Stripe to end support for online bitcoin transactions

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Silicon Valley's dream of a stateless digital currency for payments goes back to the early days of internet entrepreneurship, just before the turn of the century: Peter Thiel has said PayPal, the highly successful payment company he co-founded, fell short when it comes creating the "new world currency" it once envisioned.

Over the course of 2017, its price surged from under $1,000 to more than $19,000 at one point.

Online payment-processing company Stripe has announced in a blog post that it will end Bitcoin support by April 23rd.

G-BiT said today they will be supporting Bitcoin as well as other currencies suggesting that it is all a question of the volatility and how to manage that volatility, G-BiT have no issue with locking in, hedging and processing.

Karlo also criticized bitcoin's higher charges, claiming that fees of tens of USA dollars had made transactions about as expensive as bank wires.

According to Stripe, this has led to fewer customers looking to accept Bitcoin as a payment method, and those that still do have seen revenues in Bitcoin decline, leading the firm to conclude that "there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense".

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Because of this, we've seen the desire from our customers to accept Bitcoin decrease.

Bitcoin's popularity saw many institutions adopt it as a means of payment. It allowed residents from more than 60 different countries to pay merchants on Stripe's network using bitcoin.

"Because retailers have very narrow margins and when you have a bitcoin bouncing up and down by 15 percent over a couple weeks' period, that can be the difference between profits and losing money on every sale", Schulman was quoted as saying.

Stripe said it will start winding down its support for the cryptocurrency for bitcoin as soon as possible and will stop all bitcoin transactions by 23 April. "Bitcoin has evolved to become better-suited to being an asset than being a means of exchange", Stripe wrote. "Given the overall success that the bitcoin community has achieved, it's hard to quibble with the decisions that have been made along the way", he added. It's worth noting that Stripe won't be dropping support for all cryptocurrencies, however.

This has led to Bitcoin becoming less useful for payments, however.

Stripe is also watching OmiseGO, Ethereum and Stellar, the latter of which it provided US$3 million in seed funding to in 2014.