Peter Schiff Comes Up with New Reason Why Bitcoin Is a Failure

Cryptocurrency critic Peter Schiff has found yet another reason to criticize Bitcoin: the cryptocurrency exorbitant fees

Gold bug Peter Schiff has once taken to social media to lambast Bitcoin, calling it"a failure." This time, he took issue with the cryptocurrency's exorbitant fees. Schiff pointed to the fact that the cost of a single Bitcoin transaction soared to a whopping $128. This prevents the cryptocurrency from functioning as a viable digital currency, according to the market commentator.

The massive uptick in fees was caused by the launch of the Runes protocol, which allows creating fungible tokens on top of Bitcoin. by YCharts, the average Bitcoin fee dropped to $34 on Apr. 21. While this is still high, miners might not be able to enjoy such profits for a long time following the halving event. Bitcoin has always been touted as a better alternative to gold due to how easy it is to transact it.

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