Yet another main stream company has walked away from bitcoin – payment processor Stripe.
The Irish online payments processing company announced yesterday it is abandoning bitcoin and will not accept bitcoin payments from April 23, 2018. Standard issues that are always cited as being the headache for bitcoin users – block size capacity, slow transaction confirmation times and high fees – have been cited by Stripe as being their reasons for abandoning bitcoin. Stripe was the first major processor to accept bitcoin back in 2014.
While Stripe say they will not accept bitcoin, the company added that they will be keeping a close eye on the developments of cryptocurrency industry including emerging coins and platforms.
Bitcoin has been suffering a lot lately because of scaling issues and high transaction times and fees. These issues have been affecting not only retail businesses that accept bitcoin as payment, but also traders and general users of bitcoin. Altcoins are also backing off of the bitcoin network. Storj, a blockchain-based cloud storage coin, announced last spring that they would be moving to the Ethereum blockchain. The value of their token went up 400% shortly after migrating.
Bitcoin still has a major stronghold on the cryptocurrency industry, but something’s got to give. The fear of increased government regulation and the proliferation of pyramid schemes are certainly to blame for the recent plummeting of cryptocurrency valuations. That said, until proper scaling and interoperability solutions are put in place, bitcoin and its companions may eventually end up collecting dust in your digital coin collection.