The astonishing on-chain transaction volume of Bitcoin!

Recently, the cumulative e-commerce transaction volume of Bitcoin has surpassed $125 trillion, setting a new historical high!

This figure is even higher than the total global GPT in 2023, which is truly astounding!

At the beginning of this year, it was only $114 trillion, and now it has grown to $125 trillion, showing an incredible growth rate!

Such a massive transaction volume has an increasingly significant impact on the global financial system!

So, what is 'on-chain transaction'? It refers to all transactions that occur on the blockchain, which are cryptographically verified, permanently recorded, and cannot be tampered with or deleted, ensuring the transparency and traceability of each transaction.

On-chain transactions of Bitcoin and other cryptocurrencies involve the transfer of digital currency or tokens within the network, where each transaction contains the sender, receiver, amount, and transaction fee.

The rapid growth of Bitcoin's on-chain transaction volume is closely tied to its continuous price increase, with Bitcoin spot trading volume reaching $4.6 trillion in Q1 2024, far exceeding the $2.7 trillion in Q4 2023.

This reflects the increasing influence and adoption of Bitcoin within the global financial system. Additionally, the Bitcoin development community is actively exploring new protocols; the Ordinals protocol allows for more precise tracking of Bitcoin by numbering each smallest unit. Although the influence of cryptocurrencies is expanding globally, its integration with the traditional financial system is still in the early stages.

How it will develop in the future is worth our continued attention.