For a major portion of Bitcoin’s existence, it has been seen as a trailblazer in cryptocurrencies. When Satoshi Nakamoto brought Bitcoin to life, it stood as a groundbreaking innovation, introducing a financial asset independent from banks or governments.
However, in recent times, tech enthusiasts and pioneers have determined they can build upon Satoshi’s work, yielding numerous crypto derivatives, seemingly improving upon the original. known as altcoins Ironically, some of these innovations have involved public criticism of Bitcoin, highlighting its flaws even as they were inspired by it.
Brendan Blumer Criticizes Bitcoin’s Limitations
Brendan Blumer, who leads Block.one from Hong Kong—the powerhouse behind the blockchain—shared his thoughts at the DC Blockchain Summit hosted by the Chamber of Digital Commerce. During his discussion on blockchain’s relevance across sectors, he addressed Bitcoin. EOS His commentary didn’t come across as optimistic and didn’t resonate well with many in the crypto community. Bitcoin .
As a co-creator of EOS, Blumer acknowledged Bitcoin’s groundbreaking role as the pioneer in cryptocurrencies and blockchain, yet pointed out its glaring limitations.
Blumer notes the real cost of Bitcoin transactions far exceeds the miner-specified fees, potentially ranging from $50 to $100 due to the actual processing cost of peer-to-peer transfers. He expanded on Twitter, arguing that miner rewards add to the cost of securing network operations.
https://twitter.com/vakeraj/status/1114603179751161857
He humorously criticized Bitcoin's transaction speed and block intervals, suggesting that transferring funds might take up to an hour even if the network isn’t congested. Although he exaggerated slightly, since Segwit-enhanced networks can handle up to seven transactions per second, he conveyed clear disappointment with Bitcoin’s efficiency.
Yet, He’s Not Entirely Negative About Bitcoin BTC Though Blumer’s critique painted a grim future for Bitcoin, his tweets clarify a more nuanced stance. In a March tweet, he confidently stated his belief in Bitcoin’s future as a digital asset resembling traditional commodities.
He posits that in twenty years, Bitcoin could surpass gold as the supreme store of value, a vision shared by the Winklevoss twins, Willy Woo, Mike Novogratz, and other crypto sector visionaries.
Faced with criticism post-CODC speech, Blumer reiterated that, although Bitcoin’s utility has limitations, its value proposition remains valid. gold Blumer appreciates Bitcoin for shaping the concept of digital gold but acknowledges its lack of optimization for arenas like smart contracts and dApps. He firmly believes there’s room for both EOS and Bitcoin within the evolving decentralized ecosystem.
Dan Held, Interchange’s co-founder, highlighted that Bitcoin’s creator intentionally left its key features—like capped supply and block sizes—unchanged, showcasing the intended design permanence.
Over the next two decades, #Bitcoin will replace #gold With extensive experience since 2013, I’ve shared my crypto insights in media outlets such as LongHash, NewsBTC, and Decrypt. I contribute to HTC’s EXODUS projects and own a modest Bitcoin stash. Reach me at [email protected].
— Brendan Blumer (@BrendanBlumer) March 17, 2019
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