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Stripe is Dropping Bitcoin Support

posted by Fnord666 on Thursday January 25 2018, @12:43AM   Printer-friendly
from the and-so-it-goes dept.

canopic jug writes:

The payment service, Stripe, has ended its support for Bitcoin due to rising transaction fees and long confirmation times. Particularly the latter contribute to failed transfers. So Bitcoin is over as an experiment, and more are realizing that. However, the expectation is that some other cryptocurrency will become widely used, eventually.

Therefore, starting today, we are winding down support for Bitcoin payments. Over the next three months we will work with affected Stripe users to ensure a smooth transition before we stop processing Bitcoin transactions on April 23, 2018.

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.

[ TMB Note: Yes, this will absolutely break our ability to accept BitCoin. Again. Which is fine this time as BitCoin transaction fees are now as high as the minimum price for a year's subscription. If you have a preferred alternative that we can accept without actually touching cryptocurrency, drop the info in a comment. ]

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  • (Score: 2) by looorg on Thursday January 25 2018, @01:21AM (7 children)

    by looorg (578) on Thursday January 25 2018, @01:21AM (#627497)

    What are people buying where a $30 transaction fee doesn't matter? Illicit drugs/weapons? Or just speculating on the value of Bitcoin going up?

    Isn't this what it is mostly for? Anyone here that pays for their groceries with bitcoins? Or anything "normal" (whatever that is but lets assume its not drugs, guns, sex or anything illicit)? So it still seems that it is mostly about illicit activities, items and then for speculative purposes and if you think that something is going to increase $1000 over night then $30 isn't to much of an issue.

    That said another reason is probably the wild swings in value, it's really annoying if you want to sell (or buy) things if the price value can change wildly up or down from day to day or hour to hour. Yes that can happen to normal currency to but it doesn't seem to have the wild swings associated with bitcoins.

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  • (Score: 3, Touché) by The Mighty Buzzard on Thursday January 25 2018, @02:46AM (5 children)

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Thursday January 25 2018, @02:46AM (#627515) Homepage Journal

    I was going to say SN subscriptions aren't illicit but then I thought better of it.

    --
    My rights don't end where your fear begins.

  • (Score: 0) by Anonymous Coward on Friday January 26 2018, @05:49PM

    by Anonymous Coward on Friday January 26 2018, @05:49PM (#628360)

    i pay my utility bills, gas and groceries with bitcoin (via the shift card), or sometimes just part of it. I buy stuff on newegg with BTC directly. i haven't seen $30 transaction fees. i want to say my last one was $7-10? i don't care about that because the BTC came from mined monero and i want people to accept crypto currency so i buy stuff from them with it. i've never bought anything naughty with cryptocurrency at all. I could get anything i wanted with cash anyways.