US-based payment processor Stripe, which helps more than 100,000 businesses do financial transactions online, has announced plans to scrap support for Bitcoin payments from April. Customers pay a fee to Stripe each time it processes stripe bitcoin news cryptocurrency payment. Product manager Tom Karlo announced in the latest blog post that cryptocurrency has become way less useful as a method of payment.
Stripe, referring to a large increases in transaction confirmation times, transaction failure rates — all of which have made bitcoin less functional for payments. Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions. Build and scale your recurring business model. 5 0 1 1 0-17 8.
5 0 0 1 0 17zM6. 684 0 0 0 0 . 5 0 0 1 0 17zm. At Stripe, we’ve long been excited about the possibilities of cryptocurrencies and the experimentation and innovation that’s come with them. In 2014, we became the first major payments company to support Bitcoin payments. Our hope was that Bitcoin could become a universal, decentralized substrate for online transactions and help our customers enable buyers in places that had less credit card penetration or use cases where credit card fees were prohibitive. Over the past year or two, as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange.
Given the overall success that the Bitcoin community has achieved, it’s hard to quibble with the decisions that have been made along the way. And we’re certainly happy to see any novel, ambitious project do so well. This has led to Bitcoin becoming less useful for payments, however. Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.
Therefore, starting today, we are winding down support for Bitcoin payments. Over the next three months we will work with affected Stripe users to ensure a smooth transition before we stop processing Bitcoin transactions on April 23, 2018. Despite this, we remain very optimistic about cryptocurrencies overall. There are a lot of efforts that we view as promising and that we can certainly imagine enabling support for in the future. We’re interested in what’s happening with Lightning and other proposals to enable faster payments.
So, we will continue to pay close attention to the ecosystem and to look for opportunities to help our customers by adding support for cryptocurrencies and new distributed protocols in the future. Stripe will no longer supporting bitcoin payments by April this year, the company announced today. Stripe said that customers aren’t using bitcoin as a method of payment as often anymore. The company plans to slowly end support with the cutoff point being April 23rd. It’s a total reversal of the company’s position four years ago, when it announced it would become the first payment platform to accept bitcoin, citing bitcoin’s potential to be bought by anyone. High transaction fees and volatile prices have made bitcoin a difficult and unreliable method of payment, especially within the last year. Bitcoin has evolved to become better-suited to being an asset than being a means of exchange.