Ciao Bitcoin! Stripe Ends Bitcoin Support Due to Transactional Challenges

But Stripe has not completely turned its back on cryptocurrencies.

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.

Stripe, the company which helps over 100,000 businesses successfully perform online financial transactions, is to round off its almost four-year support for Bitcoin payments.

Stripe was the first among major payment systems to support bitcoin, the company noted, and was hoping that bitcoin could become a real alternative in places where credit cards are not widely used.

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

"Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies".

Karlo also criticized bitcoin's higher charges, claiming that fees of tens of US dollars had made transactions about as expensive as bank wires.

Stripe was one of the first payments companies to throw its weight behind bitcoin, introducing transactions in the virtual currency in early 2015. 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, global payments etc.). Stripe now powers businesses in 25 countries.

As Bitcoin teeters toward mainstream acceptance, some financial technology vendors are reconsidering whether the crytocurrency is suitable for use as a pure method of payment.

Tom Karlo, Stripe's product manager, said: "By the time the transaction is confirmed, fluctuations in bitcoin price mean that it's for the "wrong" amount". Stripe will stop processing bitcoin transactions on April 23. All of these issues combined have caused a substantial decrease in Bitcoin payments, Stripe said. 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.

However, the company went on to talk about other cryptocurrencies and the possibility of adding support for them in the future, provided they have sufficient volume and demand.

He added: "Starting today, we are winding down support for Bitcoin payments". We may also think of steller if its use continues to grow while Bitcoin Cash and light coin would also be highly considered.


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