Peter Schiff, who has long criticized Bitcoin and other cryptocurrencies, expressed his concerns about Bitcoin's high transaction fees and transaction times, especially after the halving event.
According to Schiff, the cost of completing a Bitcoin transaction has now reached $128 and the transaction takes over an hour to complete. Schiff argues that these factors prevent Bitcoin from functioning effectively as a digital currency:
“The cost of actually using Bitcoin as a currency is prohibitively high for almost all transactions. “This is a failure.”
Schiff responded to a follower's question about the cost of sending even 1 gram of gold safely around the world:
“This is irrelevant. People don't currently use gold as a currency. But if they wanted, gold could be tokenized on a blockchain. Transaction time would be nearly instantaneous and costs would be minimized. Gold works much better on a blockchain than Bitcoin.”
On the other hand, cryptocurrency exchange BitMEX looks at the issue from a different perspective. According to BitMEX Research, the high cost of sending Bitcoin is an indicator of success, not failure. However, they also acknowledge that this high fee could deter usage and future adoption.
*This is not investment advice.