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Bitcoin Spurned By Stripe

25 January, 2018, 01:16 | Author: Samuel Sharp
  • Bitcoin Spurned By Stripe

Now already apart from the fact that Stripe in itself won't be taking Bitcoin payments, this is an indication of the perception that businesses on Stripe have on Bitcoin too. Bitcoin comes closer in some ways to realizing that goal, yet one of the technology sector's most ambitious startups says the cryptoasset still has serious shortcomings. It began accepting Bitcoin transactions in March 2014, the first major payments company to do so.

It added support for the digital currency so that merchants who use Stripe could accept bitcoin for payments.

So far bitcoin is turning out to be more like digital gold than a currency for small or frequent payments. "By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it's for the "wrong" amount", Karlo points out.

Fees to process a regular bitcoin transaction can be "tens of US dollars", making payments as expensive as bank wires. Combined, he said that all these issues had led bitcoin users to view the virtual currency as an "asset" to be traded, rather than something to make payments with.

Bitcoin Spurned By Stripe
Bitcoin Spurned By Stripe

He said: "Because of this, we've seen the desire from our customers to accept bitcoin decrease". In the same blog post, the company expressed support for the likes of OmiseGO and Ethereum, while also said it was interested in bitcoin's Lightning upgrade. He said he would be "more bullish" when the payment volume increases. But according to Stripe, it just isn't important as a currency.

"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", the company said in a statement. Additionally, a drop in client demand for a Bitcoin payment option led to the company's decision.

While an early supporter of Bitcoin, Stripe is now having second thoughts. And of the businesses that are accepting Bitcoin on Stripe, we've seen their revenues from Bitcoin decline substantially. The company will stop working with bitcoin from April 23.

It added that it remains optimistic about cryptocurrencies and would continue to add support for them in the future. We may also think of steller if its use continues to grow while Bitcoin Cash and light coin would also be highly considered. And in October, Vietnam banned cryptocurrency payments, with the State Bank of Vietnam declaring that Bitcoin was not a legal payment method from the start of this year.


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