Ooh, The Irony! Bitcoin Conference Stopped Taking Bitcoin Payments Due to High Transaction Costs

Photo Credits: www.btcmiami.com

Nothing will be more ironic than an official Bitcoin Conference not taking Bitcoin payments for the tickets. Well, it just happened!

On the North American Bitcoin Conference ticking page, it’s clearly mentioned “no cryptocurrency” policy due to “network congestion and manual processing”. The last-minute tickets for the Miami event to be held between January 18 and 19 were sold for around USD 1,000, FYI.

The price of Bitcoin has soared in the recent months, but so have processing fees. At one point, it was taking as much an average $55 for a transaction. For this week, it was around $30.

Bitcoin.com has reported that more and more merchants are saying no to bitcoin payment because “it’s not quick or easy transaction system”.

And with the recent growth in bitcoin value, let’s just accept that Bitcoin is never going to be a transaction coin; it’s an asset that’s meant to kept and not used for petty transactions.

Other than the price hike, that has been the consequence of too many people putting in their fortunes into bitcoin, everything else seems to be against the cryptocurrency. The limitations are innumerable which could take years before bitcoin becomes mainstream.

The bubble-bursting predictions seem very real now. The world’s biggest Bitcoin conference not taking Bitcoin as a payment is a wakeup call for everyone who has a conviction in this cryptocurrency. That’s not just me saying this but people who own the currency.

If you want to look into the explanation that Bitcoin provided, here’s an excerpt from Bitcoin Conference ticketing page:

“Due to network congestion and manual processing, we have closed ticket payments using Cryptocurrencies — Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality.

We have, and always will accept cryptocurrencies for our conferences, up to fourteen days before the event. However, due to the manual inputting of data in our ticketing platforms when paid in cryptocurrencies, we decided to shut down bitcoin payments for last minute sales due to print deadlines.”

Note: All content is original & written by NewsCrux Team.