Bitcoin Forum
August 22, 2019, 03:59:27 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Miami Bitcoin Conference Stops Accepting Bitcoin Due to Fees and Congestion  (Read 41 times)
Hydrogen
Hero Member
*****
Offline Offline

Activity: 1176
Merit: 716



View Profile
January 10, 2018, 11:31:16 PM
 #1

Quote
Next week the popular cryptocurrency event, The North American Bitcoin Conference (TNABC) will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announced they have stopped accepting bitcoin payments for conference tickets due to network fees and congestion.

Bitcoin settlement times, and the fee market associated with transactions, have become a hot topic these days as on-chain fees have risen to $30-60 per transaction. These issues have made it extremely difficult for businesses to operate, and many merchants have stopped accepting bitcoin for services and goods altogether. Just recently the tech giant Microsoft announced temporarily removing the “redeem bitcoin” button from the account services payment option. Now this week, due to the same related issues with the Bitcoin network, TNABC organizers have ceased accepting bitcoin payments for tickets. 

“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,” explains the TNABC ticketing page.

Bitcoin Blockchain Settlement Fees Exceed $30 USD At Certain Times of the Day

Earlier this morning news.Bitcoin.com spoke with the Keynote Events-TNABC organizer, Moe Levin about the recent announcement concerning ticket purchases. Levin tells us in a conference call that his firm is “scrambling” to get bitcoin cash or a digital asset with cheaper fees integrated into the ticketing system. 

“We have and will always accept cryptocurrencies,” Levin tells us. “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.

Getting ticket service operators to integrate alternative cryptocurrencies is a difficult task for an event that’s taking place in two weeks. Keynote Events is trying its hardest to get another digital asset accepted for tickets and its hopeful businesses in the crypto-space can help issues like this in the future.

“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,” Levin tells news.Bitcoin.com.

There have also been a couple initial coin offerings in the last couple months that have tried to tackle ticketing and crypto, and we are optimistic that these will yield good results.

What do you think about TNABC in Miami not being able to offer tickets to the cryptocurrency-centric conference for bitcoin? Let us know what you think about this issue in the comments below.

https://news.bitcoin.com/miami-bitcoin-conference-stops-accepting-bitcoin-due-to-fees-and-congestion/

....

I love bitcoin. But even I have to admit, this is funny.   Cheesy Cheesy Cheesy

Is the bitcoin transfer fee issue exaggerated? I vaguely remember sending btc weeks ago with substantially lower than $30 fees, and having my funds transferred in a reasonable amount of time.

With higher fees receiving priority for processing, the system may be geared towards a vicious cycle where ever higher fees become the norm. Perhaps it might be possible to coordinate on some level and send transfer fees lower than norms in an attempt to bring fees down? Wallets don't help by recommending transfer fees higher than necessary, which could exacerbate the problem.

I haven't seen much discussion or debate on this topic. How might we fix it? What's the best approach to take?

What are everyone's thoughts on this?

1566446367
Hero Member
*
Offline Offline

Posts: 1566446367

View Profile Personal Message (Offline)

Ignore
1566446367
Reply with quote  #2

1566446367
Report to moderator
1566446367
Hero Member
*
Offline Offline

Posts: 1566446367

View Profile Personal Message (Offline)

Ignore
1566446367
Reply with quote  #2

1566446367
Report to moderator
1566446367
Hero Member
*
Offline Offline

Posts: 1566446367

View Profile Personal Message (Offline)

Ignore
1566446367
Reply with quote  #2

1566446367
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1566446367
Hero Member
*
Offline Offline

Posts: 1566446367

View Profile Personal Message (Offline)

Ignore
1566446367
Reply with quote  #2

1566446367
Report to moderator
uncleduckerr
Full Member
***
Offline Offline

Activity: 206
Merit: 100



View Profile
January 11, 2018, 12:26:50 AM
 #2

It is funny you bring this article to light because I was thinking the same thing like if we continue to pay higher and higher only the people with the most BTC will be able to send transactions on the network Cheesy. And that is a scary notion because it certainly doesn't give everybody a fair shake at the system. Do you even think it would be possible to get a big % of people with BTC to try and lower their fees on purpose as a coordinated effort? We could attempt it but I would feel like we would fail miserably Cheesy.

vv181
Sr. Member
****
Offline Offline

Activity: 924
Merit: 336


Africans on forum, check my profile website


View Profile WWW
January 11, 2018, 12:57:26 AM
 #3

Steam, Microsoft, Bitcoin conference, what else?. It's no longer accepting Bitcoin. It's crazy if this madness does not come to the end, Lack of the adaptability of the Segwit is one of the problems. Many exchanges and the user didn't migrate to the Segwit because of the transaction still cheap back then. Many people now expecting the lightning network to be implemented soon while there is already a solution, a clear and proved solution which is Bitcoin Cash. I'm sure many people will disagree with that, but in this kind of problems, we must thing logically.



.
r

▄▄███████████▄▄
▄███████████████████▄
▄███████████████████████▄
▄██████████████████████████▄
▄██  ███████▌ ▐██████████████▄
▐██▌ ▐█▀  ▀█    ▐█▀   ▀██▀  ▀██▌
▐██  █▌ █▌ ██  ██▌ ██▌ █▌ █▌ ██▌
▐█▌ ▐█ ▐█ ▐█▌ ▐██  ▄▄▄██ ▐█ ▐██▌
▐█  ██▄  ▄██    █▄    ██▄  ▄███▌
▀████████████████████████████▀
▀██████████████████████████▀
▀███████████████████████▀
▀███████████████████▀
▀▀███████████▀▀
..


.
PLAY NOW
jseverson
Hero Member
*****
Offline Offline

Activity: 1050
Merit: 686


View Profile
January 11, 2018, 06:12:58 AM
 #4

It's funny because of the irony. It's a Bitcoin conference which won't accept Bitcoin lmao. But hey, at least they stopped accepting cryptos in general. It would look much worse if a Bitcoin conference spurned Bitcoin for another crypto.

Quote
Is the bitcoin transfer fee issue exaggerated? I vaguely remember sending btc weeks ago with substantially lower than $30 fees, and having my funds transferred in a reasonable amount of time.

Well this is Bitcoin.com so it probably is. There's no way you'll have to pay $30 in fees for the price of a conference ticket anyway, so that's already misleading.

The problem lies within Bitcoin's scalability, and it's not going to go away permanently until that's addressed. What we can do is use Segwit, convince large exchanges to use Segwit, wait for the Lightning Network, and hope for the best.

Idrisu
Sr. Member
****
Offline Offline

Activity: 924
Merit: 260



View Profile
January 11, 2018, 06:43:26 AM
 #5

Mining fees is the major problem bitcoin is facing outside clampdown by south Korean governments and regulatory body. Microsoft has to work of there bitcoin deposit because of this and many gaming sites has also close bitcoin deposit. I think we may need to get more light in other for bitcoin mining fees to get reduced.
kaysersoze
Full Member
***
Offline Offline

Activity: 220
Merit: 100



View Profile
January 11, 2018, 07:28:57 AM
 #6

And that is fine, the fees are very high at the moment, there is a lot of people who can not afford the actual fees that we need to pay at the moment. That is why they need to start accepting other cryptos instead of bitcoin.

kevoh
Full Member
***
Offline Offline

Activity: 434
Merit: 110


View Profile
January 11, 2018, 07:35:55 AM
 #7


....
I love bitcoin. But even I have to admit, this is funny.   Cheesy Cheesy Cheesy

Is the bitcoin transfer fee issue exaggerated? I vaguely remember sending btc weeks ago with substantially lower than $30 fees, and having my funds transferred in a reasonable amount of time.

With higher fees receiving priority for processing, the system may be geared towards a vicious cycle where ever higher fees become the norm. Perhaps it might be possible to coordinate on some level and send transfer fees lower than norms in an attempt to bring fees down? Wallets don't help by recommending transfer fees higher than necessary, which could exacerbate the problem.

I haven't seen much discussion or debate on this topic. How might we fix it? What's the best approach to take?

What are everyone's thoughts on this?

I quite agree with your submission in bold fonts. If nothing is done the fees will keep on increasing to levels where only those who have huge amount of BTC can transact. I used to be excited (I am still hopeful)with Lighntning network as a possible solution when implemented but I am beginning to even get skeptical of lightning network if the cost of routing transactions through lightning network will not become hijacked later on.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!