Categories: Bitcoin Business

PayFast Removes Bitcoin Payments due to Inherent Technical Flaws and Shortcomings

Click here to view original web page at

These are very interesting times for Bitcoin, which evidently remains the world’s leading cryptocurrency. Despite a price revival of some sorts, it now appears yet another service provider is ending BTC support altogether. South Africa’s PayFast is the latest company to do so, as they experience major problems with Bitcoin’s inherent design.

Transaction Fees and Confirmation Times

Two of the biggest hurdles associated with using Bitcoin as a payment method is how the currency is expensive and slow to send and receive. More specifically, the Bitcoin network requires a fixed number of network transactions before the money transfer is effectively irreversible. Waiting for those confirmations can take anywhere from one to several hours, which make sit unsuitable in this modern day and age. Time is money, even more so in 2019 than ever before.

Combined with the rather high costs for sending Bitcoin around the world, it is rather evident this currency has its own set of limitations which users need to contend with. For PayFast, this creates a fair few problems along the line, primarily because the world’s leading cryptocurrency doesn’t like up to the company’s name by any means. While the company tried to mitigate these issues along the way, there is no viable long-term solution to warrant the use of this cryptocurrency in this day and age.

Multiple Fees per Payment

One peculiar issue affecting PayFast users is how they had to deal with multiple fees to send a BTC transaction. This is due to the company’s payment processor allowing up to 10 minutes for a transaction to be completed. If the network confirmation occurred outside of this window, users would have to resend the payment minus the original transaction fee. In a lot of cases, this forced users to try multiple times, costing them money every single time.

As this situation progressed, the PayFast team noted more and more Bitcoin transactions continued to fail. As such, the decision to remove the world’s leading cryptocurrency from the platform is the only logical decision. It was an unworkable situation from the get-go, which eventually escalated and forced the company to make a tough decision. It is not unlikely that other companies will go through similar motions in the future as Bitcoin’s inherent flaws have yet to be properly addressed.

Not Shutting the Door Permanently

It is rather interesting to note how PayFast is ending Bitcoin support in a few days, but it doesn’t have to be a permanent situation. If the Bitcoin Core developers somehow manage to fix these core problems first and foremost, there is a chance the world’s leading cryptocurrency could make a return to this platform. For the time being, it seems unlikely that something like this will happen in the near future.

Another interesting note is how PayFast seemingly has zero interest in exploring the Lightning Network. Although this solution allows for faster and cheaper Bitcoin transfers, it is evident the technology might not hold up too well under high pressure. Moreover, it is not necessarily as convenient to set up an LN node as one would expect, thus it is normal that a lot of companies will not even bother trying.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.



Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Should You Use MST Gift Cards at US Casinos?

US-facing online casinos don’t exactly feature a robust selection of deposit methods. Most gaming sites only offer a couple of… Read More

26 mins ago

Bitcoin {BTC} the reigning asset: Why Gold Barons and Value Investors constantly shun the king coin

Warren Buffett is a popular investor who was once one of the richest men in the world. He has claimed… Read More

26 mins ago

Bitcoin’s Bull Run Could Be Just Getting Started—Here’s Why

Bitcoin has soared so far this year, with the bitcoin price rising more than 200% since the beginning of the… Read More

27 mins ago

Late Hal Finney Predicted $10 Million Per BTC After Satoshi Release

Although some Bitcoin critics will spite anyone who believes that the cryptocurrency will be worth more than 1000× its current… Read More

6 hours ago

Bitcoin {BTC} adoption: chief as well as U.K. Central Bank leader are optimistic about virtual currencies

Bitcoin is placed right at the top of the market, with the BTC dominance rate currently at 68.7%. The trading… Read More

6 hours ago

Top Pro Athletes Like Messi Would Make a Killing in Bitcoin Earnings

According to Messari research, Lionel Messi's take-home pay would be "12,700 $BTC" annually. Cristiano Ronaldo's would be 10,000 bitcoins. |… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More