Bitcoin Reaches 500 Million Confirmed Transactions but Bitcoin’s Targets Are Much More Ambitious

The best is yet to come for Bitcoin.

Sylvain Saurel
Feb 6 · 4 min read

Bitcoin was born out of the dream of a mysterious stranger to create a leaderless, permissionless and trustless Peer-to-Peer payment system. On January 3, 2009, the mysterious Satoshi Nakamoto made his dream come true by officially launching Bitcoin.

In the beginning, Bitcoin first appealed to a community of people passionate about cryptography called cypherpunks. As time went on, innovators became interested in Bitcoin.

On May 22, 2010, when Bitcoin was still not worth much, a Bitcoin enthusiast by the name of Lazlo Hanyecz made the first real-world transaction in Bitcoin by buying two pizzas for 10,000 BTC.

At the current price of Bitcoin as of February 6, 2020, $9,600, these two pizzas would have been purchased for the equivalent of $96 million. This easily makes them the most expensive pizzas in history.

In the months and years that followed, the number of transactions on the Bitcoin network grew steadily and finally reached the 500 million transaction milestone on February 5, 2020.


The Number of Confirmed Bitcoin Transactions per Day Follows an Overall Upward Trend

The first transaction in Bitcoin history took place on January 12, 2009 when Satoshi Nakamoto sent 10 BTC to Hal Finney as a test. The latter used his own computer to mine the corresponding block.

Bitcoin quietly continued its progression block after block to stabilize around 5,000 to 7,000 confirmed transactions daily in 2011 and 2012.

The first sharp increase in the number of daily confirmed transactions on the Bitcoin network began in May 2012 and peaked at 55,000 confirmed transactions on June 15, 2012.

This bull market cycle helped to get Bitcoin in the news and more people decided to come and test this new digital currency, which was heralded as revolutionary.

Over the following months, the number of confirmed transactions on the Bitcoin network continued to grow daily and reached a new record of 208,865 on July 12, 2015.

When Bitcoin price hits record highs around $20K, the number of confirmed transactions per day reaches a record high of 424,579 on December 13, 2017.

Bitcoin’s prolonged strong bear market in 2018 caused a sharp drop in the number of confirmed transactions per day.

The number of transactions increased again at the end of 2018 and finally reached a new record of 439,549 transactions confirmed in one day on 1 May 2019.

The return to a bull market in the second half of 2019 then allowed the number of confirmed transactions per day to stabilize at around 300,000.

Bitcoin will have taken just over 11 years to reach a total of 500 million confirmed transactions.

With the expected acceleration in the adoption of Bitcoin as a means of payment over the next decade, it is likely that the billion mark will be crossed much faster.


The Best Is Yet to Come for Bitcoin

Reaching this milestone is a great success for Bitcoin and the entire community that supports it.

Other than the early Bitcoiners, not many people.

Even more interesting is the fact that the achievement of this important milestone is not celebrated too much in the community.

The reason is simple.

Reaching 500 million confirmed transactions in a little over 10 years is already something exceptional, but Bitcoin is aiming for more.

Bitcoin aims to become a mass-market payment system and a real alternative to the current monetary and financial system.


Conclusion

Bitcoin has reached 500 million confirmed transactions, which is remarkable. However, this success is nothing compared to what Bitcoin is aiming for in the future.

In its desire to establish itself as a Peer-to-Peer payment system used by the general public on a massive scale, Bitcoin is seeking to compete with a system such as Visa.

Currently, Visa claims the 150 million transactions per day.

This is clearly where Bitcoin’s real goal for the future lies. Until Bitcoin reaches such a level of confirmed transactions per day, the community will continue to work hard.

The 500 million confirmed transactions milestone is a small but significant victory, but it is just one step in the mass adoption that Bitcoin is aiming for in the future.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

Sylvain Saurel

Written by

Entrepreneur / Developer / Blogger / Author. In Bitcoin We Trust: https://www.inbitcoinwetrust.net

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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