Quick read
So this is a bad look. The North American Bitcoin Conference isn’t accepting bitcoin payments for tickets anymore. The conference takes place in Miami next week. The basic problem is processing bitcoin payments in time to issue tickets is such a pain in the neck that bitcoin can’t really be used for last-minute transactions. (CNBC)
Key facts
The conference organizer, Moe Levin, earlier told Bitcoin.com that his company was working to get bitcoin cash or other digital assets with cheaper fees integrated into the ticketing system. He told the news site: “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.” (CNBC)
Bottom line
Bitcoin’s high transaction fees combined with very slow payment-processing times makes it difficult for merchants to rely on it — especially when they’re facing a time or resource crunch. It’s one of the weaknesses of bitcoin. If cryptocurrencies are going to thrive in the future, these problems need to be solved.