Stripe is the latest company to end support for Bitcoin. Stripe is a mobile payments company and they have said that the reason they are ending support for the cryptocurrency is because it is now more of an asset than a method of making payments.
We have seen a considerable increase in the value of Bitcoin over the last year, this has lead to high transaction charges. Gaming platform Steam announced last year that they would stop taking payments in Bitcoin due to the high transaction fees involved.
Stripe have said that because the cryptocurrency is now a valuable asset it is now more expensive per transaction. The fees are now similar to that of a wire transfer. The company has said that it has also seen a decline in the number of people using the currency as a method of payment.
Strip has now withdrawn support for the digital currency and will stop processing payments with it from the 23rd of April 2018. You can find out more information about the company’s plans over at their website at the link below.
The company has said that they may add in support for other digital currencies in the future, they also said that if Bitcoin becomes viable again as a method of payment in the future that they will look at it again.