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Stripe is ending their Bitcoin support

logged by @adamstac 2018-01-25T02:43:14.817026Z permalink #bitcoin #cryptocurrency

For Stripe, Bitcoin isn't scaling well to make it "useful for payments," and it's expensive in both time and money to process transactions. However, Tom Karlo said "Bitcoin has evolved to become better-suited as an asset rather than a means of exchange."

A line in the sand has been drawn for Bitcoin as a useful payment currency.

Therefore, starting today, we are winding down support for Bitcoin payments. Over the next three months we will work with affected Stripe users to ensure a smooth transition before we stop processing Bitcoin transactions on April 23, 2018.

Clearly the value of Bitcoin is still there as an asset. It's just not working out (for Stripe) as a means of exchange for payments. Though they remain optimistic.

Despite this, we remain very optimistic about cryptocurrencies overall.

Tom also provided some insights to where things are heading for crypto and payments.

We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow. It’s possible that Bitcoin Cash, Litecoin, or another Bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low.

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