EOS proponent & Block.One CEO says Bitcoin has huge scaling limitations

By April 8, 2019 Bitcoin Business
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EOS proponent & Block.One CEO says Bitcoin has huge scaling limitations

EOS huge proponent and Block.One CEO, Brendan Blumer is confronted for his statement on Bitcoin earlier last month.

Brendan Blumer, the CEO of Block.One, an EOS-based blockchain solutions provider made some comments regarding Bitcoin during the 4th annual DC Blockchain Summit 2019 earlier last month.

He started by commending the first and largest cryptocurrency for being “fundamentally transformative” when it comes to reforming the traditional financial transactions along with the existing limitations.

Having said that, he considered that Bitcoin is expensive if “annual inflation from block rewards is considered”, which he estimated to be around $50-$100 per transaction.

He also mentioned about the 3 transactions per second (TPS) limitation that the Bitcoin network has, calling it as “huge scaling limitations”, as reported by Cryptoslate.

His statement received comments from a Twitter user, which probably just watched the recorded session.

User @vakeraj claimed Blumer of spewing “lie after lie in service of his scam, EOS”, which unfortunately the interviewers were not technically-savvy enough to “pushback”.

CEO of https://t.co/oxZfkUbjGr @BrendanBlumer spreading ridiculous mischaracterizations about Bitcoin at a @DigitalChamber event. pic.twitter.com/h5bB8ybC6X

— vake (@vakeraj) April 6, 2019

The major EOS proponent responded by saying that he also loves Bitcoin, but it “won’t make it fast or cheap”.

He also referred to EOS as the “complainer” mentioned about it by saying, “#EOS isn’t designed to compete with Bitcoin, it’s optimized for different use cases.”

I love #Bitcoin too, but that won’t make it fast or cheap

Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world#EOS isn’t designed to compete with Bitcoin, it’s optimized for different use cases

— Brendan Blumer (@BrendanBlumer) April 7, 2019

Putting the bickering aside, Blumer's blockchain, EOS just achieved a new milestone recently, which is setting a new record for the number of "actions" processed in one day. The network sucessfully handled over 80 million in the 24h period, which averages at over 800 per second.

Read more: EOS sets new record with over 80 million actions processed in a day

In the meantime, the crypto market has been looking good in the last couple of days. Many believe it is at the edge of the next bull run.

WATCH: Bitcoin

Brendan Blumer, the CEO of Block.One, an EOS-based blockchain solutions provider […]

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