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Author Topic: Blockonomics: A Decentralized Bitcoin Alternative to Stripe  (Read 19 times)
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February 27, 2018, 05:30:26 PM

Blockonomics: A Decentralized Bitcoin Alternative to Stripe

With the recent news of Stripe removing Bitcoin as a payment option, customers and merchants in the cryptocurrency space have expressed disapproval over the decision.

Stripe, who first started accepting Bitcoin in 2014 when it had reached $1,000 per coin, announced it will end support for Bitcoin on April 23rd. Their reasoning was direct: Bitcoin’s volatile fluctuations, long transaction times, and expensive mining fees. They have, however, begun considering other cryptocurrency options such as Stellar, Litecoin, Ethereum, Lightning, Bitcoin Cash, and OmiseGO.

As one of the largest payment processors takes a step down from Bitcoin, the use case of Bitcoin as a payment option for e-commerce hasn’t slowed down. Bitcoin still remains the top dog in the cryptocurrency world for many reasons. Blockchain allows lower payment processing fees than PayPal and credit card companies – as much as 66% cheaper. It also completely eliminates chargebacks, which is a major concern for many retailers. The chance for fraud is also completely minimized, and there’s always a potential for increased capital gain if and when Bitcoin goes up in value.

Bitcoin has also since normalized. As of late, the average cost of a Bitcoin transaction is cheaper than it’s been in a year and a half. With more wallets and exchanges moving towards Segwit compatibility, the cost per transaction has been greatly reduced. Plus, the upcoming Lightning Network will make transactions much more faster than they currently are....

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