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Is Bitcoin dying as a payment option?

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

Now, there are a host of businesses that are turning away from Bitcoin or making a full U-turn. Microsoft recently announced that after nearly three years, it would stop accepting Bitcoin. However, he reserved this position after taking his own steps to: "ensure that lower amounts of Bitcoin would be redeemable by customers."

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

However, it is not only those who are outside the crypto-market; The North American Bitcoin Conference to be held in Miami next week, no longer takes 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 deals costing over $ 20, people have started to look at Bitcoin other than as a digital currency.

The North American Bitcoin conference said on its website influenced the decision to stop accepting payments in cryptocurrencies.

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"We have, and always, accept cryptocurrencies for our conferences, up to fourteen days before the event," wrote the organizers. "However, due to manual data entry into our cryptocurrency ticketing platforms, we have decided to close Bitcoin payments for last-minute sales due to the delay in printing."

Digital Gold

It seems that it is possible to link Bitcoin's categorization change to when SegWit2x failed to launch and therefore sent Bitcoin to a monster rally that Saw the year end 13 times stronger than when it started.

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Bitcoin was having problems defining itself as a digital currency, or as digital gold, and because of the nature of cryptocurrency, it was defined democratically as SegWit2x n & # 39 was not resumed – for a number of reasons

SegWit2x would reduce costs and speed up the network; however, the value of Bitcoin as a store of value would probably take a hit.

And, with the interest that Bitcoin be driven by the widespread acceptance of digital currency to be an asset that has grown exponentially, it seemed like the community was eager to see it to move to be so-called digital gold.

Not Permanent

The very fluid nature of Bitcoin's evolution means that it could still become a very useful and viable currency if the community decides. The last change that could be on the cards is the Lightning Network which would help tremendously with the Bitcoin Scale problem.

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The Lightning Network would implement a smart contract script in the Bitcoin network that would open private peer-to-peer payment channels. and all the other peers they deal with. In addition to all the private payment channels they belong to, each of the peers would have an open channel to the Bitcoin Blockchain.