Stripe Has Decided to Drop Bitcoin Support

Stripe to drop Bitcoin in spring.

It looks like Bitcoin is about to receive a rather serious blow in April. Renowned payment platform Stripe has decided to drop the cryptocurrency because of rising transaction times. Moreover, increased failure rates and fees that almost come close to wire transfers also have something to do with this decision. Transaction fees are also the culprit for Bitcoin’s declining popularity among some clients. According to Stripe’s product manager, Tom Karlo, Bitcoin is now more of an asset than a currency.

“For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires. By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the ‘wrong’ amount.”

How will this affect Bitcoin?

As you’re probably well-aware, recent regulations introduced by South Korea have caused a decline in the cryptocurrency’s value. Stripe’s decision could have the same effect. At the beginning of 2018, on January 6 to be precise, it was worth $17,135. Right now, its value has dropped to 11,228. Some of Stripe’s most influential customers include Facebook, Target, and Lyft. 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’s worth noting that Stripe won’t be dropping support for all cryptocurrencies, however. Therefore, the company is still optimistic about Lightning, OmiseGO, Ethereum, Bitcoin Cash, and Litecoin.