The North American Bitcoin Conference, which will be held next week in Miami, has stopped accepting Bitcoin payments for last minute ticket sales, CNBC has reported.
The organisers of the conference attributed their decision to network congestion and manual processing.
"We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event," the conference organisers, Keynote Events, wrote on the event’s website. "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."
Keynote Events’ Moe Levin earlier told industry website Bitcoin.com that his company was working on integrating Bitcoin Cash (BCH) or other digital currencies with lower transaction fees into their ticketing system.
“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 said, as quoted by Bitcoin.com.
Slower transaction speeds and higher fees have prompted some merchants to reconsider their positions on accepting Bitcoin as a payment method. Last month, US video game developer Valve Corp announced that it would no longer accept Bitcoin payments on its video game distribution platform Steam. US tech giant Microsoft made a similar move last week, temporarily suspending Bitcoin transactions on its online store due to the “unstable” state of the cryptocurrency. However, the Windows maker later announced that the payments had been restored.
In today’s trading, the Bitcoin price stood at $13,858.10, as of 09:35 GMT. The original cryptocurrency has lost 0.7% in the past 24 hours, according to data from Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.