Bitcoin [BTC], the world’s largest cryptocurrency, has often been criticized for its high transaction rates and transaction times. At press time, the average block size for a transaction block was around 1.17 MB, with 4,456,624 unconfirmed transactions on hold.
Just last month, Brendan Blumer, Block.One CEO and EOS proponent, sledged Bitcoin after he claimed that Bitcoin had “huge scaling limitations”.
He stated that Bitcoin had been “fundamentally transformative” for the cryptocurrency industry, but Bitcoin transactions were expensive. He claimed that if the inflation rate of block rewards was considered, users were required to pay $50-$100 per transaction, and every transaction took an hour to complete.
Additionally, he added that the network could process only about 3 transactions per second [TPS], which piled up to massive scalability issues.
However, Twitter user @vakeraj lashed out at Brendan Blumer’s statements. The Twitter user also stressed on the importance of having “technically knowledgeable interviewers” for annual Blockchain Summits.
He added that the CEO of Block.One provided misleading information regarding Bitcoin’s [BTC] functionality in order to promote EOS, which he termed as a “scam”.
Brendan Blumer responded to the allegation by claiming that he “loved” Bitcoin too, tweeting,
A few facts must be analyzed to get to the bottom of what the reality is. The transaction time in October 2018 was around 10 minutes, while the time taken on April 7, 2019, was about 9 minutes. The number of transactions on October 13, 2018, was around 337,502, while there were 358,850 transactions on April 8, 2019. Hence, transactions per day did not fall with reduced transaction times.
Further, according to an article by coinsutra, the fastest and cheapest Bitcoin transaction on October 13, 2018, was 980 satoshis per byte, for a median transaction size of 226 bytes. That aggregated to about $31 per $100 transaction on the Bitcoin Network.
At press time, however, the cheapest and most instantaneous Bitcoin transaction fee was 166 satoshis per byte. For a median transaction size of around 250 bytes, the fee was around 42,496 satoshis, which accumulated to about $2.22 per $100 transaction.
The data presented suggested that Bitcoin transactions rates and transaction times may be cheaper and faster than they are given credit for.
A Twitter user, @bitcointruth, commented on Brendan Blumer’s statement and tweeted,
“Funny how you never mentioned those thing isn’t it? And funny how I paid for my hotel yesterday using bitcoin it took way fucking less than an hour and cost me 20 cents and compared to what I would have paid with visa using shit fiat it was chips!”
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