Bitcoin‘s one billionth transaction showed its widespread adoption amid fluctuating markets. The event has generated enthusiasm on social media, indicating its importance for investors and enthusiasts.
At block 842,241, on-chain data confirmed the past transaction. The biggest number of transactions in 2024 was approximately 927,000 on April 23, when Bitcoin was worth $66,403.
Bitcoin’s scalability difficulties remain a concern despite this breakthrough. Analyst Colin Discusses Future network congestion and hefty transaction costs could render Bitcoin unsuitable for many consumers, according to Crypto.
He predicted that fees could exceed most Bitcoin addresses’ holdings, leaving them worthless. Bitcoiners are divided between ‘large blockers,’ who want to increase block size to decrease fees and speed up transactions, and ‘small blockers,’ who value decentralization and security.
Colin said the Lightning Network fails to address Bitcoin’s foundation layer concerns.
