Bitcoin crosses Benchmark of Half a Billion Transactions

Bitcoin has achieved a benchmark of 500 Million transactions since its inception in January 2009.

The total historical transaction of Bitcoin, according to an analytics site Satoshi has been crossed 500 Million benchmarks.

                                                                Source: Satoshi

In its journey of around 11 years, Bitcoin has passed through different phases. After establishing it as the first blockchain-based transaction system by Satoshi Nakamoto, the first bitcoin transaction had taken place on 12th January 2019. The first Bitcoins were sent as a test between the developer of this projects and it initiated the mining blocks.

After a few months, the first Bitcoin exchange against the dollar was established by New Liberty Standard with an initial rate of 2300.03 BTC equal to 1 Dollar. In comparison to today’s price, Bitcoin had very less value, also it was not considered as an asset. However, this marked it uses as a commercial asset and kicked off the financial journey of Bitcoin.

On May 22, 2010, the Bitcoin was used for the first-ever time to buy physical goods. A Pizza was bought during this commercial transaction for 10,000 Bitcoins.

The Bitcoin has traveled a long way since its inception and made incredible development. Its value as an asset increased 838,000,000 percent that is more than the increment in the worth of any asset so far. This unreal growth has sparked debate among governments and financial experts about its use in the real world. Furthermore, Bitcoin has laid the foundation for the development of cryptocurrencies in the future and the many startups utilizing the blockchain technology and crypto exchanges are the result of Bitcoin. Along with its development in price, the Bitcoin also offered an entire alternate payment system challenging the existing traditional banking process and fiat currency transactions. The financial impact of Bitcoin transactions on the world trade is also noticeable. In 2019 alone, the cryptocurrencies have been traded with market capitalizations of worth $221 Billion. This enormous investment indicates its continued pace in development and utilization in solving real-world issues.

The Bitcoin transaction surpassing 500 Million is another milestone achieved in its long journey, and it illustrates the potential of Bitcoin despite its drastic decrease in price due to different government sanctions. The constant ongoing trade in cryptocurrency reflects the faith of people in evolving blockchain technology and its future in adoption as a medium of payment system and versatile use.