Thursday, 24 May, 2018

Stripe bails on bitcoin as the currency's drawbacks pile up

Crypto-Coin Stellar Spikes 20% on Stripe Support Stripe bails on bitcoin as the currency's drawbacks pile up
| 25 January, 2018, 01:10

He added, "It may or may not be important in five years". 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.

It said revenues from bitcoin had declined substantially recently as customers were less inclined to accept payments in the popular cryptocurrency due to huge swings in prices that made it more time consuming and expensive to process transactions.

Karlo said the payments processor is "very optimistic" about the market as a whole and has already identified other virtual currencies that it could potentially support in the future.

As Bitcoin has gained success, transaction confirmation times have risen substantially, which in turn has led to an increase in transation failure rates, as by the time the transaction is confirmed, fluctuations in Bitcoin prices mean that it's for the "wrong" amount. The fees associated with Bitcoin transactions have risen too and now challenge those usurious bank wire fees. Stripe is a mobile payments company and they have said that the reason they are ending support for the cryptocurrency is because it is now more of an asset than a method of making payments.

Stripe was one of the first payments companies to throw its weight behind bitcoin, introducing transactions in the virtual currency in early 2015. The bitcoin network has become a lot more widely used, and with popularity comes congestion and high fees. But according to Stripe, it's just not important as a currency.


In a blog post, the company wrote that slow transaction times and hefty fees mean that bitcoin isn't very useful for its customers. "Bitcoin has evolved to become better-suited to being an asset than being a means of exchange", Stripe wrote.

Karlo said Stripe will wind down Bitcoin support over the next three months, with plans to officially end Bitcoin transaction processing on April 23.

Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet. At the time, Patrick Collison said: "We acknowledge that bitcoin is important today ... it may or may not be important in five years". "OmiseGO is an ambitious and clever proposal; more broadly, ethereum continues to spawn many high-potential projects".

"We may add support for stellar (to which we provided seed funding) if substantive use continues to grow".

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