LATEST POSTS
Henrik Normann replaces Lone Fonss Schroder as Chairman of Saxo BankCanadian regulator BCSC warns against cryptocurrency company Cryp Trade Capital HoldingsFrench AMF publishes the summary of responses to the public consultation on ICOPlaytech suffers $7.6 million Q4 loss from ‘crypto hype’, as Revenues decline in 2H-2017ASIC bans former Charter Financial Planning adviserBitcoin exchange BitFunder and founder Jon Montroll charged with fraudHow a glitch can cost $20 billion worth of BitcoinTesla – the latest victim of cryptocurrency miningAlly looks for youth with strategic investment in cards-for-teens provider Greenlight FinancialIOSCO consults on guidance to address conflicts of interest in the equity capital raising processCryptocurrency markets improve as Bitcoin hits a three-week highMoscow Exchange recommends candidates for Supervisory BoardSamsung Pay now available for Commonwealth Bank customersJane Street’s systematic internaliser now available via QuantHouse API EcosystemMAS consults on regulations to require OTC derivatives to be traded on organised marketsSiam Commercial Bank adopts Thomson Reuters wealth management solutionsSET’s Board appoints Pakorn Peetathawatchai as the exchange’s 13th presidentConfluence and ICE Data Services to help firms meet SEC Modernization reporting requirementsFrom Round Balls to Egg Shaped Balls: A shift in Sponsorship Strategy by Online Trading companiesFairFX buys international payments provider City Forex for £6 million

Another blow for Bitcoin – Stripe is dropping the “people’s currency”


Stripe, one of the biggest and most popular online payments processors is now dropping Bitcoin because of the network’s slow confirmation time and high fees.

Stripe, which handles the payments transactions of Lyft, Target, Facebook and many more will not accept the “people’s currency” after April, 23rd, 2018. Stripe is known for ease and speed of payment, so the disadvantages that payment with Bitcoin has created is no longer viable for the fintech company.

The announcement came from their blog post today. The company commented on the change:

“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.” 

The idea of Bitcoin becoming more a store of value than a method of payment has made a series of companies, like Microsoft and Steam, drop it. Another weakness of Bitcoin is the great fluctuation in prices on an hourly basis. This means that by a transaction is paid with Bitcoin, the price of it is already wrong, because of the fast change in prices.

Stripe has always been bullish on ways to make digital payments more acceptable and popular among the public. Recode just reported:

“CEO Patrick Collison was certainly ahead of the curve on bitcoin’s rise. Collison told Recode back in 2014 that it was important for the payments platform to accept a currency that anyone around the world could access. Universality is the big one for me,” he said. “Bitcoin is something that anyone can get ahold of.” 

Although the price of Bitcoin is still above $10,000, the numerous blows that the currency is taking from all sides starting from South Korea’s tax on digital currencies and the general “competition” to taper off the heat in the market has significantly cut the price of Bitcoin. Just two months ago, Bitcoin was reaching the $20,000 mark. Now, things look different.

Related News

arrow

Another blow for Bitcoin - Stripe is dropping the "people's currency"

2

Send this to a friend

Subscribe to LeapRate
PGlmcmFtZSBzcmM9Ii93cC1jb250ZW50L2E0bHIvaGFuMTZyZXNfNjI1eDQwMC5odG1sIiB3aWR0aD0iNjI1IiBoZWlnaHQ9IjQwMCIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6bm9uZTsiIHNlYW1sZXNzPjwvaWZyYW1lPg==
Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry:
PGlmcmFtZSBzcmM9Imh0dHBzOi8vd3d3LmxlYXByYXRlLmNvbS9hNGxyMTcvbG1heC82MDB4NDI1Lmh0bWwiIGZyYW1lYm9yZGVyPSIwIiB3aWR0aD0iNjAwIiBoZWlnaHQ9NDI1Ij48L2lmcmFtZT4=
PGlmcmFtZSBzcmM9Imh0dHBzOi8vd3d3LmxlYXByYXRlLmNvbS8vYTRscjE3L3VmeDE4LzYwMHg0MjVfMXN0LVRpbWVMZWFwUmF0ZS1lbi1HQl9IVE1MNS5odG1sIiBmcmFtZWJvcmRlcj0iMCIgd2lkdGg9IjYwMCIgaGVpZ2h0PTQyNSI+PC9pZnJhbWU+
PGlmcmFtZSBzcmM9Ii8vY2RuLmJhbm5lcnNuYWNrLmNvbS9iYW5uZXJzL2JjaWVod29iOC9lbWJlZC9pbmRleC5odG1sP3VzZXJJZD0zMTU5MzQwNiZ0PTE1MTAxMzg3MTAiIHdpZHRoPSIxMDAlIiBoZWlnaHQ9IjEwMCUiIHNjcm9sbGluZz0ibm8iIGZyYW1lYm9yZGVyPSIwIiBhbGxvd3RyYW5zcGFyZW5jeT0idHJ1ZSIgYWxsb3dmdWxsc2NyZWVuPSJ0cnVlIj48L2lmcmFtZT4=