Thursday, 18 October, 2018


Major cryptocurrency conference no longer accepting Bitcoin payments

Conrad Doyle | 13 January, 2018, 04:29

Bitcoin could also be useful in regions where governments impose strict rules on the use of traditional currencies from other countries.

For all the hype around bitcoin right now, it's easy to overlook an important fact: It doesn't actually work very well as a currency.

The cost of processing Bitcoin payments has been its main drawback as a medium of exchange, especially compared to the transaction speeds and costs of cash (free and instant) and credit cards (often also free and practically instant).

In fact, it has gotten so bad that even a major bitcoin conference has stopped accepting bitcoin payments for tickets altogether.

The conference announced that "due to network congestion and manual processing, we have closed ticket payments using cryptocurrencies" just a week before the conference opened.

'We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event, ' the organisers told Bitcoin News.

Still, the optics aren't good on this, and show the limitations bitcoin and other cryptocurrencies face to become more mainstream.

The conference organisers said that because data from payments with cryptocurrencies have to be manually entered into their ticketing platform, they have to suspend this method two weeks before their event.

That won't stop organizers of this conference from trying again next year though, if there is a next year for bitcoin. The Ethereum blockchain went from handling about 5,000 transactions per day at the start of the year to more than one million per day by December of last year.

Bitcoin, the world's largest cryptocurrency by market capitalization, has created a market frenzy in recent months. And Microsoft temporarily suspended payments on its online store because it is "unstable" earlier in January, though it restored the option this week.

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