The American Bitcoin conference has stopped accepting bitcoin payments for its tickets due to the fees and congestion associated with cryptocurrency.
Bitcoin has raised its price from $ 800 to $ 20,000 in recent months and, the network has collapsed under the pressure of transaction volume. Users face fees of more than $ 30 in each transaction, and may take hours to process.
The North American Bitcoin Conference will take place in Miami from January 18 to 19, with last minute tickets worth $ 1,000 each. But potential assistants can no longer pay for an entry in bitcoin or other cryptocurrencies. On its website, the organizers of the event explain:
“Due to network congestion and manual processing, we have closed the payments with Cryptocurrencies, and we hope that next year there will be more unity in the community about the enlargement and global adoption will come true.”
He adds: “We have accepted and will always accept cryptocurrencies for our conferences, up to fourteen days before the event.” However, due to the manual entry of data in our ticketing platforms when paying in cryptocurrencies, we decided to close the bitcoin payments for the Last minute sales due to printing deadlines.”
Some media declare that “bitcoin does not serve them as a form of payment“, when what they do not understand is that the chain of bitcoin blocks does not have a single global purpose as a form of payment, but as a transfer and storage of value and, although the tickets to an event have value, should not be considered to pay for this, since the space of the chain of blocks is limited and “expensive” as shown by the volume of transactions and rates.
If we paid all our coffee daily with cryptocurrencies, we would need a very large block size and a very high confirmation rate, and cryptocurrencies can not support that function yet.
For the writing of bitcoiner.today is not a relevant fact that a bitcoin conference does not accept the payment with cryptocurrencies, even accepts as valid that decision, since the chains of blocks were not invented for this purpose, but for others of greater wingspan. We will see over time solutions to this type of micro-payments related to the blockchain and the cryptocurrencies themselves.