Bitcoin News

An upcoming conference which is dedicated to cryptocurrencies and blockchain technology has ended accepting ticket payments in bitcoin since the transactions were slow, costly and labor-intensive.

The North American Bitcoin Conference, which was held in Miami next week, mentioned on its website that network congestion and manual processing are the reasons to pause accepting the payments through cryptocurrencies.

The tickets price were costing at $,1000.

The organizers quoted:

“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.”

The organizer, Moe Levin, said:

“We wish this was easier, but no ticketing options exist which can handle large volumes of ticket sales, and transaction fees on the Bitcoin blockchain exceed $30 at certain times of the day.”

The slow transaction times and high processing fees for bitcoin payments have done so many organizations to take the decision to drop the payment methods accepted through cryptocurrencies. Recently, One of the biggest technology company Microsoft and Steam (a gaming platform) has also stopped accepting the payments in bitcoin, just because of its “high fees”, “slow transactions” and “volatility.”

At the same time, data from Blockchain.info showed that it takes an average of 51 minutes to confirm a bitcoin transaction. Over a 30-day period, that average time was as high as 3,564 minutes (more than 59 hours) on Jan. 1.

As of now, Bitcoin is trading at 13,800, according to our price chart.