Bitcoin no longer supported by Stripe
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The online payments processor, Stripe, has announced its decision to remove bitcoinBitcoin is commonly said to be a cryptocurrency, a digital means of exchange developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries i... More from its payments options. After having included the cryptocurrency in 2014, the American technology company has declared that bitcoin has now become too volatile, too slow to process (confirmation of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More can take up to 10 minutes) and incurs too many fees. Indeed, the Stripe product manager Tom Karlo declared that bitcoin has become more of an asset than an actual means of exchangeThe Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. More.
As stated for Finextra, Karlo adds that “for a regular bitcoin transaction, a fee of tens of US dollars is common, making bitcoin transactions as expensive as bank wires”.
This decision comes at a time when the cryptocurrency is going through some rocky terrain and many experts are questioning its role as an actual payment methodSee Payment instrument. More.
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