Bitcoin’s congestion issues, slow, costly & laborious transactions are making it difficult to serve merchants’ needs, when being used as a payment method.
Latest announcement comes from organizers of the North American Bitcoin Conference an annual conference that brings together cryptocurrency enthusiasts from all over the world.
Affecting this year’s conference only, the conference has stopped taking last minute payments using cryptocurrencies citing “network congestion & manual processing” difficulties. They added that, It was due to the fact that there had to be “manual inputting of data” in the ticketing platforms when payments are made in cryptocurrencies & yet there were print deadlines to be met.
However, they will continue accepting payments in cryptocurrencies in the future.
“Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality,” reads the announcement on their website.
With Bitcoin transaction fees sometimes exceeding $30, conference organizer Moe Levin told Bitcoin.com that they hope to start using Bitcoin Cash and other digital assets with lower fees. The current huddle to that was the fact that no ticketing options can handle large volumes of ticket sales.
“Ticket service providers like Eventbrite or others do not have crypto integrations yet. I think within a year companies like Coinpayments, and other payment providers will have better tools, and we will instantly integrate,” Levin said.
In the last month, transaction fees on Bitcoin network reached an average of $55 according to BitInfoCharts. Bitcoin has, however, improved in terms of transaction confirmation times. Last month, the average confirmation time was 3,564 minutes but that has reduced to below an hour as of yesterday.
Microsoft and Steem stopped Bitcoin payments
In the recent past, Bitcoin merchants such as Microsoft & Steem have also stopped accepting Bitcoin as payment for goods & services citing problems in the network including volatility.