By
Chimamanda U. Martha
April 25th, 2024
Bitcoin conference has refused to accept cryptocurrency payments for last-minute tickets criticizing currencies’ major weak points.
The things move ahead as the year unfolds and Bitcoin recent performance has been on a quite long losing streak. Since Christmas’ rollercoaster Bitcoin hasn’t got its price levered still exhibiting market volatility. Additionally, now a lot of users are facing delays and high transactions’ costs, which puts token’s function as means of payment under question.
From the very beginning Bitcoin ecosystem, backed with blockchain technology, has listed its aspiring potential to streamline international transactions without overheads among TOP 5 advances it brings to the surface. However, nowadays it seems to be more frequently used for mining and value storage.
Crypto community gets more vocal and sharp in Bitcoin critics as the result of the announcement made by The North American Bitcoin conference, which is held in Miami next week.
The major Bitcoin conference has frozen Bitcoin payments for the last-minute conference tickets due to skyrocketed fees and network congestion associated with the cryptocurrency.
The price of the mentioned ticket is $1.000, which equals to 0.073 BTC at the press time, according to the CoinMarketCap Index. As per the industry site BitInfoCharts.com, the average bitcoin transaction fee is currently estimated to amount $30. Meanwhile, data from Blockchain.info reveals that, at the time of publishing, it takes an average of 51 minutes to confirm a Bitcoin transaction.
The full explanations of Bitcoin conference that have been posted on ticketing page stated:
“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.”
Indeed, there are tough times for Bitcoin as the future of cryptocurrencies’ King is being undermined by not only public scrutiny, but also by a lack of users’ support. Apart from that, the currency is currently being targeted by the hassle of legal procedures on the East, as, following China, South Korea is prepping up a bill to bring a total ban on cryptocurrency trading in the country. “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” – country’s Justice Minister Park Sang-ki said.
Given such circumstances, whether Bitcoin will manage to come out dry and gain the oldtime pace remains to be seen. We believe that there is some place for hope.
Currently, according to the data provided by CoinMarketCap.Com, Bitcoin’s capitalization makes $229B with the token traded on the highest price of $13 637.90 per unit.