Block.one CEO Brendan Blumer criticizes Bitcoin for its "huge scaling limitations"

Brendan Blumer, one of the executives behind EOS, criticized Bitcoin's slow transaction times, low transactions per second, and high costs per transaction.

One-a Cayman Islands-registered firm that developed EOS, one of the largest platforms for building and deploying decentralized applications-called Bitcoin "Fundamentally transformative" in terms of how financial transactions between two parties will be processed in the world's future economy, while at the same time scrutinizing it for its limitations.

According to Blumer, transacting in bitcoin is expensive if annual inflation from block rewards is considered.

On average, the crypto entrepreneur estimated that users are paying an extra $50-$100 per transaction.

He asserts the Bitcoin network is constrained because it can only process about 3 transactions per second.

These factors represent "Huge scaling limitations," said Blumer.

In response to Blumer's comments, which came last month during the 4th annual DC Blockchain Summit, Twitter user vake emphasized the importance of having "Technically knowledgeable interviewers." The user also accused Blumer of "Spewing lie after lie" in order to indirectly promote EOS, which vake considers to be a scam.

This moderator provided no pushback as Brendan spewed lie after lie in service of his scam, EOS. The Chamber of Digital Commerce is a joke of an organization.

Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world#EOS isn't designed to compete with Bitcoin, it's optimized for different use cases.

He added that EOS was not designed to directly compete with Bitcoin as both cryptocurrency networks have been "Optimized for different use cases."