Stripe, one of the first payment processors to accept Bitcoin, just dropped support for it

For those who don’t know, Stripe was one of the first payment processors to accept Bitcoin, and have accepted it since July of 2014.

Similar to the Steam marketplace dropping Bitcoin, Stripe just yesterday (January 23rd) dropped Bitcoin as a payment method. In their blog post they sited high transaction fees, long payment times, and price volatility as reasons they no longer support it.

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

Furthermore, fees have risen a great deal. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.

However, they say that they’re yet to give up on cryptocurrencies in general. They did mention using Lightning if/when it gets implanted or adopting an altcoin as an alternative to Bitcoin to make payments.

Despite this, we remain very optimistic about cryptocurrencies overall […] We’re interested in what’s happening with Lightning and other proposals to enable faster payments […] It’s [also] 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.

Of course, I recommend you read their entire statement on their blog, which you can find here: https://stripe.com/blog/ending-bitcoin-support

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