Categories: Bitcoin Business

Block.One EOS Executive Brendon Blumer Condemns BTC For Its Blockchain Scaling Limitation

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The CEO of Block.one and one of the chief executive of EOS recently criticized Bitcoin for its slow transaction times, low transaction speed and high transaction costs. The 32-year-old CEO of Block.one, a Cayman Islands-registered software development firm that helped create EOS, one of the leading platforms for deploying decentralized applications (dApps) is generally a supporter of Bitcoin, however, realizes its limitations.

He had even Tweeted in the support of Bitcoin a few days earlier saying:

“Over the next two decades, Bitcoin will replace gold as the leading commodity to store value.”

Bitcoin’s scaling problems

The #Bitcoin network currently costs 1800 BTC to “secure” 360,000 transactions each day, or 25 USD per transaction, before additional transaction fees.

— Brendan Blumer (@BrendanBlumer) April 7, 2019

There are some who believe that the scarcity that will be created when all bitcoins are mined will cause the price of bitcoin to skyrocket to unimagined highs. But again, when all bitcoins are mined then the miners who earned bitcoins for mining will have to rely solely on transition fees. Blumer noted that at that time the fees for bitcoin transactions will increase and this can hamper its scaling. He noted, however, that scaling solutions like lightening network will carry transactions.

Last month, during the 4th annual Blockchain Summit, Blumer bought forth these concerns. However, he was criticized for it for spreading mischaracterizations. To these criticisms he replied:

“Let me say that this is why it's important to have technically knowledgeable interviewers. This moderator provided no pushback as Brendan spewed lie after lie in service of his scam, EOS. The Chamber of Digital Commerce is a joke of an organization. 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.”

He then clarified that Bitcoin and EOS are not competitors but allies.

What if #Bitcoin could flow onto #EOS and transact nearly free and nearly instant, while becoming programmable and scalable

— Brendan Blumer (@BrendanBlumer) April 7, 2019

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