In an unfortunate turn of events, PayFast, the first-ever online payment gateway accepting Bitcoin (BTC) in South Africa, called time on BTC payments citing fundamental technical issues in the blockchain and a hitch in user-friendliness.
PayFast set to stop Bitcoin (BTC) payment channel on July 20th 2019.
High transaction fees and slow confirmation times reasons for the halt.
Merchants asked to remove any logos and references to Bitcoin.
“Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers. We’ve tried various ways to mitigate these problems, but unfortunately, these issues are fundamental.” – PayFast Statement