Blockstream’s chief strategy officer Samson Mow says it is a mistake to focus on Bitcoin’s low throughput. He regards the volume of value transferred as the more important metric.
“Bitcoin has never been about transactions per second (TPS) and coffee. Discussions should focus on the size of value flows per second (VTPS) and a ‘new financial paradigm’,” he emphasized.
#Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted 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
For Mow, the first cryptocurrency is a universal tool for storing and transferring value.
For his tweet, the renowned Bitcoin maximalist attached an animation showing that the amount of value transferred in the Bitcoin network is $486,000 per second. This figure is more than 16.7 times that of its competitors.
According to Blockchain.com, on December 1 the total on-chain value transferred in the Bitcoin network stood at $4.627 billion. On November 5 this figure was $5.15 billion, just shy of the record $5.27 billion set in December 2017.
Source: Blockchain.com.
Mow’s stance was reportedly prompted by Ripple’s marketing video, which he described as “ridiculous” for demonstrating XRP’s high TPS.
Ashish Birla, RippleNet’s managing director, stating that Bitcoin cannot be considered a “viable form of payment”.
Earlier, 65% of PayPal reported that they are willing to pay with bitcoin for goods and services at 28 million points of sale.
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