Stripe stated four years ago that it will be the first major online payment platform to accept Bitcoin as payment. But on Tuesday, The company said Tuesday that the cryptocurrency had almost become a victim of its own popularity — the time needed to complete a transaction has increased, meaning that payments sometimes fail. And the rise in transaction fees helped convince Stripe that bitcoin is meant to be more of an asset and less of a currency for daily payments.
By the time the transaction is confirmed, fluctuations in bitcoin price mean that it’s for the ‘wrong’ amount,” Stripe’s Tom Karlo said. “For a regular bitcoin transaction, a fee of tens of U.S. dollars is common, making bitcoin transactions about as expensive as bank wires.”
So the company said it doesn’t make sense to keep allowing merchants to accept a payment method that no one wants to use.
For a regular Bitcoin transaction, a fee of tens of US dollars is common, making Bitcoin transactions about as expensive as bank wires, Mr Karlo wrote.
But it said its decision to end support for Bitcoin payments did not mean it was giving up on cryptocurrencies all together.
"We're interested in what's happening with Lightning and other proposals to enable faster payments," Mr Karlo said.
"OmiseGO is an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects."
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