Stripe Draws a Line Through Bitcoin

Stripe Draws a Line Through Bitcoin

Stripe Draws a Line Through Bitcoin

For such a nimble, fast-moving, player that is becoming a stalwart of the digital payments scene, Stripe's decision may set off alarm bells across the cryptocurrency world.

Over the course of 2017, its price surged from under $1,000 to more than $19,000 at one point.

Stripe, one of the leading global payment processing services, has chose to drop Bitcoin support and will stop processing Bitcoin payments by end of April 2018.

Mobile payment processor Stripe has announced it will be dropping its support for bitcoin in April. This, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. Meanwhile, fees have increased to the extent that the average Bitcoin transaction costs about $10 United States dollars, roughly the same amount as a bank wire. Going forward, Stripe will no longer accept bitcoin as a payment method. The company's management stated that in the next three months it would encourage its customers to move away from Bitcoin payments and after that it would not accept Bitcoin payments any longer.

Thiel said as much in his Reddit "Ask Me Anything" session in 2014, when he pointed out that bitcoin may be a new currency, but it's lacking as a payment mechanism.

"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", Stripe product manager Tom Karlo wrote in a company blog post.

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Stripe, meanwhile, said it remained optimistic about cryptocurrencies overall and that it would likely enable support for them in the future.

"Because retailers have very narrow margins and when you have a bitcoin bouncing up and down by 15 percent over a couple weeks' period, that can be the difference between profits and losing money on every sale", Schulman was quoted as saying.

Stripe said it was to start winding down support for bitcoin payments from now with a view to stop processing such transactions by April 23rd.

Experts say that the violent swings make bitcoin less useful as a currency and more of a vehicle for speculators to bet on its future value.

Carlo added: "We're interested in what's happening with lightning and other proposals to enable faster payments, more broadly, ethereum continues to spawn many high-potential projects". At the time, Patrick Collison said: "We acknowledge that bitcoin is important today ... it may or may not be important in five years".

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