Stripe To Stop Accepting Bitcoin Payments
Stripe, a payment processor is stopping the payment process that supports Bitcoin. Stripe announced the crisis that is hitting the cryptocurrency market. More governments and state agencies are showing hostility to digital currencies. Because of this, the number of users of bitcoin is down. Besides, the number of companies that are now accepting bitcoin as a mode of payment has gone down. It is because of these reasons that Stripe is halting the bitcoin payment support program.
Why Is Stripe Stopping Bitcoin Payments?
Over the past couple of weeks, various companies have also rolled back their support for bitcoin payment. A majority of these group said that they rolled back the support because of high fees associated with bitcoin. Unlike real money casino sites, Stripe is a company from Ireland. The company is owned by two siblings, John and Patrick Collison. The $9 billion company has been very respective to digital currency especially bitcoin. The company says that were it not for the high transaction fees; it would continue with bitcoin support.
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Stripes Owner Tom Karlo Makes A Statement?
Tom Karlo, the company’s project manager, says that there are good reasons why the company halted the support. Tom starts by mentioning that the company does not have any rivalry to the bitcoin. “We hoped that Bitcoin could become a universal, decentralized substrate for online transactions. In the end, it would help our customers enable buyers in places that had less credit card penetration. There are even cases where credit card fees were prohibitive. Over the past year or two, as block size limits have been reached, BTC has evolved to become better-suited to being an asset than being a means of exchange,” said Tom.
Bitcoins High Volatility
Tom added that the high volatility associated with the BTC is another issue. He said that by the time a client finishes a bitcoin transaction, volatility rates would have fluctuated many times. The project managers said, “By the time a transaction has been confirmed, BTC’s USD value has already changed, often discernible. Above all, this is coupled with the fact that for a regular bitcoin transaction, a fee of tens of U.S. dollars is common, making BTC transactions about as expensive as bank wires.” In 2014, Stripe wrote a view of the bitcoin. The company said that the digital coin would turn out to be the next big thing.
“Bitcoin has huge potential as a way to transport value. It’s surprisingly difficult to move money today. The experience of paying for something online hasn’t changed. It is where it was 20 years ago. We can already start to see the shape of the potential impact of Bitcoin. The cryptocurrency market is interesting,” said Stripe.
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