchants, payment centers, shops are starting to accept crypto, we will soon find ourselves in a situation like McDonalds or Visa.
And with more legit projects launched in crypto space and big companies supporting blockchain, I am positive that we will reach new heights for crypto.
And yes, there's so much things to be done but we are already heading in a good direction...

with the increasing number of transactions, it will certainly make increasing public confidence in bitcoin, with support from the government, allowing mass adoption to occur soon

What a milestone record for BTC and also BTC lover. Really its my pleasure that i joined with BTC and still connected with BTC. Hope BTC will break all records in transaction and one day all government will accept BTC when they see this records. Best of luck.

Bitcoin is really becoming more impressive and even to the governments, they know this and that is why they have not placed a legal band on it which I believe they will not do, because even the governments are silently benefiting from it.

I know a lot of institutions too have also seen the performance of BTC generally and seen that it is the most reliable now, we can easily even get to see it through so many news now reporting on BTC, like cnn and government listening to them. Once these large institutions can come in and their population increases, for sure, BTC will break all the records it has had so far.

That means that a numerous users now are moving bitcoin from either wallet to exchange or from exchange to wallet. This maybe because bitcoin also became popular over a period of time. It seems that users for bitcoin each year has continue to grow in terms of its number and this is why seeing the bitcoin market now slowly recovering.