Stripe is ending support for bitcoin payments on April 23

Stripe is ending support for bitcoin payments on April 23

Stripe is ending support for bitcoin payments on April 23

The move by Stripe was a blow to supporters of bitcoin as a means of transparent ecommerce transactions, but regulators were likely to still harbour concerns over bitcoin's use as payment in illegal activities. "And, of course, there'll be more ideas and technologies in the years ahead".

In 2014 Stripe became the first major company to support bitcoin payments.

This isn't a death knell for bitcoin, but it is a bad sign for the digital currency's viability in payments.

Bitcoin, whose value has jumped tenfold in the past 12 months and swings rapidly throughout the day, has become less useful as a payment method because transaction confirmation times have risen substantially, Stripe said. 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.

Carlo said that because of the lengthy transaction times, fails due to fluctuations and exorbitant fees, the company has seen the desire from customers to accept bitcoin decrease.

Stripe was one of the first payments companies to throw its weight behind bitcoin, introducing transactions in the virtual currency in early 2015.

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Another reason is that Bitcoin's price volatility makes it less than ideal as a means of payment.

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.

As block size limits have been reached over the past year, Bitcoin has evolved to become more of an asset as opposed to a means of exchange.

"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. "There are a lot of efforts that we view as promising and that we can certainly imagine enabling support for in the future". "OmiseGO is an ambitious and clever proposal; more broadly, ethereum continues to spawn many high-potential projects". The announcement also indicated an interest in Lightning network, which is under testing and development, and a mentioned Stellar (the company behind Lumens (XLM)) as a possible candidate for future support.

Stripe today said it would stop supporting bitcoin transactions on 23 April.

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

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