Bitcoin Reaches 1 Billion Transactions, Satoshi-era Wallet Revives

By: Eliza Bennet

The Bitcoin network successfully processed its one billionth transaction roughly 15 years post genesis block mining, marking a significant milestone in the cryptocurrency's journey. Concurrently, whiffs of something else made headlines as a dormant Bitcoin address from the Satoshi Nakamoto era revived, adding intrigue to the celebratory atmosphere.

According to data from Bitcoin dashboard on Clark Moody, the network reached this achievement in block 842,241 at 05:34 UTC+8 on May 6. The historical metric was met smoothly and securely, drawing widespread admiration from the crypto community including Tarik Sammour, an associate professor at the University of Adelaide. Interestingly, the Bitcoin network outpaced established payment giants such as Visa, reaching this milepost fifteen years after inception, as compared to Visa's twenty-five.

The major driving force behind Bitcoin's transaction volume surge stems from its early adoption and the debut of new protocols, like Ordinals Inscriptions and Runes, attracting increased interest and catalysing high network activity. Additionally, the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year significantly contributed to the surge in the network's transactions.

Alongside Bitcoin's celebratory milestone, an early Bitcoin address that had lain dormant for almost a decade saw its contents transferred to two different addresses, sparking curiosity and speculation. This Satoshi-era wallet was reported to have moved transactions worth millions, raising both curiosity and eyebrows in the crypto circle.