Ethereum: Why did Bitcoin increase the volume of transactions in November and December 2011?
At the beginning of 2011, the cryptocurrency landscape made a significant transformation with the launch of Bitcoin. At the same time, another main player appeared in November and December of the year: Ethereum. This article will reveal why the Ethereum transaction volume has grown during this period.
Background
At that time, Bitcoin was still attracted to digital currency, while other cryptocurrencies, such as Litecoin, Namecoin and Dogecoin. Ethereum, made by Vitalik Butterin in July 2014, began to obtain popularity from the year in December.
Ethereum Rise
In November 2011, many major events have contributed to the rapid growth of Ethereum:
1
Bitcoin Fork : On November 28, Satoshi Nakamoto announced the creation of a new cryptocurrency called Ethereum to allow more complex transactions and higher scalability.
- Strong market demand : As the Bitcoin price began to grow in October and November, the traders turned attention to other cryptocurrencies, such as Ethereum, which had a versatile and growing potential.
- Ethereum Whitapaper edition
: On December 11, Buterin launched Whitepaper, which presents Ethereum’s vision and technical capabilities. The article emphasized the accent of cryptocurrency on scalability, ability to use and infrastructure favorable to development.
Explosion of quantity transaction
By December 12, 2011, the Ethereum transaction volume increased rapidly:
- On November 14, the estimated daily amount of the transaction was 10,000-20,000 daily.
By December 12, this number increased to 110,000-200,000 blocks daily *.
From a perspective point of view, these numbers represent an increase of 1000 times in just four days. This rapid growth is attributed to the increasing need for ETHREUM services, such as decentralized applications (DAPPS), intelligent contracts and new use of new use, such as Defi (decentralized finance).
Conclusion
In summary, a severe increase in the volume of the Bitcoin transaction between November 14 and December 12, 2011, was largely determined by the launch of Ethereum and a more complex and scalable cryptocurrency. In combination with the successful implementation of Ethereum Whitapaper and with the successful implementation of the decentralized platform, it attracts developers and dealers looking for new opportunities.
As we know now, this period has marked the beginning of Ethereum as a prominent prominence in the cryptocurrency environment, which establishes the stage of continuous growth and development in one of the most valuable cryptocurrency.
