The recent Bitcoin halving event, meant to slow down the creation of new coins, has ignited a fresh debate within the cryptocurrency community.
Economist Peter Schiff threw gasoline on the fire by criticizing Bitcoin’s viability as a currency due to rising transaction fees and sluggish processing times.
However, the cryptocurrency community swiftly countered his claims, highlighting potential inaccuracies and offering alternative interpretations.
Schiff, a vocal Bitcoin skeptic, took to social media platform X to express his concerns. He claimed that a single BTC transaction now costs a staggering $128 and takes over an hour to process – a significant bottleneck for any potential widespread adoption as a medium of exchange.
These figures were met with skepticism by many users who pointed out that the average processing time falls between 10 and 20 minutes, significantly faster than Schiff suggested.
Bitcoin Transaction Fees: Sign Of Success Or Hurdle For Adoption?
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