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Stripe -- which makes much of its revenues on credit card transactions -- is not the first company to back out of what has become a very expensive and time consuming means of exchanging money. While Karlo wrote in the blog that Stripe remains "very optimistic about cryptocurrencies overall," the end of its bitcoin product marks a big shift in both the payments industry and bitcoin more broadly. When Stripe first enabled bitcoin payment process in , advocates for the cryptocurrency believed that it could be a cheaper than credit cards like Visa, which charge seller-side customers a fee on top of each transaction, and more accessible to people in part of the world without banks or stable currencies.
This post originally appeared on Business Insider. Innovate Creativity Invent Design Pivot. Top Stories. Top Stories. Top Videos. Regular Rate through January 15 Apply Now. Getty Images. It's a major hit to the popular cryptocurrency, once believed to be the future of online payments, but Stripe isn't the only company to back off.
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