Stripe an online payment processor company announced on Tuesday (23rd Jan 2018) that it is going to end its support for Bitcoin as a mode of payment in April.

In a blog post, the product manager Tom Karlo stated:

“The stripe would shift away from Bitcoin over the next three months, entirely drawing off its support for the largest cryptocurrency on 23rd April 2018. We have seen that our customers desire to accept Bitcoins has decreased. And we have also noticed that the revenue of the businesses that are accepting bitcoin through stripe’s network has also decreased substantially.”

In 2015, Stripe first facilitated Bitcoin transactions, a move that came a year after testing the technology. Currently, citizens from more than 60 different nations could pay merchants through Stripe’s network using Bitcoin.

However, prolonged transaction times, increased transaction failure rate and escalating fees signify that Bitcoin is being less trendy among Stripe’s vendors and clients.

While Stripe will no longer allow Bitcoin payments, they remain very positive about crypto-currencies. Karlo wrote that he believes support for other coins may be implemented at a future date. He left the door open for the clients, so they can utilize other crypto-currencies as a payment mode like stellar lumens which is the currency of the stellar network. He mentioned that they may add support for Stellar for which they have provided seed funding if substantive use continues to grow.

This is the third company to ditch bitcoin payment support. Earlier other tech giants like Microsoft stated that majority of its customers are no longer interested in accepting bitcoins because of its volatility and high transaction fees. The challenging fees were also mentioned by gaming services firm Steam. In early December Steam declared that it would draw back its support for Bitcoin payments. At that time, a representative from the company stated that the elevated fees can cause even greater problems when the price of Bitcoin itself drops dramatically.


Author's Bio: 

Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies. He is been fascinated by Blockchain technology since the first time he heard about it in 2013