Stripe To Cease Supporting Bitcoin Payments

Stripe, the first major payments company to support Bitcoin payments, has announced that they no longer intend to provide the service as the desire from its customers to accept Bitcoin decreased, and due to substantial decline in their revenues from Bitcoin.

Stripe's product manager Tom Karlo said in a statement that as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange.

Bitcoin is becoming less useful for payments, according to him.

Transaction confirmation times have risen substantially; leading to an increase in the failure rate of transactions denominated in fiat currencies. Karlo also pointed out that fees have risen considerably. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.

Stripe has said that over the next three months the US-based payments firm will work with its affected users to ensure a smooth transition before it stops processing Bitcoin transactions on April 23.

However, Stripe said it remains very optimistic about cryptocurrencies overall.

Stripe helps more than 100,000 businesses, including Lyft, Deliveroo, Grab and Target, do financial transactions online.

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