Except his main point (of Bitcoin failing to grow exponentially) is just false. Look at the "number of transactions per day excluding popular addresses" (located at https://blockchain.info/charts/n-transactions-excluding-popu...). You see a clear straight line on a logarithmic scale. So while Bitcoin may not be growing as fast as mPesa did, it is definitely growing exponentially.
Your chart is really quite identical to "chart 2" lower down on his page (if anything his chart looks "more optimistic" and it covers a longer timeframe).
Sure, bitcoin transactions are growing, maybe exponentially if you squint (and maybe not). Just at a rather lower rate than the virtual currency he spotlights and that's most of his argument.
Basically, he is looking at a payment system that is used primarily for, like, payments and showing it's contrasts to bitcoin.
I mean, does anyone really see bitcoin as primarily for payment in today's world?
Agreed -- this is what I signed in to post. I have been waiting for a long time, with growing frustration, for Bitcoin's transaction rate to start taking off[1]. For several years, the transaction rate was near flat. But look at it now! Clearly, people are using Bitcoin for to buy and sell.
In fact, my thesis is that increased use of Bitcoin as a currency is partly what is driving down the price. Most of the highest-volume Bitcoin-accepting vendors (Overstock, Gyft, Tiger Direct, etc.) change their Bitcoins immediately to USD, which creates significant selling pressure.
1. If anyone is wondering why the most popular addresses are excluded, it's because those addresses are almost invariably the exchanges, and so they skew the data upward.
