Stripe is going to stop accepting bitcoin, may start accepting Stellar

Harry Tucker 24 January 2018 NEWS

Gold bitcoin and house

After being an early pioneer for bitcoin, Stripe is no longer going to support it.

Bitcoin will no longer be supported as a payment option by online payments company Stripe.

It also announced it may start accepting Stellar Lumens (XLM).

After being the first major online payments platform to accept bitcoins as a payment over four years ago, Stripe believes it's no longer a viable payment option.

Stripe today said it would stop supporting bitcoin transactions on 23 April.

The company says that it's dumping bitcoin due to the high costs and time it takes to complete the transactions.

Stripe's Tom Karlo said in a statement that the delay between blocks has seen payments sometime fail, while fees can now be as much as international bank transfers.

"By the time the transaction is confirmed, fluctuations in bitcoin price mean that it’s for the ‘wrong’ amount,” he said. “For a regular bitcoin transaction, a fee of tens of U.S. dollars is common, making bitcoin transactions about as expensive as bank wires."

Despite the fact that Stripe is dropping support for bitcoin, the company is still extremely bullish on cryptocurrencies in general. In the same blog post, the company expressed support for the likes of OmiseGO and Ethereum, while also said it was interested in bitcoin's Lightning upgrade.

Interestingly, the post also included a note that it may add support for Stellar Lumens to its platform if its usage continues to increase.

Stripe was a seed investor for Stellar back in 2014, and has continue to throw its support behind the Ripple fork. Stripe itself currently owns 2% of the world's XLM, worth around US$178 million.

If Stellar was to be added, it would mean that potentially almost 40,000 online retailers across the world would be able to accept the cryptocurrency for online transactions.

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