Something strange is going on. Enterprises not linked with the cryptocurrency world are starting to accept cryptocurrency payments. But… how is it possible that the North American Bitcoin Conference (NABC) stopped accepting them? According to the official website of the event, ticket payments with cryptocurrencies are closed due to network congestion.
Cryptocurrencies Not Accepted
We all know that fees have been increasing and that transaction times are taking more than before. Bitcoin is presenting this problem since some months. More people using cryptocurrencies, more congested the networks and less effective the use of cryptocurrencies. But, how can the North American Bitcoin Conference not accept Bitcoin payments?
The official site reads as follows:
“Bitcoin is making waves in both the media and financial world. With government regulators and online retailers finally recognizing the power of Bitcoin, this virtual currency is set to change the way we handle money.”
It seems that the NABC has not recognized the power of Bitcoin. These conferences aim to spread the different uses of cryptocurrencies and Initial Coin Offerings. Blockchain is a true disruptive technology that changes the way enterprises and other institutions are working. But the NABC has an answer to the fact that Bitcoin is not accepted as a means of payment so as to buy tickets.
“Due to network congestion and manual processing, we have closed tickets payments using cryptocurrencies,” reads an announcement of the NABC. “Hopefully, next year there will be more unity n the community about scaling and global adoption becomes reality.”
How to Scale the Bitcoin Network?
During 2017, Bitcoin faced different hard forks that aimed to scale the network with on-chain changes. For example, Bitcoin Cash’s intention was to upgrade the block size up to 8 MB. Allowing more transactions to be processed per block. That translates into cheaper fees and faster transaction times.
SwgWit2X was another hard fork proposed for Bitcoin. With the idea of scaling the network, they proposed 2 MB blocks and the implementation of Segregated Witness. This would also allow the blockchain to scale, in a different way than Bitcoin Cash proposed. This hard fork didn’t have the necessary support and didn’t occur.
What these two options have in common is that with a massive inflow of individuals and enterprises using the network, these solutions become obsolete. Bitcoin and its developer team are searching off-chain scaling solutions. The Lightning Network is one of these solutions. About the Lightning Network and Atomic Swaps, we have written at CoinStaker.
These developments would allow the network to easily scale and avoid the necessity of further hard forks because of this reason. It would be nice to see next year’s North American Bitcoin Conference accepting Bitcoin and other cryptocurrencies complementing it.
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