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Peter Schiff: Bitcoin has expensive transactions

The sharp increase in transaction fees on the day of halving gave the President of Euro Pacific Capital Peter Schiff a reason to again declare the failure of the first cryptocurrency.

On April 20, amid a reduction in block rewards, the average amount of fees on the network jumped to a record high of $128.45. Experts largely attributed this to the excitement around the launch of the Runes protocol dedicated to the event.

“The cost to complete a transaction is now $128 and takes half an hour to process. This is another reason why Bitcoin cannot function as a digital currency. The costs of using it in this capacity are prohibitively high. This is a failure,” Schiff said.

At the time of writing, the figure had fallen almost 73% to $34.86.

Users in the comments asked A question for a well-known gold advocate: how much would it cost to safely ship a pound of the precious metal around the world? Sounded grade from $800,000 to $2.3 million depending on the method and speed.

“Remind me, how much will it cost to transport a gold bar to the other side of the world in half an hour?” Casa co-founder Jameson Lopp sneered about speed.

Schiff told opponents that it doesn't matter because people don't currently use the precious metal as currency.

“But if they wanted, it could be tokenized on the blockchain. The transaction time will be almost instantaneous and the cost will be minimal. Gold works much better on the chain than Bitcoin,” Schiff emphasized.

Source: Cryptocurrency

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