Bitcoin is the word on everybody’s lips but whenever anybody does talk about it it also comes along with the warning that it’s a bubble and it’s going to burst soon and you might lose everything. Who knows if that’s going to happen but stories like this aren’t looking good for the people who reckon that Bitcoin technology is actually going to change the world because it basically makes everyone involved with it look like an idiot.
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As Bitcoin is such a hot topic right now, some investors decided to set up a conference in Miami (probably with all the money they made off Bitcoin). Tickets were priced at a cool $1000 and you would probably expect that you would be able to pay for this in Bitcoin, only guess what? You would be wrong.
Whislt you were originally, because of delays in the block chain in processing payments and the fees associated with this, the conference had to refuse Bitcoin payments for the final two weeks tickets were on sale. Embarrassing. They recommended paying either in regular digital currency – even though they’re championing a way to rid the world of that format of payment – or another crypto currency – even though they’re championing Bitcoin by throwing a conference for it. Fantastic.
Here’s what the official statement from conference organiser Moe Levin said:
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 will always accept crypto currencies. Up until fourteen days before the event, we accepted cryptocurrencies and manually processed all transactions which became labour intensive.
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.
Ticket service providers like Eventbrite or others do not have crypto integrations yet. I think within a year companies like Coinpayments, and other payment providers will have better tools, and we will instantly integrate.
I mean yeah, hopefully next year it will be able to work. Or Bitcoin could be worth little more than a penny. Which one are you going to bet on?
For more Bitcoin, check out the co-founder of Bitcoin selling all his Bitcoins. Not a good sign either.