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.