Bitcoin breaks 500 million transaction milestone

[niocexchange]

The Bitcoin network has doubled its number of transactions in the last three years, rising from 250 million in 2017.


The Bitcoin network has now processed 500 million transactions since it first went live on January 3, 2009.

According to data site Satoshi—named after the pseudonymous inventor of Bitcoin—there have now been 500.0165 million transactions on the Bitcoin blockchain.

Satoshi, which only started tracking the number of transactions from late 2017, shows that there has been an increase in the number of transactions on the Bitcoin blockchain per year. In 2017, it crossed 250 million transactions, before rising to 500 million today. At this rate, Bitcoin could cross 1,000 million in under two years.

Courtesy: decrypt.co

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[MinerHQ]

As per the below chart bitcoin transaction after 2015 gradually going up.

This is a good indicator that many people are using bitcoin for their daily needs. The more and more people start using bitcoins then its prices also go high and price volatility also will reduce.

[hugeblack]

Many changes have occurred during the past two years. The most important of these variables are increased awareness, network development, segwit, lightning network, multi-platform, multiple wallets and other factors that increase people's knowledge of Bitcoin and thus increase acceptance of it & then make payments through it.

Also, altcoins, low fees, and price increases may have a role as many invest in them using the dollar.

I expect this number to increase during this year.

[Jating]

Obviously, after the peaked of 2017, many found bitcoin to be a potential investments and probably this is one reason that we see exponential growth after that and it's evident with that 500 million transaction milestone.

So for sure, once we goes on a bull-run and another all time high, this number will grew so we should also expect that it can even double in the next 2-3 years again. And it's good though, as least we know that bitcoin is being used across the globe.

[FanatMonet]

Obviously, after the peaked of 2017, many found bitcoin to be a potential investments and probably this is one reason that we see exponential growth after that and it's evident with that 500 million transaction milestone.

So for sure, once we goes on a bull-run and another all time high, this number will grew so we should also expect that it can even double in the next 2-3 years again. And it's good though, as least we know that bitcoin is being used across the globe.

The number of transactions does not mean investing in bitcoins for the purpose of making a profit, it rather indicates that over time, cryptocurrencies more and more enter the life of ordinary people, and thus, the number of people familiar with cryptocurrencies increases directly.

[20kevin20]

As per the below chart bitcoin transaction after 2015 gradually going up.

This is a good indicator that many people are using bitcoin for their daily needs. The more and more people start using bitcoins then its prices also go high and price volatility also will reduce.

The number of total transactions is growing up, but it looks like it's growing up at the same pace it did in 2016-2017.. means approx. the same number of txs in these years is the same that was in 2019.

I.e. the number of txs/yr looks like is stuck at the same levels it was in 2016/2017.

[DeathAngel]

It’s a pretty cool milestone but just one of many we’ll see reached over the next few years. I’m more excited about seeing a $100,000 BTC

[cosmicrays]

And this is just the beginning. Soon, bitcoin will become one of the main currencies for online payment.

[Kemarit]

It’s a pretty cool milestone but just one of many we’ll see reached over the next few years. I’m more excited about seeing a $100,000 BTC

Hah, you have a point, that will be like x5 of the previous all-time-high (almost $20k), so that it mean that the we will see 25,000 million transaction or more in the future?

And this is just the beginning. Soon, bitcoin will become one of the main currencies for online payment.

That's what Satoshi wanted, Bitcoin to be used as micro-payments, however, I would say that it become a asset or commodity or store of value. But it doesn't mean that it is bad though, its just that we have evolved so much in the last ten years.