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Stripe has announced that it has decided to stop accepting Bitcoin through its payment gateway. Stripe was a pioneer in online cryptocurrency payments, and was the first major payments company to incorporate Bitcoin into its platform back in 2014.
The last day for Stripe Bitcoin payments will be April 23rd, 2018.
This is a bummer for anyone who uses WooCommerce and wants to accept Bitcoin. WooCommerce is the most popular e-commerce plugin for WordPress sites.
Why Is Stripe No Longer Accepting Bitcoin?
The problem, as conveyed by Patrick Collison, one of the Collison brother co-founders of Stripe, is that by the time e-commerce transactions with Bitcoin are complete, the price has changed.
As such, a person buying or selling using Bitcoin really does not know exactly the value of what they are sending or receiving. This is Bitcoin’s biggest problem as a currency.
Stripe Alternative for Accepting Bitcoin for E-Commerce
One alternative for accepting Bitcoin in e-commerce transactions is Coinbase Merchant Services. Coinbase has created their own payment gateway that allows e-commerce websites to accept Bitcoin as an alternative to Stripe.
A benefit of using Coinbase’s payment gateway is that as soon as a transaction is completed, the Bitcoin is sold to Coinbase at the market price of Bitcoin. The Bitcoin is purchased from you by Coinbase and your local currency goes into your wallet, which is held, and insured by Coinbase.
This is a brilliant business solution to a big problem in e-commerce: Bitcoin volatility. Coinbase explains this explicitly… By using Coinbase as a solution for accepting Bitcoin as payment, you are eliminating exposure to the price fluctuations.
Below is the full announcement that was posted yesterday on the Stripe website: