While many expected bitcoin to replace the use of credit cards and replace the banking system in 2013, the cryptocurrency has faced challenges as a payment system since it has not been able to safely accommodate its growth, according to Nasdaq.
Bitcoin is currently dealing with some issues as a payments platform, mainly because the system is experiencing growth at a rate faster than it can safely scale.
Stephen Pair, a co-founder of BitPay, said customer service inquiries have increased due to transaction confirmation delays. BitPay has also witnessed higher transaction fees for its own transactions, causing the company to stop covering bitcoin network fees on invoice payments.
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