Payment processor Stripe is halting bitcoin support. Declaring that “there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense,” the online payments specialist is calling it a day on cryptocurrency for the time being. Over the past month, a handful of other companies have also rolled back bitcoin support, usually citing high fees which make micropayments impractical.
Bitcoin Gets the Boot
Stripe is a $9 billion company run by Irish siblings and youthful entrepreneurs Patrick and John Collison. Stripe had been very receptive to cryptocurrency, and were it not for rising transaction fees, bitcoin would still be very much part of its plans. In a blog post published on Tuesday, project manager Tom Karlo explained the reasons for the volte-face: