Popular payment provider to end Bitcoin payments
Stripe, the popular web-based payment processor has announced it will stop allowing Bitcoin as a payment method for merchants.
The company processes $20 billion USD of card payments per year currently and was the first company to add Bitcoin as a payment option in July 2014.
In their post today, the decision to stop allowing merchants to process Bitcoin payments has been blamed on the volatile pricing, large transaction fees and the time between payment confirmations – something that Bitcoin has been suffering from more and more since early 2017.
By the time the Bitcoin arrives at the merchant the price has changed, sometimes to the advantage of the customer, other times to the advantage of the merchant. Fees for Bitcoin have rocketed since mid-2017, where it is common now to pay tens of dollars to send a Bitcoin transaction to another party. Additionally, transactions are commonly taking 40-60 mins or longer to confirm – meaning online payments, especially time-sensitive ones (like shipping products for example) have encountered delays due to no fault of the customer or merchant.
Cryptocurrencies not totally ruled out
Stripe have said in their announcement that they will still consider cryptocurrencies as a payment method in the future. Specifically, they mention OmiseGO, Ethereum, and Stellar. Stripe has a vested interest particularly in Stellar as they were one of the initial seed funding partners.
They also go on to mention Bitcoin Cash and Litecoin as two cryptocurrencies that if they continue to grow as they do they may also consider in the future. Bitcoin Cash has been aggressively marketing itself as the cryptocurrency payment-processor to use, due to its low fees and fast transaction times.