Stripe Ditching Bitcoin as a Payment Method
One of the first big payment platforms to fully integrate Bitcoin is now backing down.
Stripe points to the high cost of Bitcoin transactions as the main reason it will not use the biggest name in cryptocurrency. The company also points to high volatility in Bitcoin’s price as another issue.
According to Stripe’s Product Manager Tom Karlo:
“By the time the transaction is confirmed, fluctuations in Bitcoin’s price mean that it’s for the ‘wrong’ amount. For a regular bitcoin transaction, a fee of tens of U.S. dollars is common, making bitcoin transactions about as expensive as bank wires.”
The company joins a number of platforms like Steam, which also recently announced its departure from Bitcoin.
Stripe will officially stop accepting Bitcoin on April 23rd.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
Check Out the Latest Headlines
Leave A Comment
You must be logged in to post a comment.