- The cost of making a BTC transaction—now at a whopping $128—is his main worry.
- Schiff also reports that there is a major lag in the confirmation of transactions.
Even after the latest halving event, Bitcoin skeptic Peter Schiff continues to criticize the cryptocurrency. Schiff draws attention to the problems with Bitcoin that, in his opinion, are the cryptocurrency’s most basic function. The enormous rise in the cost of making a Bitcoin transaction—now at a whopping $128—is his main worry.
Schiff also reports that there is a major lag in the confirmation of transactions, which may take more than an hour. Schiff claims that these changes make Bitcoin unworkable for regular transactions and cast doubt on its future as a digital currency.
Credibility of Schiff’s Sources
The bitcoin community has been quick to voice their disapproval of Peter Schiff’s claims about the processing times and costs of Bitcoin transactions. Many have questioned Schiff’s assertions, especially those that highlight the dramatic rise in processing times and expenses associated with transactions.
People have challenged the credibility of Schiff’s sources and pointed out where his claims don’t add up. The veracity of Schiff’s assertions is called into question by his open admission that he gets his information from online sources.
On the day of the halving, Peter Schiff had already caused controversy with his cryptic words mocking Bitcoiners. Crypto enthusiasts had varied feelings about Schiff’s remarks, which included his decision to skip halving celebrations and his comparison of the halving to a drop in the net value of Bitcoin hodlers.
After the recent halving event, Bitcoin has shown endurance and good market performance, despite attacks from experts like Peter Schiff. At the time of writing, Bitcoin is trading at $65,974, up 1.53% in the last 24 hours as per data from CoinMarketCap.
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