Bitcoin Hits over 400 Million On-chain Transactions since 2009

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The number one cryptocurrency Bitcoin (BTC) has been for over ten years now and is so far known as lead cryptocurrency in the world. Apart from celebrating its tenth year of existence, another major event in 2019 is the network reaching over 400 million transactions since 2009, as reported by ‘Gielbier’ on Reddit.

This excludes batching, off chain transactions, and other layers, which would have raised the number significantly. Earlier this month, the Layer 2 Protocol Lightning network which started not long ago recorded $5 million capacity which could have involved transactions from thousands of open channels.

This has also been considered a major feat in the cryptocurrency community and a great mark of achievement. Bitcoin surpassing 400 million transactions however is probably the biggest breakthrough recorded so far in 2019.

The first transaction on the Bitcoin blockchain was carried out in 2009 and since then, the number of transactions as well as the asset’s value has increased significantly. Its price rose from under $1 to the current price of over $5,000.

Bitcoin number of transactions has increased significantly even in terms of the value of such transactions. It was reported at the beginning of 2019 that Bitcoin was used to send over $3 trillion in 2018 which was far higher than what users of conventional payment platforms like Visa could boast of.

DataLight recently published the findings of their research which suggest that Bitcoin has become the preferred method of payment rather than traditional payment infrastructure. It is, therefore, no wonder that the asset is growing so fast.

While the price of Bitcoin has been down in 2018 from its all-time high of $20,000 in 2017, the asset is recovering and there are strong indications it may be going high again after a year-long bear market. The year 2019 promises to be a good one for Bitcoin and crypto at large, so the 400 million transactions are just the first of many great stories to come.

Meanwhile, the asset has been above $5,000 and seems to have secured a place at $5,200. It is not likely that it will go below this and if it does, it may just be for a short while. It seems the next price target will be $6,000, seeing the determination which the bulls have held onto $5,000.

Source: ZyCrypto