Stripe first started to support bitcoin in 2014. They believed that bitcoin was a great opportunity to pay in online transactions where credit card was prohibitive.
Tom Karlo, Stripe product manager commented:
“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. This has led to bitcoin becoming less useful for payments.”
Karlo commented that they would continue to keep an eye on the cryptocurrency market:
“For a regular bitcoin transaction, a fee of tens of US dollars is common, making bitcoin transactions about as expensive as bank wires. Because of this, we’ve seen the desire from our customers to accept bitcoin decrease. And of the businesses that are accepting bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with bitcoin makes sense.”
So, on the 23rd on April, the company will stop accepting Bitcoin as a method of payment.
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