Payment processor Stripe announced today that they plan to remove Bitcoin payment support by April 23, 2018.
According to a blog post today by product manager Tom Karlo, large transaction fees and long confirmation times have made Bitcoin less practical for payment processing and “better-suited to being an asset”, according to Tom.
One of the original goals of Bitcoin was to provide lower transaction fees than banks were able to provide with wire transfers. However since Bitcoin transaction fees range from $10 to $30 today, Stripe has seen a decreasing amount of customer interest in offering Bitcoin as a payment option.
Although Bitcoin is currently not a good payment option for Stripe, Tom continues by expressing Stripe’s continued interest in cryptocurrencies and named OmiseGO, Ethereum and Stellar as potentially viable alternative payment processing cryptocurrencies.
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.