As investors eagerly wait in anticipation to see where exactly Bitcoin will go, its prospects as a viable currency are coming under scrutiny.
Cryptocurrency, Minus the ‘Currency’?
Bitcoin is looking less and less like a viable currency every day, as companies continue to drop the popular cryptocurrency as a method of payment.
One such company dropping support for Bitcoin is Stripe.
According to the self-proclaimed “first major payments company to support Bitcoin payments,” lengthy transaction times and high failure rates have made Bitcoin payments anything but convenient, and the rapidly fluctuating price of the cryptocurrency creates headaches for businesses. Worse yet, high fees make Bitcoin transactions about as costly as bank transfers.
Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.
Additionally, industry-leading digital distribution platform Steam dropped support for Bitcoin in December, also citing high fees as troublesome.
Adding insult to injury, even The North American Bitcoin Conference in Miami stopped …
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