Bitcoin payment stopped at a Bitcoin conference in North America

Posted On 2018-01-13 by Research N Reports

A forthcoming conference about cryptocurrencies and Blockchain technology stopped taking ticket payments in Bitcoin, citing that the method was slow & pricey. The North American Bitcoin Conference which will be held in Miami next week, declared on its website that network congestion and manual processing propelled such a decision.

The organizers said that they have, and always will, accept cryptocurrencies for their conferences, up to fourteen days before the event. He further added that they had decided to stop cryptocurrency payments at the last minute as the data has to be put manually.  

"We," the organizers wrote. "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."

Even earlier in the day, slow transaction times and high processing fees for Bitcoin payments have led to many merchants reconsidering their decisions to accept cryptocurrencies. Just some time ago, tech giant Microsoft temporarily stopped accepting Bitcoin payments at its store, before starting it again. Last month, gaming platform Steam also stopped Bitcoin payments citing ‘high fees’ and ‘volatility’

As reported by BitInfoCharts, for the last three months, the average bitcoin transaction fee that was levied was as high as $55. On Jan. 9, the fee was about $31.

Bitcoin's lofty transaction fees are, however, lucrative for Bitcoin "miners," who work out complex cryptographic puzzles to increase the number of transactions to the Blockchain in exchange of which they are rewarded with Bitcoin.

In the meantime, according to the data from Blockchain.info, the average time taken to confirm a Bitcoin transaction was 51 minutes. Through a 30-day period, that average time plummeted to 3,564 minutes on Jan. 1.