Bitcoin (BTC) Surpasses 500,000,000 Transactions. Is Crypto Getting More Popular?

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Wed, 02/05/2020 - 14:11
Alex Dovbnya
Bitcoin (BTC) continues to hit its stride, surpassing the 500 million transaction mark
Cover image via 123rf.com
Contents

According to data provided by on-chain research firm Glassnode, Bitcoin (BTC) has just reached a major milestone by recording more than 500 mln transactions.

The fact that Bitcoin has added more than 100 mln transactions since April 2019 flies in the face of crypto critics who keep parroting that no one uses it.   

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Rapid transaction growth  

Bitcoin reached its highest number of confirmed daily transactions on Apr. 23, 2019. More than 439,000 of them were recorded on the Bitcoin network on that day. 

In the past 24 hours, BTC logged 340,025 transactions. The total number increased by more than 10 mln in January.  

image by glassnode.com

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Silent adoption 

ShapeShift founder Erik Voorhees considers the number of transactions to be the most important metric in crypto since it sheds light on the real pace of adoption instead of price noise.     

While adoption remains a sticking point for Bitcoin, data suggests that it made a great leap forward in 2019. Blockchain sleuth Chainalysis estimated that nearly $4 bln worth of BTC went through payment processors last year. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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