The cost of making a BTC transaction, which has now reached an astonishing $128, is the main concern for Peter Schiff. He also points out a significant delay in transaction confirmations. Despite the recent halving event, Schiff, a Bitcoin skeptic, continues to criticize the cryptocurrency, focusing on what he perceives as its fundamental flaw. The substantial increase in transaction costs is a major worry for him.
Schiff further reveals that transaction confirmations can take more than an hour, leading him to conclude that Bitcoin is impractical for regular transactions and raises doubts about its future as a digital currency.
However, the Bitcoin community has swiftly expressed their disapproval of Schiff’s claims regarding transaction processing times and costs. Many have questioned the credibility of his sources and found inconsistencies in his statements. Schiff’s reliance on online sources for information raises doubts about the accuracy of his assertions.
On the day of the halving, Schiff caused controversy with his cryptic remarks mocking Bitcoin enthusiasts. These remarks included his decision to skip halving celebrations and his comparison of the halving to a decrease in the net value of Bitcoin hodlers. Crypto enthusiasts had mixed reactions to his comments.
Despite the criticism from experts like Peter Schiff, Bitcoin has displayed resilience and performed well in the market following the recent halving event. At the time of writing, Bitcoin is trading at $65,974, showing a 1.53% increase in the last 24 hours, according to CoinMarketCap.
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