Tom Karlo, Product Manager of Stripe, had to announce with just 5 months in office, the decision that the company joined in September 2017 will stop accepting payments in Bitcoin in its payment platform.
“But we are still excited about cryptocurrencies,” he adds in the statement, in a contradictory way.
On January 23, 2018, in a statement on his blog, it was announced that Stripe’s support for bitcoin will end on April 23, 2018.
The use of bitcoin and many other cryptocurrencies does not fit into the company since they are not effective for micropayments or less than $ 1000 of value, a value that has become more expensive with high commissions and the time of confirmation of transactions.
This has led to Bitcoin becoming less useful for payments, however. Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. (By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount.) Furthermore, fees have risen a great deal. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.
In the same statement, they say in a contradictory way:
“Despite this, we remain very optimistic about cryptocurrencies overall. There are a lot of efforts that we view as promising and that we can certainly imagine enabling support for in the future. We’re interested in what’s happening with Lightning and other proposals to enable faster payments. OmiseGO is an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects. We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow. 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. Bitcoin itself may become viable for payments again in the future. And, of course, there’ll be more ideas and technologies in the years ahead.”
Some companies still do not understand the essence of cryptocurrencies, they only think about getting on the train of what is fashionable, sometimes without seeing, that the product they implement is not necessary or just absurd for the logic of their financial methodology. It is a pity that they have not been able to take advantage of the technology that the blockchain has offered them, not implementing it, but improving it.
“bitcoin is not good for paying for morning coffee (… for now)”
What is clear to us is Stripe will not be the last company to get rid of bitcoin’s trust.
The difficult thing is not to learn, the difficult thing is to know how to teach.
Editor and coordinator of the free book “La era de las BLOCK punto COM”
CEO of bitcoiner.today