Blockstream’s Samson Mow aims to move conversation away from the performance of Bitcoin (BTC) in transactions per second and lead it to its role in introducing a “new financial paradigm” that serves as a permissionless medium for storage and transfer of value.
#Bitcoin moves half a million dollars around the globe every second without permission. It was never about transactions per second and coffee. It’s about value transactions per second and a new financial paradigm. #VTPS not #TPS. Nothing comes close to @BTC. pic.twitter.com/aXfDauPx9b
– Samson Mow (@Excellion) December 2, 2020
Mow’s argument is: “VPTS [value transacted per second] not TPS [transaction per second]Is that what really matters. The calculations for the video were reportedly performed using on-chain data from the editor of the Blockstream Engineering Blog, who posted “Grubles” on Twitter. The publisher also tweeted: “Bitcoin scales well. 1 BTC can store an infinite amount of value. “
The video was “inspired by a silly XRP marketing video comparing the TPS of their sh * tcoin,” according to a follow-up tweet from Mow [transaction per second] to Bitcoin. “
Blockchain.com data shows that as of December 1, the total estimated value of transactions on the Bitcoin blockchain was valued at $ 4.627 billion. That number hit $ 5.15 billion on Nov. 5, close to its all-time high.
TPS has long been presented as the alleged Achilles heel for Bitcoin, the capacity of which is maximum at a lower threshold than competing coins like Ether (ETH). This is particularly the line of Bitcoin Cash (BCH) evangelists like Roger Ver touting the asset as a better currency to introduce in retail on small transactions.
Mow’s line on Bitcoin was consistent, arguing that those interested in day-to-day transactions could use second-layer solutions like the Lightning Network. Bitcoin itself has a completely different purpose:
“It’s more of a store of value and a medium of wealth transfer. It’s not something you would use to make payments every day. I’ve said that before and people have turned around and said I hate bitcoin, but bitcoin is bad for payments. “