Miami Bitcoin Conference will not Accept Bitcoin for Ticket Payments
Another bad news for bitcoin has been announced. The North American Bitcoin Conference (TNABC) stated that it will no longer accept bitcoin payments for conference tickets. The TNABC also revealed the reason for this decision and it seems that it is linked to network fees and congestion.
The TNABC is a popular event that will be taking place in Miami at the end of next week. The event organizers officially revealed that they cannot accept cryptocurrency payments. Fees associated to bitcoin transactions have been regarded to as a major issue by companies accepting bitcoin payments. Some also announced decisions to stop accepting such payments.
Several companies dropped bitcoin payments
In this category is for instance Microsoft, which previously announced a temporary decision to stop accepting bitcoin payments. The company said that the high volatility of the cryptocurrency was the main reason why it decided to stop accepting payments. Microsoft has meanwhile changed its decision and started accepting bitcoin once again.
The tech giant was not the only company to make such a decision. Steam previously revealed a similar option justifying its decision on the high volatility of bitcoin. The fact is that on-chain fees linked to bitcoin have increased to $30-60 per transaction. Of course, this poses a lot of challenges to companies that are accepting the cryptocurrency for services and goods.
So, on the ticketing page of TNABC people interested in the event can find the confirmation that payments will not be accepted and the reasoning for that. The message said that "network congestion and manual processing" led to the decision to stop accepting cryptocurrency payments. This does not mean that the decision cannot be revised. The message indicated that maybe next year things will be different.