Global payment processor firm Stripe announced that it is ending support for bitcoin as a mode of payment by April 23, 2018.
Ending Bitcoin Support
In a blog post, product manager Tom Karlo noted the decline in users using bitcoin as a payment system within Stripe. Furthermore, increasing transaction costs, fluctuations in bitcoin’s value in fiat, and failure of transactions altogether, contributed to Stripe’s decision to end support. The company has deemed that bitcoin is being used less and less as a payment method.
“Bitcoin has evolved to become better-suited to being an asset than being a means of exchange.”
The company is using the next few months to ensure its users will have a smooth transition once it formally ends its bitcoin support in April 2018.
Stripe and Cryptocurrencies
Stripe reiterates its optimistic position on cryptocurrencies. Mr. Karlo said they are particularly interested with the “Lightning Network” – the proposed solution to enable payments faster in the bitcoin blockchain.
Mr. Karlo also noted interest in the following cryptocurrency projects:
Since Stripe had provided seed funding (investment) to Stellar, it might add Stellar in the future.
We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow.
Recently, gaming platform Steam announced ending support for bitcoin. Although, an alternative method exists that still lets you buy games on Steam using bitcoin or Litecoin.
Stripe is a technology company that allows businesses to accept payments over the Internet. It is operating in over 25 countries.
After peaking in December 2017 near the $20K mark, bitcoin’s value has slid to $10K in January 2018. As of press time, bitcoin currently sites at $10,619 or Php 561K.