A Bitcoin conference has stopped taking the cryptocurrency as payment for tickets because of skyrocketing transaction fees and long processing time.
“Due to network congestion and manual processing, we have closed ticket payments using cryptocurrencies,” a note read on their website.
The North American Bitcoin Conference is due to kick off in Miami next week, but anyone hoping to spend their Bitcoin on tickets, costing $1,000 (£738) each, will have to purchase one using traditional credit cards or PayPal.
Bitcoin, the first cryptocurrency, has been suffering from soaring settlement times and transaction fees. There is suggestion that the popularity of coin rivals like Ripple, along with South Korea and China’s ongoing crackdown on anonymous trading may be to blame for its recent swings in which see it regularly fluctuate by thousands of dollars across 24 hours.
Analysts have long claimed that a cryptocurrency cannot become an investment until it is established as a legitimate means to pay for things. The Miami conference’s embarrassing U-turn suggests there is truth in their predictions.