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", saidTom 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.
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