For a conference that revolves around Bitcoin, it may seem a bit strange that attendees are no longer allowed to purchase tickets to the North American Bitcoin Conference with this digital currency.
Yet, even though there is a lot of enthusiasm surrounding Bitcoin, the fact remains that it is very difficult to process transactions using this virtual currency. Buyers have to deal with high transaction fees, reaching up to $30, and it takes several hours for transactions to go through.
The North American Bitcoin Conference is scheduled for January 18-19 in Miami, with last minute tickets selling for $1,000 each. However, those individuals still planning to attend and needing to buy their tickets can no longer purchase them with any form of cryptocurrency.
The event’s website shares this explanation, “Due to network congestion and manual processing, we have closed ticket payments using Cryptocurrencies — Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality.”
The site continues with this information, “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.”
Moe Levin, the conference’s organizer, shares that transaction costs contributed to the decision, explaining, “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.”
Other organizations have also stopped accepting Bitcoin due to concerns regarding the high fees and extreme price fluctuations over the past several months. Steam, a PC gaming marketplace, ceased allowing Bitcoin payments back in December. Microsoft also suspended taking payments on its online store for a short period of time, citing the digital currency’s unstable nature as the company’s reason. Many investors were upset about the decision. However, Microsoft restored the payment option earlier this week.