EOS Creator: Bitcoin Is Transformative, But Also Slow, Costly & Limited

For much of Bitcoin’s life, it was unquestioned.
 When Satoshi Nakamoto released his creation into the world, digital currencies and blockchains were mere concepts, making Bitcoin the first real attempt at creating an asset that isn’t tied to traditional payment rails, or an underlying governmental system.
 But, many technologists and innovators have concluded that they can do better than what Satoshi has done, creating hundreds and thousands of spin-offs, better known as altcoins, in the process. And sadly enough, some of these cryptocurrency creators have taken to public forums to draw attention to Bitcoin’s inefficiencies, shunning the project that tacitly spawned their creation.

Brendan Blumer Bashes Bitcoin’s Inefficiencies Brendan Blumer, the chief executive of the Hong Kong-based Block.one, the development group behind the EOS blockchain, recently took to the stage of the DC Blockchain Summit at the Chamber of Digital Commerce (CODC). 
While Blumer was on stage for a panel on blockchain’s applications in government, business, and other sectors, he brought up Bitcoin. 
And what he had to say wasn’t exactly cheery, nor did it sit well with the crypto public.


The EOS co creator did admit that he sees Bitcoin, the world’s first cryptocurrency and blockchain application, as entirely transformative, but that the network still has drastic shortcomings.
Blumer remarks that Bitcoin transactions, in actuality, cost well above the transaction fee stipulated by the miner market alone, with the actual cost of processing a peer-to-peer transfer potentially being as high as $50 to $100. In subsequent Twitter comments, Blumer continued this narrative. Trying to rationalize comment that BTC transactions actually cost more than the fee in and of itself, he drew attention to miner subsidies, explaining that this supply emission should actually account for the cost of securing processes.

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