Major payments firm to stop accepting bitcoin

Major payments firm to stop accepting bitcoin

Market watchers will recall these as much the same reasons why game marketplace Steam also pulled its support for Bitcoin back in December previous year. The move is slightly ironic because the processing site was the first major company to publicize cryptocurrency's benefits-it started accepting bitcoin payments back in 2014.

"Our hope was that Bitcoin could become a universal, decentralised substrate for online transactions and help our customers enable buyers in palces that had less credit card penetration or use cases where credit card fees were prohibitive", said Tom Karlo, product manager at Stripe, in the announcement that the firm would be ending support.

Mobile payment processor Stripe has announced it will be dropping its support for bitcoin in April. The median bitcoin transaction fee soared to a high of $34 in late December and remained above $10 until the last few days, according to bitinfocharts.

As a result, Stripe's customers have become less and less interested in accepting bitcoin payments.

The company also said it had not given up on "Bitcoin Cash, Litecoin, or another Bitcoin variant [finding] a way to achieve significant popularity while keeping settlement times and transaction fees very low". Maybe in Zimbabwe not so much considering that our use for Bitcoin is quite different from the rest of the world (store of value, remittances, worldwide payments etc.).

Stripe seemed to take care to paint the overall bitcoin project as a victim of its own success rather than imply that cryptocurrency is dead.

Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet. Gaming platform Steam announced a year ago that they would stop taking payments in Bitcoin due to the high transaction fees involved.

Other cryptocurrencies are on their radar, though. "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 discontinuing support for bitcoin, the company sees promise in proposals to speed up bitcoin transactions, such as the Bitcoin Lightning Network and OmiseGo for ethereum.

"Therefore, starting today, we are winding down support for bitcoin payments".

Interestingly, the post also included a note that it may add support for Stellar Lumens to its platform if its usage continues to increase.

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