Bitcoin moves $500K around the globe every second, says Samson Mow – Cointelegraph

Blockstreams Samson Mow wants to move the conversation away from Bitcoins (BTC) performance in transactions per second and toward its role in ushering in a new financial paradigm, that is, serving as a permissionless medium for the store and transfer of value.

Mows argument is that VPTS [value transacted per second] not TPS [transaction per second] is what really counts.Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by Grubles on Twitter. The editor similarly tweeted that Bitcoin scales just fine. 1 BTC can store an infinite amount of value.

The video, according to afollow-up tweetfrom Mow, was inspired by a stupid XRP marketing video comparing their sh*tcoins TPS [transaction per second] to Bitcoins. datashows thatas of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.

TPS has long been presented as a purported Achilles heel for Bitcoin, whose capacity maxes out at a lower threshold than competitor coins like Ether (ETH). This is notably the line taken by Bitcoin Cash (BCH) evangelists like Roger Ver, who tout the asset as a better currency for retail adoption in small-scale transactions.

Mows line on Bitcoin has been consistent, arguing that those who are interested in everyday transactions can use second-layer solutions like the Lightning Network. Bitcoin in itself, he says, has an altogether different purpose:

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Bitcoin moves $500K around the globe every second, says Samson Mow - Cointelegraph

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