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Bitcoin completes its 400,000,000th transaction

Bitcoin completes transaction

The most popular and first cryptocurrency in the world, Bitcoin has reached a significant event since its existence. The cryptocurrency is soon going to start a new endeavor, but first, now is the time for celebration. According to sources, the widely renowned and most favorable cryptocurrency in the world has made a record in transactions.

By the looks of it, Bitcoin reached a transaction of 400,000,000 in a single night. Satoshi Nakamoto, the creator, who is still an anonymous person, would be very proud of his brainchild. The cryptocurrency enthusiasts have come up with the new data which speaks about the new milestone for the cryptocurrency.

During the pixel time, around 400,251,742 transactions were done. And the transactions were made via the censorship-resistant, independent P2P e-cash system of Bitcoin. By the looks of it, the Bitcoin is the first cryptocurrency in the entire world. And being the first cryptocurrency makes Bitcoin’s blockchain extremely special.

As of now, the average number of transactions per day in Bitcoin is around 350,000 transactions.  According to the sources, blockchain in Bitcoin handles approximately 14,904 transactions per hour. And this data means that Bitcoin’s blockchain handles four transactions in a second. A cryptocurrency such as Bitcoin does not recognize any holiday.

At the beginning of April 2019, the fans of Bitcoin began rejoicing as the cryptocurrency market saw a positive movement. For a year now, the cryptocurrency enthusiasts saw a decline in Bitcoin valuation. But now, in almost five months the value of a single bitcoin has an amount of $5,000 in fiat currency.

More transactions are taking place in Bitcoin

Since, the cryptocurrency industry saw a massive boom, the cryptocurrency network, and Bitcoin began making significant moves. On 31st of March 2019, the sources revealed that the average amount of Bitcoin transaction had hit 2,746. And at this rate, transactions have exceeded all the records that Bitcoin transactions made in 10 days.

The data which is from the day before, states around $10.2 billion worth Bitcoin or 1,956,321 BTC made it through transactions. The new Cryptocurrency enthusiasts should know that the transactions in any Cryptocurrency take place in blocks. And the combination of these blocks is known as blockchain. The transaction which took place in the previous day makes up 11 percent of the entire market capitalization.

By the looks of it, Bitcoin’s blockchain can handle more than 360,000 transactions in a single day. As of now, around $424 million worth of Bitcoin goes through redistribution every hour. Bitcoin’s average transaction value is approximately 5.44 BTC which is around $28,316.

In March 2019, around 300,000 transactions were taking place each day. And at the time of writing, the current number of transaction is more than 357,000. The progress in terms of the transaction is also increasing the price. And this also suggests that the average cost of utilizing the network of Bitcoin is exponentially increasing. In April’s first week, the minimum fee of Bitcoin is ranging from 0.000169 BTC to 0.00043553 BTC.

Nevertheless, the average cost of transactions in Bitcoin is around 0.0005 BTC, which is around $2.60 fiat currency.

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