- The Bitcoin blockchain network has processed its one-billionth transaction.
- An analyst pointed out that the accomplishment surpasses Visa’s timeline by a decade.
- Industry experts anticipate accelerated adoption as institutions enter the BTC market.
The premier crypto blockchain network, Bitcoin (BTC), has processed its one-billionth transaction. According to Clark Moody’s Bitcoin data, this milestone was reached on Sunday, May 5. The event comes when Bitcoin’s price shows signs of stabilization, hovering around the $64,000 mark.
Prominent figures in the Bitcoin community, including former Twitter CEO Jack Dorsey, have marked this development.
1b txn https://t.co/akb8kbe0dD
— jack (@jack) May 6, 2024
Tarik Sammour, an associate professor at the University of Adelaide, South Australia, also reacted to the Bitcoin milestone. Sammour emphasized that the Bitcoin network processed 1 billion transactions flawlessly, securely, and without any centralized intermediary.
Meanwhile, other market commentators have leveraged the opportunity to draw attention to Bitcoin’s performance compared to traditional payment networks. Matteo Pallegrini, the founder of the Orange Pill App, highlighted that Bitcoin reached this milestone in a mere 15 years, a feat that took Visa 25 years to accomplish.
— Matteo Pellegrini ⚡️ (@matteopelleg) May 5, 2024#bitcoin just processed its first 1B transaction in 15 years.
It took Visa 25 years.
Probably nothing.
However, the Alpha Beta Soup YouTube channel host disagreed with Pallegrini’s comparison with Visa. He pointed out that Visa was established in 1958 during an analog era. He highlighted that even online consumer banking did not emerge until 1994.
In rebuttal, Pallegrini highlighted that Visa enjoyed a monopoly until the 1970s. On the other hand, Bitcoin competes with hundreds of payment companies such as Visa, Mastercard, PayPal, Venmo, and Alipay, among others. Pallegrini underscored the billions of dollars in marketing expenditures in this competitive landscape, whereas Bitcoin has no such.
Notably, the crypto community anticipates that Bitcoin’s adoption curve will steepen significantly from its present trajectory, especially with the new involvement of institutions through Bitcoin spot ETF.
Renowned Bitcoin analyst Willy Woo shared data suggesting that Bitcoin’s adoption rate is only 4.7%, akin to the internet’s adoption in January 1999. This comparison implies that, although Bitcoin is gaining traction, it remains in the early phase of its adoption journey.
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