And another one stops accepting bitcoin payment

[SayNumo]

Fewer online merchants wanted to accept the cryptocurrency, it added.

That's rich. If anything, I see a lot more merchants wanting to accept it. Not only online, but physical store merchants would like to as well, but there is currently no viable option for them to accept crypto without waiting forever. This will change.

[1714607002]

1714607002

[1714607002]

1714607002

[1714607002]

1714607002

[1714607002]

1714607002

[al1n]

when the price is going up everyone is gladly accepting bitcoin as payment method
not so much when price is going down

i wonder however how such payments are reflected in accounting books, taxes, profit, etc
all of those have to be calculated in national coin afaik

[stompix]

Oh, my ..
So Stripe is not accepting BTC payments...

Customers of the US-based payments firm pay a fee to Stripe each time it processes a payment. Clients include Lyft, Deliveroo, Grab and Target.

And my hunch was right.
They are just a payment processor.
Why should I shed a tear for a 3rd party that is not using BTC anymore , as the whole purpose of BTC was to get rid of the middle man in payments?

when the price is going up everyone is gladly accepting bitcoin as payment method
not so much when price is going down

i wonder however how such payments are reflected in accounting books, taxes, profit, etc
all of those have to be calculated in national coin afaik

Unfortunately most merchants don't take BTC.
They use services like bitpay or the above mentioned and they are paid in $.
Their books and balances have no trace of BTC

[al1n]

Unfortunately most merchants don't take BTC.
They use services like bitpay or the above mentioned and they are paid in $.
Their books and balances have no trace of BTC

that actually makes sense from accounting and legal point of view

and that's also the problem of BTC adoption
BTC and altcoins are more like stocks than currencies

[aardvark15]

http://www.bbc.com/news/business-42798935

This doesn’t really signify anything negative about cryptocurrencies. The fact is that the fees are so high for Bitcoin that it is no longer practical to use it as a payment method, at least for small purchases. Bitcoin has become more of a store of value as the fees have gotten higher and the transaction times slower.

I think some altcoins will be more suited for use as a method of payment. There are many altcoins that have low to zero fees and faster transactions.

[DustyRah]

Burger king also accepts BTC as payment

Of course not. Who is going to pay $60 fee for a $6 hamburger? Or wait hours to see if the payment even went through?

The fact that Bitcoin payments and holdings aren't covered by insurance is already a risk businesses or even individuals need to consider... I don't blame businesses that try to keep safe..

Well, unlike credit cards, Bitcoin does not have charge backs using which payment processors sting the merchants with fines on top of already lost funds. This is one of the primary reasons that many little merchants have started accepting Bitcoin because when an order does come through with Bitcoin payment, it can be processed as soon as the  number of confirmations are met without any worry of fraud.

[buwaytress]

And maybe people need reminding that Stripe is just a payment processor, not a merchant. And if you think that payment processors help merchants accept Bitcoin, no they don't. They actually help merchants resist using Bitcoin themselves, and still access customers who use Bitcoin. Bitcoin is supposed to be P2P. Not peer to payment processor to fiat to peer.

And for people who think still this means bad news, remember years ago when Paypal dropped Bitcoin? Did the world end? The more likely story is, Stripe is beginning to believe, like others, that as Bitcoin advances in tech, with LN especially, there's going to be fewer people willing to direct Bitcoin to processors and lose in exchange fees.

Fact of the matter is, support for BTC payment is dropping big time world wide. Also see: https://www.bloomberg.com/news/articles/2017-07-12/bitcoin-acceptance-among-retailers-is-low-and-getting-lower

Fact of the matter is, support for Bitcoin-supported payment processors is dropping big time, which is the underlying reason for these processors eventually dropping Bitcoin. Again, you have to see the difference between a merchant accepting Bitcoin and a merchant installing a payment processor that supports Bitcoin. These are not the same things. I think merchant adoption has always been low anyway, so there isn't a drop. As others have mentioned, a lot of merchants have been keen - but they've been waiting on the sidelines for a long time because:
1. They're not prepared to wait for confirmations. As I mentioned, very soon, widespread LN will solve this.
2. They're unfamiliar with the tech and training required for staff who handle transactions.

Of course payment processors like Stripe and Bitpay solves their problem, since they never need to accept Bitcoin to access Bitcoin users. But those who don't sign up are not prepared to pay the fees for using a processor like Stripe.

[hase0278]

All is correctly written in the article. Human greed has turned bitcoin into an asset for accumulation. This is very bad. This situation makes us all vulnerable. If tomorrow all the leading countries and the banks agree to block flow of money from the exchange of bitcoins for Fiat, we will witness the end of bitcoin.

You got a good point there but but it is impossible for now. Also Bitcoin wouldn't meet it's end by banks merely trying to stop the flow of money from exchanges. There will always be loopholes that will allow people to use Bitcoin conveniently and by that time bitcoin will only have a low price. If this goes on, there will come a day that Bitcoin is not used as a currency anymore.

[South Park]

Burger king also accepts BTC as payment

Of course not. Who is going to pay $60 fee for a $6 hamburger? Or wait hours to see if the payment even went through?

The fact that Bitcoin payments and holdings aren't covered by insurance is already a risk businesses or even individuals need to consider... I don't blame businesses that try to keep safe..

Well, unlike credit cards, Bitcoin does not have charge backs using which payment processors sting the merchants with fines on top of already lost funds. This is one of the primary reasons that many little merchants have started accepting Bitcoin because when an order does come through with Bitcoin payment, it can be processed as soon as the  number of confirmations are met without any worry of fraud.

That is an incentive to use bitcoin for the merchants but it is not good for the consumers since they feel unprotected, that is why a system of escrows needs to be put in place in order to protect them, however that is not enough, we need to give an incentive to consumers to use their bitcoin and with the huge fees that is simply not possible, once the fees become cheap again we will see bitcoin being used as a currency once again.

[Altas]

One among the experienced firm stopping bitcoin acceptance is a bad news to the cryptocurrency, because it has been serving from 2014 and has expected a lot from bitcoin. But, what's been happening has made them go with such a decision. These too will affect the growth of bitcoin.

[alyssa85]

http://www.bbc.com/news/business-42798935

This doesn’t really signify anything negative about cryptocurrencies. The fact is that the fees are so high for Bitcoin that it is no longer practical to use it as a payment method, at least for small purchases. Bitcoin has become more of a store of value as the fees have gotten higher and the transaction times slower.

I think some altcoins will be more suited for use as a method of payment. There are many altcoins that have low to zero fees and faster transactions.

Stripe has announced that it is working on enabling BCH, ETH, LIC and Stellar. So it's dumping bitcoin but not giving up on crypto as a whole.

[ene1980]

All is correctly written in the article. Human greed has turned bitcoin into an asset for accumulation. This is very bad. This situation makes us all vulnerable. If tomorrow all the leading countries and the banks agree to block flow of money from the exchange of bitcoins for Fiat, we will witness the end of bitcoin.

How does greed turn bitcoin upside down,the network is not capable of accepting the amount of transaction they are getting and so is the reason the transaction charges are higher and unless we switch to lightning network we have to consume it as a form of investment rather than a currency to move the tokens around.Will the regulations stop bitcoin,i really do not think so but they might stop ICO funding.

[batang_bitcoin]

Stripe has announced that it is working on enabling BCH, ETH, LIC and Stellar. So it's dumping bitcoin but not giving up on crypto as a whole.

The reason why they stopped accepting bitcoin payments is because of the fee and slow confirmation but haven't they realized that the fees are quite good and transactions became faster now? They remain optimistic about cryptocurrency and just like the US gov't declared about bitcoin as an asset, they are also looking on it as an asset not a payment method anymore.
Source; https://cointelegraph.com/news/payment-processor-stripe-ends-support-for-bitcoin-hypes-altcoins

[South Park]

Stripe has announced that it is working on enabling BCH, ETH, LIC and Stellar. So it's dumping bitcoin but not giving up on crypto as a whole.

The reason why they stopped accepting bitcoin payments is because of the fee and slow confirmation but haven't they realized that the fees are quite good and transactions became faster now? They remain optimistic about cryptocurrency and just like the US gov't declared about bitcoin as an asset, they are also looking on it as an asset not a payment method anymore.
Source; https://cointelegraph.com/news/payment-processor-stripe-ends-support-for-bitcoin-hypes-altcoins

Maybe they are waiting for a definitive solution, we know that the fees could go up at any moment if the miners decide to spam the network again or if the price of bitcoin begins increasing again and suddenly everyone wants to get bitcoin, the lightning network is already being tested so it is possible they are just waiting for the day in which it is ready.

[alyssa85]

Stripe has announced that it is working on enabling BCH, ETH, LIC and Stellar. So it's dumping bitcoin but not giving up on crypto as a whole.

The reason why they stopped accepting bitcoin payments is because of the fee and slow confirmation but haven't they realized that the fees are quite good and transactions became faster now? They remain optimistic about cryptocurrency and just like the US gov't declared about bitcoin as an asset, they are also looking on it as an asset not a payment method anymore.
Source; https://cointelegraph.com/news/payment-processor-stripe-ends-support-for-bitcoin-hypes-altcoins

It's only speeded up in the last few days. They don't know if this is temporary or permanent. On the other hand, they've seen fees rise from Jan 2017 to Dec 2017.

So they're erring on the side of caution and dumping bitcoin for other coins. It will be up to bitcoin to demonstrate low fees for at least a few months before anyone reconsiders and includes them as a payment option again.

[lablab03]

when the price is going up everyone is gladly accepting bitcoin as payment method
not so much when price is going down

i wonder however how such payments are reflected in accounting books, taxes, profit, etc
all of those have to be calculated in national coin afaik

as the Matter of fact the reason why some of the company stop accepting bitcoin because the price now is always fluctuated and has a tend to be a worst time to ride the volatility of bitcoin. and for sure they will back to the business when the price soar again to the all time high value. .because of its good interest.

[vicvicto17]

The fact that Bitcoin payments and holdings aren't covered by insurance is already a risk businesses or even individuals need to consider... I don't blame businesses that try to keep safe..

Yes Bitcoin is decentralized so you can't assure on that. In any business there's a risk so accept the fact that we can afford to lose our money. Bitcoin price is very volatile and fluctuating always because it's been manipulating by the government. I'm very possitive that bitcoin future will be more adopted!

[xuan87]

Well it can't be blame and we can't deny what is happening, it's true now Bitcoin is more suitable as asset than currency, but I think stripe is not giving up in crypto ,it's just that Bitcoin condition now is not fit for the requirements, once we can lower the transaction fee I think stripe could accept Bitcoin back