Another benchmark set by Bitcoin by completing 500 million confirmed transactions


February 6, 2020 1:50 pm

Another benchmark set by Bitcoin by completing 500 million confirmed transactions
8987 Total Views

Bitcoin (a.k.a. BTC), the first cryptocurrency created in 2008, and the first-ever Bitcoin transaction took place on Jan. 12, 2009; it has completed half a billion confirmed transaction milestone yesterday on 5th February 2020. The founding team of Satoshi (site) celebrated the event and tweeted about it.

Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million transactions confirmed on the blockchain.

– Co-founder & CTO Statoshi, Jameson Lopp

Since it’s early adoption is 2009, Bitcoin has been scrutinized for its use in illegal transactions, its mining cost due to high electricity expenditure, High volatility, and thefts from various crypto-exchanges. Bitcoin has also been used as an investment commodity in developed countries, however, several regulatory agencies have issued investor alerts about bitcoin in many other developing countries.

Bitcoin has seen many highs and lows in the last 11 years of its existence. Bitcoin is now scoring another major milestone of passing 500 million transactions. As Twitter user Hodlonaut tweeted:

What is a bitcoin (BTC) transaction?
As per Wikipedia definition, Transactions are defined using a Forth-like scripting language. 5 Transactions consist of one or more inputs and one or more outputs. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain. The use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer. Any input satoshis not accounted for in the transaction outputs become the transaction fee.

Ten months after the first bitcoin transaction, on Oct. 5, 2009, the New Liberty Standard set an initial Bitcoin exchange rate against the dollar. At that time, $1 was equal to 2300.03 Bitcoin (BTC).

No Comments