Major cryptocurrency conference no longer accepting Bitcoin payments

Bitcoin is getting dragged for not working well as a currency at its own conference

Bitcoin is red-hot right now, but the demand has put the network under unprecedented stress and sent transaction fees sky-rocketing. Users face fees of upwards of $30 on every transaction, which can take hours to process.

The North American Bitcoin Conference is due to kick off in Miami next week, but anyone hoping to spend their Bitcoin on tickets, costing $1,000 (£738) each, will have to purchase one using traditional credit cards or PayPal. Turns out, the transaction fees and processing times associated with the volatile cryptocurrency are just too much of a burden.

'We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event, ' the organisers told Bitcoin News.

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The North American Bitcoin Conference is a two-day event, and speakers from around the globe, some of which are perhaps the most influential blockchain industry leaders, will discuss a number of popular topics that center around the cryptocurrency industry, such as ICOs, token sale mechanics, blockchain technology, and Bitcoin and Ethereum, which are two popular digital currencies.

According to the official conference website, the organization is no longer accepting cryptocurrency as a payment method due to "network congestion", and "manual processing".

Levin also mentioned that his team is finding a way to integrate other cryptocurrencies with low fees like Bitcoin Cash into the system, but as ticket booking platforms like Eventbrite do not accept cryptocurrencies yet, it will be hard to do so. Called "Bitcoin as Money", the paper predicts that Bitcoin will climb higher this year, improving on its record performance in 2017. And Microsoft temporarily suspended payments on its online store because it is "unstable" earlier in January, though it restored the option this week.

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