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.
The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can't function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure.
— Peter Schiff (@PeterSchiff) April 22, 2024
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.
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 us how much it costs to transport a bar of gold to the other side of the world in half an hour.
— Jameson Lopp (@lopp) April 22, 2024
Schiff told opponents that it doesn't matter because people don't currently use the precious metal as currency.
Source: Cryptocurrency
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