Payments platform Stripe is ditching bitcoin and considering switching to Stellar

The American company Stripe, which develops solutions for receiving and processing electronic payments, will phase out Bitcoin in April this year. Stripe cited high volatility and long transaction confirmation times as the reason. Information about this was posted on the company’s blog.

“We hoped that Bitcoin would become a universal and decentralized foundation for online transactions and help our customers serve shoppers in places where credit card options are limited,” writes Stripe.

However, over the years of its existence, bitcoin has turned from a payment instrument into an asset and became unsuitable for making transactions that require transfer in a short time. Over time, Bitcoin’s popularity among Stripe users has dropped significantly.

“The commission for a regular bitcoin transaction is now several tens of US dollars, which is why it is as expensive to use it as it is to wire transfers,” the company explains..

Stripe started supporting Bitcoin payments in 2014, when the cryptocurrency rate first hit $ 1,000 and people started taking it seriously. The company insists that it remains optimistic about the future of cryptocurrencies and names several of the most promising projects: Lightning, OmiseGO, Ethereum, Bitcoin Cash, Litecoin. In addition, in the future, Stripe may add support for Stellar, in which it was initially funded..

Recall that earlier Microsoft refused to accept payments in bitcoins, later changing its decision.

Similar articles

• Santander Bank will present a technology-based payment application…

  Santander Bank to Launch Ripple-Based Payment Application Santander Bank’s UK Division Will Launch a Ripple-Based Payment Application…

• Payment startup Wyre acquires smart contract developer…

  Payment startup Wyre has acquired Bitcoin smart contract developer Hedgy Crypto payment startup Wyre has acquired Hedgy, a company that deals with…

• Ripple’s MoneyTap payment app launched…

  Ripple-developed MoneyTap payment application launched in Japan Consumer-focused MoneyTap blockchain payment application created by…