Ethereum: Why has the Bitcoin transaction volume increased greatly in November and December 2011?
In early 2011, the panorama of cryptocurrencies underwent a significant transformation when launching Bitcoin. However, another important player appeared in November and December of that year: Ethereum. This article will explore why the volume of the transaction in Ethereum has increased greatly during this period.
background
At that time, Bitcoin still gained attraction as digital currency, while other cryptocurrencies such as Litecoin, Namecoin and Dogecoin appeared. Ethereum, created by Vitalik Butein in July 2014, has already begun to gain popularity since its launch in December of that year.
Ethereum laughs
In November 2011, several important events contributed to the rapid growth of Ethereum:
- Bitcoin fork : November 28, Satoshi Nakamoto announced the creation of a new cryptographic currency called Ethereum, which would be designed to allow more complex transactions and greater scalability.
- Strong market demand : As the price of Bitcoin began to grow in October and November, merchants directed their attention to other cryptocurrencies such as Ethereum, which offered greater versatility and growth potential.
- Ethereum’s Whitepaper Edition : December 11, Bugerin published his white article in which they presented Ethereum’s vision and technical skills. The work emphasized the cryptocurrency approach to scalability, usability and infrastructure adapted to the developer.
Explosion of the transaction volume
By December 12, 2011, the amount of transaction in Ethereum jumped abruptly:
- November 14, an estimated daily transaction volume was approximately 10,000-20,000 blockages per day.
*For December 12, this number increased to impressive
110,000-200,000 blocks daily .
To put this in perspective, these numbers represent 1000 times an increase in just four days. This rapid growth can be attributed to the growing demand for Ethereum services, such as decentralized applications (DAPP), intelligent contracts and the appearance of new use cases, such as defense finances).
Conclusion
In conclusion, a great increase in the amount of Bitcoin transactions between December 14 and 12, 2011 was launched largely by the launch of Ethereum and a strong market demand for a more complex and escamabal cryptographic currency. The Ethereum edition in Bile Blanco, combined with its successful implementation as a decentralized platform, attracted developers and merchants looking for new opportunities.
As we know now, this period marked the beginning of Ethereum’s rise to prominence in the cryptographic currency landscape, placing the stage for its continuous growth and development in one of the most respected healing currencies today.