Stripe is going to stop accepting bitcoin, may start accepting Stellar

Stripe payments

Stripe have said that because the cryptocurrency is now a valuable asset it is now more expensive per transaction. Bitcoin comes closer in some ways to realizing that goal, yet one of the technology sector's most ambitious startups says the cryptoasset still has serious shortcomings.

It added support for the digital currency so that merchants who use Stripe could accept bitcoin for payments.

Even as companies gravitate toward cryptocurrency, one of the earliest bitcoin supporters has elected to sever ties with the digital currency. Transactions are taking longer to confirm, and the sheer volatility has caused failures because transactions are ending up in the wrong amount of fiat currency.

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

The company said it remained "excited about the possibilities of cryptocurrencies" but considered bitcoin too volatile to be useful for online transactions.

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According to Stripe product manager Tom Carlo, Bitcoin is no longer fit for objective as a currency for transactions that need to take place in a speedy manner. 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.). All of these issues combined have caused a substantial decrease in Bitcoin payments, Stripe said.

Stripe was eager to point out that its decision to no longer support bitcoin doesn't mean it has given up on all cryptocurrencies. Stripe may provide support fort Stellar, a non-profit open source cryptocurrency platform that received seed funding from Stripe. The company announced Tuesday afternoon that it would stop processing bitcoin transactions on April 23 due to slower transaction rates and high fees.

"Over the past year or two, as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange", Stripe product manager Tom Karlo wrote in a company blog post.

Stripe to drop Bitcoin in spring.

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"It's possible that bitcoin vash, litecoin, or another bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low. bitcoin itself may become viable for payments again in the future". At the time, Patrick Collison said: "We acknowledge that bitcoin is important today ... it may or may not be important in five years".

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