Major payments firm to stop accepting bitcoin

25 January, 2018, 01:12 | Author: Darnell Patrick
  • Bitcoin dropped by earliest major payment supporter

"Bitcoin itself may become viable for payments again in the future", Stripe said. "And, of course, there'll be more ideas and technologies in the years ahead", he added. The company's CEO Patrick Collison told Recode that Stripe would become the first major payments platform to accept bitcoin, in part, because of its universality.

G-BiT said today they will be supporting Bitcoin as well as other currencies suggesting that it is all a question of the volatility and how to manage that volatility, G-BiT have no issue with locking in, hedging and processing.

"Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies", said Karlo. A regular bitcoin transaction typically costs $10 or more in expenses, Karlo said, which is comparable to a bank wire. Going forward, Stripe will no longer accept bitcoin as a payment method.

"Damningly, he says: "...we've seen the desire from our customers to accept Bitcoin decrease.

The value of bitcoin also is unstable, making it less useful as a medium of exchange.

But it seems to me that Stripe is merely being realistic and embracing the ideals of decentralized currency that bitcoin has advanced, though which it failed to attain. "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", he added.

Despite the fact that Stripe is dropping support for bitcoin, the company is still extremely bullish on cryptocurrencies in general. And, Karlo writes, Stripe may support Stellar, in which the company has a stake.

The company - which operates in 25 countries, including Australia - said it would "stop processing Bitcoin transactions on April 23" this year. Gaming platform Steam announced previous year that they would stop taking payments in Bitcoin due to the high transaction fees involved.

Stripe said it will still remain open about Bitcoin: we will still keen monitoring what's happening.

However, it said its decision to end support for Bitcoin payments did not mean it was giving up on cryptocurrencies all together, and sees "OmiseGO an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects". We may also think of steller if its use continues to grow while Bitcoin Cash and light coin would also be highly considered.

On Tuesday, however, product manager Tom Karlo announced that the company will be winding down support for bitcoin payments.



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