Stripe, which begun accepting bitcoin payments almost four years ago during the height of a push for a people’s currency, has today announced they will no longer accept it. “Our hope was that Bitcoin could become a universal, decentralized substrate for online transactions and help our customers enable buyers in places that had less credit card penetration or use cases where credit card fees were prohibitive,” Stripe says before further adding: “Over the past year or two, as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange… This has led to Bitcoin becoming less useful for payments… Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies..
As an internet company, you’d think Stripe has the fortitude and ability to understand there are now two bitcoins, an expensive and slow Bitcoin Core, and a fast and cheap Bitcoin Cash. So citing OmiseGo, Ethereum, Lightning too, and Stellar, before conluding: “It’s possible that Bitcoin Cash, Litecoin, or another Bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low.”.
Litecoin has the exact same unscalable roadmap as Bitcoin Core, so no luck there, but Bitcoin Cash follows Nakamoto’s suggestion to scale on-chain without care how big nodes get because Moore’s Law will ensure technology keeps up, if for nothing else then the demands of this global payment network. They could have just added other digital currencies, like Bitcoin Cash or Ethereum, which meet the demands of their customers..
Moreover, merchants now have the choice of continuing supporting the bitcoin they supported in 2014 in Bitcoin Cash, or other crypto. So this trend of me too, as if bitcoin is the only game in town, when it has barely just above 30% market share, while other cryptos have 10x and even 100x the market cap bitcoin had when they first begun accepting it, does begin to feel like a cheap copt out..
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