Stripe cofounders Patrick and John Collison

Stripe, the $9 billion online payments company, is putting an end to the product that enabled retailers to accept bitcoin as payment.
It’s a major hit to the popular cryptocurrency, once believed to be the future of online payments, but Stripe isn’t the only company to back off.
Expensive transaction fees and long wait times have made it difficult to use bitcoin for small transactions, since mining fees spiked at $37 per purchase in December.

The $9 billion digital payments company Stripe is killing off its bitcoin product, the company announced Tuesday.

Citing a decrease in use by both retailers and customers, Stripe said will wind down support for its bitcoin payment application and stop processing bitcoin payments entirely on April 23.

“Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense,” Stripe product manager Tom Karlo wrote in the announcement.

While the explosive growth of bitcoin — with prices shooting as high as $15,000 earlier this month, before sinking down around $11,000 at the time of writing — drove mass interest in the cryptocurrency as an asset for investment, it also brought to the surface concerns about its use for everyday payments on a …read more

Source:: Businessinsider – Technology

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