wnol.info July 20 2018

Stripe to dump Bitcoin payment support

July 20 2018, 06:47 | Alonzo Simpson

Stripe to dump Bitcoin payment support

Stripe to dump Bitcoin payment support

The company was among the first to adopt Bitcoin back in 2014, and now, it is one of the first to drop it altogether. It attracted VC funds from the most influential players in the tech world, including the founders of PayPal.

Paypal Holdings Inc (NASDAQ: PYPL), which pioneered online payment and transactions CEO Dan Schulman said bitcoin isn't well-suited to being used as a currency in a recent interview with The Street. "And, of course, there'll be more ideas and technologies in the years ahead". All these drawbacks lead to erosion of Bitcoin's popularity among Stripe's merchants and users. Stripe now powers businesses in 25 countries. (By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it's for the "wrong" amount.) Furthermore, fees have risen a great deal. The median bitcoin transaction fee soared to a high of $34 in late December and remained above $10 until the last few days, according to bitinfocharts.

He said: "Because of this, we've seen the desire from our customers to accept bitcoin decrease".

But "we may add support for Stellar (to which we provided seed funding) if substantive use continues to grow", Stripe product manager Tom Karlo said in a blog post. In their view, announcements like Stripes aren't a sign of bitcoin failing-it's a sign that market signals are shifting the bitcoin network's scarce capacity away from low-value transactions. "Given the overall success that the Bitcoin community has achieved, it's hard to quibble with the decisions that have been made along the way".

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As the block size limits have been reached, Bitcoin has evolved less into an alternative currency and more into a speculative investment. That said, until proper scaling and interoperability solutions are put in place, bitcoin and its companions may eventually end up collecting dust in your digital coin collection.

However, Stripe said it couldn't rule out adopting bitcoin again at some point in the future.

Stripe was one of the first payments companies to throw its weight behind bitcoin, introducing transactions in the virtual currency in early 2015. A good example is Stripe which is a mobile money processor. The Steam gaming platform stopped accepting bitcoins last month. He said he would be "more bullish" when the payment volume increases. Bitcoin functions as some sort of "store of value", or proof of concept for the blockchain, but it ain't a currency.

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