Bitcoin has been dealt another blow — Stripe will no longer accept payments with the decentralized cryptocurrency.
It seems like Bitcoin is getting battered this week with its declining value, but Stripe’s decision is pretty logical and inevitable.
As the company explained in a blog post, “Bitcoin has evolved to become better-suited to being an asset than being a means of exchange.”
It says the usefulness of the coin as a payment method has decreased and fees are through the roof — transaction fees were above $50 at one point at the height of the Bitcoin bubble late last year.
Stripe will stop accepting Bitcoin transactions as of April 23 and start slowing down support services in the next three months.
This isn’t the first company to back off Bitcoin payments because of hefty fees, volatile shifts in value, and slow processing. Stripe said it’s seen an increase in failure rates for transactions, frustrating everyone in the process.
Despite backing off Bitcoin, Stripe said, “we remain very optimistic about cryptocurrencies overall.”
Even a Bitcoin conference bumped up against the Bitcoin-sucks-as-a-transaction-currency issue and wouldn’t allow tickets to be purchased with the cryptocurrency. So it’s not you, it’s them.