Subscribe
May 25, 2026
Sign In

Capitalizations Index – B ∞/21M

Menu
Breaking
Bitcoin Transaction Times Explained: Average 10-Minute Delay Taproot Upgrade: Enhancing Bitcoin Privacy and Scalability Understanding Bitcoin: The Peer-to-Peer Electronic Cash System Bitcoin Consensus: Full Nodes Enforce Network Rules Authoritatively Understanding Public Keys: Cryptographic Codes for Bitcoin Wallets

Stripe to ditch Bitcoin payment support

Stripe to ditch bitcoin payment support

Stripe to ditch Bitcoin payment support

Stripe to ditch bitcoin payment support

Stripe, the firm which helps more than 100,000 businesses do financial transactions online, is to scrap support for bitcoin payments.

It said bitcoin users now saw the virtual currency largely as an “asset” to be traded, rather than something to make payments with.

Fewer online merchants wanted to accept the cryptocurrency, it added.

Rising fees and longer transaction times as a result of price fluctuations also lessened its appeal, Stripe said.

‘Expensive’

Customers of the US-based payments firm pay a fee to Stripe each time it processes a payment. Clients include Lyft, Deliveroo, Grab and Target.

In 2014, it became the first major payments company to support Bitcoin payments.

At the time Stripe said it hoped bitcoin would become a way for people in places with low credit card penetration or prohibitively high credit card fees to do transactions online.

But the virtual currency was now “better-suited to being an asset than being a means of exchange,” it said.

There has been a huge surge of interest in the digital currency over the past year or so, driven largely by its rapid increase in price.

But that demand has also led to huge swings in price, with Stripe saying the volatility meant the time needed to complete a sale had risen.

“By the time the transaction is confirmed, fluctuations in bitcoin price mean that it’s for the ‘wrong’ amount,” Stripe’s product manager Tom Karlo said in his blog.

bitcoin transaction fees had also risen “a great deal” resulting in a decrease in demand from Stripe’s customers to accept bitcoin payments, he said.

“For a regular bitcoin transaction, a fee of tens of US dollars is common, making bitcoin transactions about as expensive as bank wires,” Mr Karlo wrote.

“Because of this, we’ve seen the desire from our customers to accept bitcoin decrease. And of the businesses that are accepting bitcoin on Stripe, we’ve seen their revenues from bitcoin decline substantially.”

Giving up on cryptocurrencies?

Stripe said it would start winding down its support for bitcoin immediately and would stop all transactions by 23 April.

But it said its decision to end support for bitcoin payments did not mean it was giving up on cryptocurrencies all together.

“We’re interested in what’s happening with Lightning and other proposals to enable faster payments,” Mr Karlo said.

“OmiseGO is an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects.”

Published at Wed, 24 Jan 2018 06:10:11 +0000

Previous Article

“iBTC” token has been launched.

 Next Article

Bitcoin Core Version 0.14.2 Released

You might be interested in …

Tokyo Financial Exchange Jumps on the Bitcoin Futures Bandwagon

Financial institutions are suddenly scrambling to offer bitcoin-related investment products. Given their opposition to cryptocurrencies for many years, this change of heart is rather intriguing. bitcoin futures are seemingly the go-to product for banks and trading platforms. Tokyo Financial Exchange is the latest institution to get on this bandwagon. Consumers in Japan demand more exposure to bitcoin, which is a positive sign.

It is always interesting to see how banks are eating their words when it comes to bitcoin. For many years, these companies deemed this cryptocurrency unworthy. In late 2017, they are forced to introduce bitcoin-related investment products. While futures contracts introduce even more price volatility, it is also a positive change. Exposing institutional investors to cryptocurrency can have some surprising results in the long run.

Tokyo Financial Exchange Embraces bitcoin Futures

With Tokyo Financial Exchange getting on board, the future looks very bright. This company is one of Japan’s top financial exchanges today. Their bitcoin futures products will launch in early 2018. No specific date has been announced at this time. The company follows the examples set by CBOE and CME, among others. Rest assured we will see more financial players offer bitcoin-related products soon.

Moreover, it seems Tokyo Financial Exchange has other big plans as well. A study group will be formed to gain a better understanding of cryptocurrencies. This group will also monitor the futures market and look for ways to improve this product. Given the positive bitcoin regulation in Japan, this process shouldn’t be too cumbersome to complete. Japan is one of the few countries approved bitcoin as legal tender. Most other regions continue to oppose cryptocurrency at every possible turn.

No one can deny bitcoin captivates an audience on a global scale. The world’s leading cryptocurrency has shocked a lot of people in recent months. Although it is not perfect,  it makes for a great speculative vehicle. In terms of using it as an actual currency, your options are still somewhat limited. These futures contracts provided by Tokyo Financial Exchange will impact bitcoin as a whole. Whether that will be positive or not, remains to be determined.

The post Tokyo Financial Exchange Jumps on the Bitcoin Futures Bandwagon appeared first on NEWSBTC.

Re: [bitblender] signature campaign - seniors and up (open for sn)

Re: [BitBlender] Signature Campaign – Seniors and up (OPEN for Sn)

Re: [BitBlender] Signature Campaign – Seniors and up (OPEN for Sn) [unable to retrieve full-text content] Username/UID: arwin100/Bitcointalk Rank: Sr. MemberCurrent number of posts: 2102+1bitcoin Address to send the payment: 3Asc8jGEZK1RPbjNzXWxXteS9rUMvyUKpF Willing to change sig […]

Close Menu