Blockstream's Samson Mow wants to movement the conversation away from Bitcoin'due south (BTC) functioning in transactions per 2d 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.

Mow'south statement is that "VPTS [value transacted per 2d] 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 science blog, who goes past "Grubles" on Twitter. The editor similarly tweeted that "Bitcoin scales just fine. 1 BTC can store an infinite corporeality of value."

The video, according to a follow-upward tweet from Mow, "was inspired by a stupid XRP marketing video comparing their sh*tcoin'due south TPS [transaction per 2nd] to Bitcoin'south."

 Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure striking $5.xv billion, close to its all-time-loftier, on Nov. 5.

Total estimated value of transactions on the Bitcoin blockchain, 2008–2020. Source: Blockchain.com

TPS has long been presented equally 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.

Mow'south line on Bitcoin has been consistent, arguing that those who are interested in everyday transactions can utilize 2nd-layer solutions similar the Lightning Network. Bitcoin in itself, he says, has an altogether different purpose:

"It's more of a store of value and a medium of wealth transfer. Information technology'southward non something you would use every day in payments. I've said this before, and people take twisted around and said I detest Bitcoin, but Bitcoin is bad for payments."