Bitcoin Transaction Costs Soar to $128, According to Peter Schiff
Bitcoin skeptic Peter Schiff continues to criticize the cryptocurrency, focusing on its most fundamental function. Schiff’s main concern lies in the skyrocketing cost of making a Bitcoin transaction, which now stands at an astonishing $128.
Another issue that Schiff highlights is the significant delay in transaction confirmations, which can take over an hour to complete. According to Schiff, these problems render Bitcoin impractical for everyday transactions and raise doubts about its future as a digital currency.
However, Schiff’s claims have faced backlash from the Bitcoin community. Many have questioned the credibility of his sources and pointed out inconsistencies in his arguments. Schiff’s reliance on online sources for information further calls into question the veracity of his assertions.
Schiff’s controversial remarks didn’t stop at transaction costs and processing times. On the day of the halving event, he stirred up controversy with his cryptic words mocking Bitcoiners. His decision to skip halving celebrations and his comparison of the halving to a drop in the net value of Bitcoin hodlers sparked mixed reactions among crypto enthusiasts.
Despite the criticism from experts like Schiff, Bitcoin has shown resilience and strong market performance following the recent halving event. As of now, Bitcoin is trading at $65,974, representing a 1.53% increase in the last 24 hours, according to data from CoinMarketCap.
In other crypto news, the Grayscale Bitcoin Mini Trust ETF is set to offer a lucrative market fee of 0.15%. This development has generated significant interest and attention within the crypto community.
