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Bitcoin Just Recorded Its 600 Millionth Transaction

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Tue, 12/29/2020 - 15:15
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Alex Dovbnya
The Bitcoin network has logged over 600 million transactions
Bitcoin Just Recorded Its 600 Millionth Transaction
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According to Glassode data, the Bitcoin network has reached a major adoption milestone by surpassing 600 million transactions.

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Image by studio.glassnode.com

It took Bitcoin roughly seven years to surpass 100 million transactions in early 2016.

The king cryptocurrency recorded half a billion of them this February. In less than a year, it added 100 million transactions. The cryptocurrency is currently averaging around 300,000 confirmed transactions per day.

Bitcoin is more convenient for conducting the largest transactions than micropayments, due to its large fees. Bitinfocharts data shows that an average transaction is worth $127,000, which is far more expensive than your typical cup of coffee.

Recently, however, Bitcoin is once again gaining traction as a means of payment because of PayPal's hit cryptocurrency service. The company will allow subscribers to shop with digital assets in early 2021.

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Another Public Company Adds Millions Worth of Bitcoin to Its Treasury

Commemorating the first Bitcoin recipient

Unfortunately, the person who kickstarted it all is not here to witness all these milestones. Cryptographer Hal Finney, the very first recipient of Bitcoin, passed away in August 2014 after a long battle with ALS.

The historic 10 BTC transaction between him and none other than mysterious Bitcoin creator Satoshi Nakamoto occurred on Jan. 12, 2009.

As reported by U.Today, social media platform Twitter announced that it would purge inactive Twitter accounts last November. This caused outrage in the Bitcoin community since Finney's historic Bitcoin tweet from early 2009 would get deleted under such a policy.

This December, however, Twitter released an updated policy for memorialization, which means that a crucial part of the cryptocurrency's history will not be erased.

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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.