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BitMEX Rebukes Peter Schiff Over Bitcoin Fee Surge Criticism

BitMEX Rebukes Peter Schiff Over Bitcoin Fee Surge Criticism

After Halving, Peter Schiff brought attention to the outrageous fees associated with Bitcoin transactions.

The economist concluded that this move was a setback for Bitcoin.

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Peter Schiff called Bitcoin’s recent fee hike a “failure” and questioned the currency’s effectiveness; BitMEX Research vehemently disagreed.

After the fourth Halving event concluded, economist Peter Schiff ignited a fervent discussion on the effectiveness of Bitcoin (BTC) as a digital currency. Schiff attacked Bitcoin’s growing transaction costs and slow processing times in her scathing critique, which she posted on the social media site X. BitMEX Research, a division of the well-known cryptocurrency exchange, refuted Schiff’s assertions.

BitMEX Tables Perspective On Bitcoin Transaction Fees by Peter Schiff

In a recent post on the platform, Schiff questioned X’s viability as a means of exchange. Furthermore, Schiff’s initial tweet highlighted the startling expense of making a Bitcoin transaction: “A #Bitcoin transaction now costs $128 and takes a half hour to process.” Schiff expressed his continued mistrust as the situation worsened and transaction times grew longer than an hour.

“It now takes over an hour to process a Bitcoin transaction,” he said. The typical duration for a Bitcoin transaction is between 10 and 20 minutes. Thus, consumers claimed that these data needed to be corrected. In addition, BitMEX Research provided an opposing opinion to Schiff’s critical evaluation. BitMEX Research refuted Schiff’s claim that Bitcoin is a “failure,” citing his tweet as support.

They contended that the high $128 cost to send Bitcoin is a sign of success rather than failure. They described it as being like a packed restaurant. Furthermore, BitMEX Research said that although the prices have increased, this does not necessarily mean they are popular. The high costs may discourage use and prevent further adoption.

Peter Schiff promotes gold Tokenization.

Economist Peter Schiff diverted the discussion when a fan of Bitcoin asked how much it would cost to send one pound of gold safely around the globe. Furthermore, he claimed that given the usefulness of gold as a medium of exchange, these expenses must be revised. That’s not relevant, Schiff argued. At the moment, gold is not used as money by anyone.

Schiff, however, put up a different approach, recommending the blockchain technology-based tokenization of gold. The economist countered, saying that gold could be tokenized on a blockchain if that was what they desired. The transaction would be instantaneous and incur very little expense.

Schiff also underlined how Bitcoin falls short and the possible advantages of tokenizing gold on the blockchain. “Gold functions on a blockchain considerably better than Bitcoin,” he said. Schiff had earlier received fire for a snarky comment he made following the conclusion of the Bitcoin Halving incident. He predicted that Bitcoin investors’ net worth would soon “Halve,” signalling the end of BTC.

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