Stripe started taking bitcoin back in 2014, after the coin first topped $1,000 and people really started taking it seriously. "And, of course, there'll be more ideas and technologies in the years ahead", he added.
Stripe, one of the leading global payment processing services, has chose to drop Bitcoin support and will stop processing Bitcoin payments by end of April 2018.
Stripe was the first among major payment systems to support bitcoin, the company noted, and was hoping that bitcoin could become a real alternative in places where credit cards are not widely used.
So far bitcoin is turning out to be more like digital gold than a currency for small or frequent payments.
He said that for a regular bitcoin transaction, a fee of "tens of U.S. dollars is common", making bitcoin transactions about as expensive as bank wires these days. These issues have been affecting not only retail businesses that accept bitcoin as payment, but also traders and general users of bitcoin.
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Carlo said that because of the lengthy transaction times, fails due to fluctuations and exorbitant fees, the company has seen the desire from customers to accept bitcoin decrease. Transaction confirmation times have risen substantially, bumping up the number of failed transactions denominated in fiat currencies, Stripe said. That has made the currency less and less popular with businesses that use Stripe.
Stripe was eager to point out that its decision to no longer support bitcoin doesn't mean it has given up on all cryptocurrencies. "It's possible that bitcoin cash, litecoin, or another bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low".
"So, we will continue to pay close attention to the ecosystem and to look for opportunities to help our customers by adding support for cryptocurrencies and new distributed protocols in the future".
The company - which operates in 25 countries, including Australia - said it would "stop processing Bitcoin transactions on April 23" this year. Despite discontinuing support for bitcoin, the company sees promise in proposals to speed up bitcoin transactions, such as the Bitcoin Lightning Network and OmiseGo for ethereum. Stripe's Bitcoin abandonment follows a similar move from Visa, in which the credit card giant froze the accounts of pre-paid Bitcoin debit card providers.