Gold

Bitcoin

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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.&nbsp;
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.&nbsp;
"The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It's a failure," Shiff said.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-generates-24-time-more-fees-compared-to-ethereum" rel="noopener noreferrer nofollow">reported by U.Today</a>, Bitcoin generated an astonishing $78.3 million in fees on Apr. 20, dwarfing Ethereum's fees.&nbsp;
Right after the halvening, miners managed to generate record-breaking revenues surpassing $100 million.&nbsp;
The massive uptick in fees was caused by the launch of the Runes protocol, which allows creating fungible tokens on top of Bitcoin.&nbsp;
With that being said, it is unclear how sustainable the hype surrounding Runes is. According to data&nbsp;<a href="https://ycharts.com/indicators/bitcoin_average_transaction_fee" rel="noopener noreferrer nofollow">provided</a> 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.&nbsp;
<h2 id="tokenized-gold">Tokenized gold?&nbsp;</h2>
Bitcoin has always been touted as a better alternative to gold due to how easy it is to transact it. However, Schiff has noted that the crypto king is currently unusable as a currency since it now takes over an hour to process a Bitcoin transaction.&nbsp;
Interestingly enough, Schiff argues that even gold can serve as a better currency if it gets tokenized, showing support for the very technology that underpins Bitcoin.&nbsp;
"People aren't using gold as a currency right now. But if they wanted to, gold could be tokenized on a block chain. Transaction time would be almost instantaneous and cost minimal. Gold works much better on a block chain than Bitcoin," he said.&nbsp;

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

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