Imagine that you are promoting a product everywhere, but when it comes to your own personal use, you prefer your competitor's product. This exact thing is happening with the North American Bitcoin Conference (TNABC).
Discover credible partners and premium clients at China’s leading finance event!
TNABC, which is scheduled for January 18-19 and is to be hosted in downtown Miami, is no longer accepting Payments in Bitcoin for selling last minute tickets for the event, which are priced at $1000, citing “network congestion and manual processing” issues.
The ticketing page of the event explains: “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.”
“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,” it continues.
Bitcoin's slow network and rising transaction fees are becoming a roadblock for mass acceptance of the coin. Currently, the average transaction cost of the coin is around $30 - simply too much for any transaction below hundreds of dollars or more. At the end of December, this fee even went above $55, which was insane.
Also, as the network can only handle only around 7 transactions per second, long queues often form, which leads to network congestion.
Explaining this, TNABC organizer Moe Levin told Bitcoin.com: “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.”
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.
This is not the first time that a platform is dropping the original digital coin as a payment option. Earlier in December, the online gaming website Steam dropped the Bitcoin payment option due to the coin’s volatility and high fees. Tech giant Microsoft, which has accepted Bitcoin payments since 2014, also recently dropped the crypto payment option for a brief period.
Imagine that you are promoting a product everywhere, but when it comes to your own personal use, you prefer your competitor's product. This exact thing is happening with the North American Bitcoin Conference (TNABC).
Discover credible partners and premium clients at China’s leading finance event!
TNABC, which is scheduled for January 18-19 and is to be hosted in downtown Miami, is no longer accepting Payments in Bitcoin for selling last minute tickets for the event, which are priced at $1000, citing “network congestion and manual processing” issues.
The ticketing page of the event explains: “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.”
“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,” it continues.
Bitcoin's slow network and rising transaction fees are becoming a roadblock for mass acceptance of the coin. Currently, the average transaction cost of the coin is around $30 - simply too much for any transaction below hundreds of dollars or more. At the end of December, this fee even went above $55, which was insane.
Also, as the network can only handle only around 7 transactions per second, long queues often form, which leads to network congestion.
Explaining this, TNABC organizer Moe Levin told Bitcoin.com: “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.”
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.
This is not the first time that a platform is dropping the original digital coin as a payment option. Earlier in December, the online gaming website Steam dropped the Bitcoin payment option due to the coin’s volatility and high fees. Tech giant Microsoft, which has accepted Bitcoin payments since 2014, also recently dropped the crypto payment option for a brief period.
FAQs
In its current form, Bitcoin presents three challenges to government authority: it cannot be regulated, criminals use it, and it can help citizens circumvent capital controls.
Why does US government hold Bitcoin? ›
Trump's only addendum to the government's current policies is to prevent the digital asset from being sold, and instead to hold it in what he deemed a “Bitcoin stockpile” – a nod to other caches the US maintains, such as the Strategic Petroleum Reserve and Strategic National Stockpile of medical goods, to shield itself ...
Why would a company not want to accept bitcoins from its customers? ›
Exchange risk-Just like any currency bitcoin can fluctuate in price and with much more volatility than most major currencies. Unless a business's suppliers are also going to conduct business in bitcoin, accepting payment in bitcoin will require conversion to a native currency.
When was the Bitcoin conference? ›
BTC Inc., the leading provider of Bitcoin-related news and events, is excited to announce that after this year's successful Bitcoin 2024 event, which brought over 22 thousand attendees to Nashville, The Bitcoin Conference, the world's largest and most prestigious gathering of the Bitcoin industry, will take place in ...
What is the biggest problem with Bitcoin? ›
Bitcoins Are Not Widely Accepted
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users' transactions can be tracked.
Can the government shut down Bitcoin? ›
Just as Bitcoin has never been successfully 51% attacked, it has also never been shut down, even for a short amount of time. As Bitcoin is decentralised, the network as such cannot be shut down by one government.
How much does the US government own of Bitcoin? ›
F rom the increasingly ferocious federal crackdown on the cryptocurrency business, it might appear the U.S. government cannot stand digital currencies. Yet there is a love-hate dynamic: the Treasury is sitting on a stash of 207,189 bitcoin, worth $5 billion, by far the largest such state-owned hoard.
Does the US government tax Bitcoin? ›
The IRS generally treats gains on cryptocurrency the same way it treats any kind of capital gain. That is, you'll pay ordinary tax rates on short-term capital gains (up to 37 percent in 2023 and 2024, depending on your income) for assets held less than a year.
Does the US recognize Bitcoin? ›
Despite its use for buying goods and services, there are still no uniform international laws that regulate Bitcoin. Many developed countries allow Bitcoin to be used, such as the U.S., Canada, and the U.K. In several countries, including China and Saudi Arabia, it is illegal to use Bitcoin.
Do you have to pay Bitcoin to receive money? ›
There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending.
No risk of chargebacks or disputes: Bitcoin works similar to cash in the sense that all payment is final. This means, as a merchant, you will not have to worry about paying steep chargeback fees (usually $25 per chargeback) or dealing with payment disputes.
Which company has said they will no longer accept Bitcoin as payment? ›
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has "suspended vehicle purchases using bitcoin," out of concern over "rapidly increasing use of fossil fuels for bitcoin mining." The price of bitcoin dropped about 5% in the first minutes after Musk's announcement.
When did bitcoin go crazy? ›
2017: The bitcoin bubble inflates
After three years of relative calm, bitcoin truly hit the mainstream in 2017, a year which saw the cryptocurrency increase in value from around $1,000 per coin to almost $20,000 per coin in a matter of months.
Where is the next bitcoin conference? ›
The upcoming edition on April 17th, 2024, in Dubai, U.A.E promises to be especially significant as it coincides with the Bitcoin halving, creating an atmosphere of anticipation for groundbreaking developments in the crypto space.
What is the oldest bitcoin trading platform? ›
Bitstamp is a European cryptocurrency exchange founded in 2011. It is the world's longest-running cryptocurrency exchange.
Why is Bitcoin not mainstream? ›
The globally scarce energy and chips are the resources needed to produce Bitcoin. Over-consumption of these resources would lead to serious inflation, increasing production costs. Hence, Bitcoin cannot become more widespread due to its high production cost model.
Why don't more people use Bitcoin? ›
Another challenge is the volatility of Bitcoin's value. Because it is not backed by any physical asset, its value can fluctuate rapidly, making it a risky investment for some. However, many experts believe that as more people begin to use Bitcoin and its infrastructure improves, its value will become more stable.
Will Bitcoin ever be accepted? ›
Between the volatility ofbitcoin pricesand the high fees required to trade coins between parties, it's not economically feasible to use it as money given current circ*mstances. For these reasons, crypto skeptics say bitcoin won't ever become a fiat currency like the USD.
Why are cryptocurrencies not widely accepted? ›
Volatility: Cryptocurrencies are known for their high volatility, with prices often fluctuating rapidly and unpredictably. This makes them less attractive as a means of payment, as the value of a cryptocurrency can change significantly within a short period.
