The online payments processor, Stripe, has announced its decision to remove bitcoin 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 payment 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 exchange.
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 method.