News

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.

Cernescu Andrei

Candrei is a writer for eTeknix who loves the latest technology news and gaming.

Disqus Comments Loading...

Recent Posts

New Report Suggests Helldivers 2 Xbox Release Unlikely

As one of the most popular online games lately, it’s no surprise that Xbox fans…

10 hours ago

November Xbox Game Pass Games Revealed

We've finally reached the month of November, and that means one thing for Xbox users:…

11 hours ago

PS5 Pro Enhanced Games List Revealed

For those who haven't had it on their radar, this week we take a new…

12 hours ago

MSI Overclocker Pushes Kingston Fury Renegade RAM to Record-Breaking 12,196 MT/s

An overclocker from the MSI team has managed to push the Kingston Fury Renegade CUDIMM…

12 hours ago

NVIDIA Pushes SK Hynix to Accelerate HBM4 Production

It seems that NVIDIA wants to launch its next products ahead of time. We are…

12 hours ago

ASUS Unveils New TUF Gaming A2 SSD Enclosure with Enhanced Durability and Speed

The trend of upgrading storage from traditional hard drives to SSDs has become increasingly popular,…

13 hours ago