• News
  • Money

Stripe to End Bitcoin Support in April

Stripe to End Bitcoin Support in April

Renowned payment platform Stripe has chose to drop the cryptocurrency because of rising transaction times.

"Our hope was that Bitcoin could become a universal, decentralised substrate for online transactions and help our customers enable buyers in palces that had less credit card penetration or use cases where credit card fees were prohibitive", said Tom Karlo, product manager at Stripe, in the announcement that the firm would be ending support.

Even as companies gravitate toward cryptocurrency, one of the earliest bitcoin supporters has elected to sever ties with the digital currency.

"Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. For a regular bitcoin transaction, a fee of tens of USA dollars is common, making bitcoin transactions about as expensive as bank wires", the company stated. These comments are similar to those of Max Keiser who view Bitcoin as a sort of Gold rather than a means of payment: "Dash looks more of a payment service while Bitcoin is more of an asset".

As a result, Stripe's customers have become less and less interested in accepting bitcoin payments. After all, Stripe mentions that it's because their clients (i.e. the businesses) no longer get much profit from using Bitcoin as a payment method hence this resolution. Microsoft also rattled the markets when it briefly stopped taking bitcoin payments. Stripe now powers businesses in 25 countries. In a statement issued January 23, the company announced that it is winding down support for Bitcoin and plans to ditch the cryptocurrency.

"Because retailers have very narrow margins and when you have a bitcoin bouncing up and down by 15 percent over a couple weeks' period, that can be the difference between profits and losing money on every sale", Schulman was quoted as saying.

Stripe is an Irish technology company that allows both private individuals and businesses to accept payments over the Internet.

Stripe was eager to point out that its decision to no longer support bitcoin doesn't mean it has given up on all cryptocurrencies. It added that it was also looking into using other virtual currencies, such as ethereum and lightning. At the time, Patrick Collison said: "We acknowledge that bitcoin is important today ... it may or may not be important in five years".

And, lastly, Karlo explained that the hefty transactions fees were another reason for dropping Bitcoin.

Leave Your Comment

Leave Your Comment


Latest News

  • Churches hold vigils in wake of Kentucky school shooting

    Churches hold vigils in wake of Kentucky school shooting

    State police said the unidentified boy was held about 15 minutes after opening fire at 08:00 local time on Tuesday. Among the patients was the 15-year-old boy who did not survive; he was shot in the head, doctors said.
    President denies changing view on Mexico border plan

    President denies changing view on Mexico border plan

    They remember when Trump promised ad nauseam at campaign rallies across the country in 2016 that Mexico would pay for a wall. The Times on Wednesday noted that what happened in public with Kelly and Trump has been going on in private for some time .
    Wonder Woman snubbed by the Oscars

    Wonder Woman snubbed by the Oscars

    Get Out finally gets its dues, with not just one-but FOUR nominations! The 90th Academy Awards presentation will be held March 4. As Entertainment Tonight notes, Rachel's nomination marks the last of any non-gender specific categories to nominate a woman.
  • Lunar probe race to end without victor

    Lunar probe race to end without victor

    The X Prize Foundation statement didn't indicate if it sought from Google another extension of the competition. After extending the deadline for the Lunar XPrize twice already, the tech giant has said it won't do it again.

    Roger Federer vs Richard Gasquet

    Gasquet , 31, isn't the only player with a miserable head-to-head record against the Swiss, winning just two of their 18 meetings. Fact: " Novak Djokovic played his first two matches during the day, one of them in the blistering summer sun".
    Pakistan official: Suspect arrested in killing of 7-year-old

    Pakistan official: Suspect arrested in killing of 7-year-old

    A BBC report last week accused police of the extrajudicial killing of a man wrongfully accused in one of the earlier murder cases. Later, Nawaz Sharif's daughter, Maryam Nawaz, heaped praises on Shehbaz Sharif for catching the accused. "Allah b praised.
  • Audio Released of Rand Paul's 911 Call After Alleged Assault

    Audio Released of Rand Paul's 911 Call After Alleged Assault

    A close friend of Paul's said the senator had gotten off his riding lawn mower to remove a limb when he was tackled from behind. Paul has since said he's recovering well from the attack. "Those who choose to commit such an act will be held accountable".
    Sylvester Stallone's Super Bowl prediction: 'Eagles by knockout'

    Sylvester Stallone's Super Bowl prediction: 'Eagles by knockout'

    There is a statue of Rocky/actor Sylvester Stallone in Philadelphia and the "Rocky steps" at the Philadelphia Museum of Art are tourist attraction.
    Xbox One X launched in India

    Xbox One X launched in India

    The 6-month Xbox Game Pass subscription card will be available at select retail partners for $59.99 beginning March 20. This essentially means paying for Xbox Game Pass each month is cheaper than buying all of the new releases separately.
  • NTSB 'gathering information' on Tesla crash in Southern California

    NTSB 'gathering information' on Tesla crash in Southern California

    A Tesla spokesperson said in a statement that the autopilot function is intended for use only with a fully attentive driver. Despite the warnings, Tesla has been accused in the past of making Autopilot seem like a safer feature than it actually is.
    South sends delegation to resort in North

    South sends delegation to resort in North

    At the time, Kim said he would be willing to send a delegation to the Olympic Games being held in Pyeongchang, South Korea . If South Korea makes the visit, it will be the first one since the Moon Administration took office last May.

    Palestinian Group Urges Stronger Intifada against Trump's Decision on Quds

    Palestinians claim East Jerusalem as the capital of a future Palestinian state. "You are a mensch", Rivlin said of Pence. Pence spoke to the Israeli parliament but not to all the country's lawmakers.
  • Xbox Games Pass gets new Microsoft Studios games on release

    Xbox Games Pass gets new Microsoft Studios games on release

    With 40% more power than any other console, Xbox One X is where console gamers can play one of the best versions of games. A lot of Xbox One exclusives come out of Microsoft Studios , and this new plan makes playing them incredibly cheap.
    Past & Present: Roe v. Wade

    Past & Present: Roe v. Wade

    After the first trimester and before viability, a woman has to go to a hospital to speak with a medical doctor. Roadblocks like waiting periods, mandatory counseling and other restrictions reveal a concerted effort.
    Jones extends LSU Super Bowl streak to 17

    Jones extends LSU Super Bowl streak to 17

    But despite Jacksonville giving New England their best shot, QB Blake Bortles and the offense didn't have enough down the stretch. Amendola caught a 4-yard touchdown pass from Brady for the Patriots to capture the lead with 2:48 left in the final quarter.
  • Americans among dead in Kabul hotel

    Americans among dead in Kabul hotel

    Afghan President Ashraf Ghani has ordered an investigation and said militant groups were being helped by neighboring countries. The Interior Ministry blamed the extremist Haqqani network, which is based in Pakistan and allied with the Taliban.
    Apple to release an entry-level 13 inch MacBook later this year

    Apple to release an entry-level 13 inch MacBook later this year

    The sources aren't saying if this is a new addition to Apple's lineup, or if it's replacing a model that's now available. The MacBook Air is the only notebook that the company still sells that does not have a retina display.
    Johnson & Johnson Takes on $14 Billion Tax Charge With Q4 Earnings

    Johnson & Johnson Takes on $14 Billion Tax Charge With Q4 Earnings

    Tcw Grp Inc Inc stated it has 1.76 million shares or 0.41% of all its holdings. (NYSE:CF). 318,545 are held by Maple Capital Mgmt. Ltd. now owns 870 shares of the company's stock valued at $115,000 after acquiring an additional 200 shares during the period.

Breaking News



Recommended

Boston Police warning Patriots fans about buying counterfeit tickets

With tickets going for thousands of dollars, Boston police said it will be likely that they'll be duplicated by online scammers. The possibility of the Vikings playing drove prices up as the team advanced through the playoffs.

Ant McPartlin Slams Claims He's Stressed Ahead Of NTA Awards

As well as Best Presenter, the pair are also up for Best Challenge Show for I'm A Celebrity . This year's victor of that very same award was, of course, Ant & Dec.

Barcelona star, Rafinha joins Inter Milan on loan

Rafinha needed surgery and was out for more than six months after tearing a cruciate knee ligament against Roma at the end of 2015.

Apple reportedly may release a 6.1-inch iPhone without 3D Touch

This prediction adds to a list previous statements given by Kuo regarding Apple's next move in the industry. MCF Advisors LLC's holdings in Apple were worth $2,060,000 at the end of the most recent reporting period.

Greta Gerwig's 'Lady Bird' best director nomination is a huge deal

A Best Actor nomination for Denzel Washington? Blige said working with Rees and Morrison on the film "made my life easy". Morrison's work will next be seen on the screen in the film " Black Panther ".

Delhi Police arrests suspected mastermind of Gujarat serial blasts

Officials of Counter Intelligence (CI) cell in Hyderabad are collecting more information about Qureshi's links with Hyderabad . Qureshi came to extremism through SIMI or the Students Islamic Movement of India. "He lived in Saudi Arabia till June 2017".

Apple announces launch date of HomePod smart speaker after delay

With Siri News, you'll be able to say " Hey Siri, play the news" and the digital assistant will immediately read the news. Like the Cortana powered Harman Kardon Invoke, there's a display on the top of it where Siri's animations are displayed.

Google brings audiobooks on Play Store without subscription fee

On top of that, smart speakers and other devices that include the Google Assistant can be used to listen to audiobooks as well. Since Google's service just launched , we can't say how prices will compare to Audible , but they will likely be very similar.

LeBron James becomes youngest ever to 30000-point National Basketball Association milestone

LeBron James was named the 2016 NBA Finals MVP after leading the Cavaliers to their first-ever NBA Championship. LeBron was previously the youngest player to reach 10,000 career points and 20,000 career points, respectively.

IPhone battery exploded when man bites it to test

The shop doesn't appear to be an official Apple store, so some are assuming it was unlikely the iPhone was new . Taiwan News reports that the security camera footage you see above was shot in China around January 19.