Is Bitcoin Dying As A Payment Option?

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Authored by Darryn Pollock via CoinTelegraph.com,

About six months ago the news was littered with companies that were looking to integrate Bitcoin as a payment system. However, in the fast-paced cryptocurrency ecosystem, things have changed dramatically.

Now, there is a host of companies either turning away from Bitcoin or doing a full U-turn. Microsoft recently announced that after almost three years it would stop accepting Bitcoin. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”

Steam, the gaming platform, also canceled its use of Bitcoin as a payment system in early December last year. Their reasons resonated with the general consensus, citing high fees and incredible volatility as the main issues.

It is not only those outside of the crypto market though; The North American Bitcoin Conference set to be held in Miami next week, is no longer taking Bitcoin for last-minute tickets.

Slow and expensive

It has been a bone of contention with Bitcoin since its fees started averaging about $2, now with transactions costing upwards of $20, people have started looking at Bitcoin as something other than a digital currency.

The North American Bitcoin Conference said on its website that network congestion and manual processing influenced the decision to stop accepting payments in cryptocurrencies.

“We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event,” the organizers wrote.

“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.”

Digital Gold

It would seem that it is possible to link Bitcoin’s change in categorization back to when SegWit2x failed to launch and thus sent Bitcoin on a monster rally that saw it end the year 13 times stronger than when it started.

Bitcoin was having problems defining itself as a digital currency, or as digital gold, and due to the nature of the cryptocurrency, it was defined democratically as SegWit2x was not taken up – for a number of reasons.

It was thought that SegWit2x would help lower costs and speed up the network; however, Bitcoin’s value as a store of value would probably take a hit.

And, with interest in Bitcoin being driven by …read more

Source:: Zerohedge.com

      

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