Stripe announced it is winding down its support for Bitcoin payments, due to the high costs and slow transaction times.
Stripe is an online payments platform, which makes it easy to accept payments online and in mobile apps.
Stripe was one of the first major payments companies to support Bitcoin.
The company said that transaction confirmation times have risen substantially, which has led to an increase in the failure rate of transactions.
“By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the wrong amount,” said Stripe.
Bitcoin transaction fees have also risen. “For a regular Bitcoin transaction, a fee of 10 US dollars is common – making Bitcoin transactions about as expensive as bank wires.”
This has led to a decrease in demand for Bitcoin as a payment method.
Stripe will stop processing Bitcoin transactions on 23 April 2018.
The move follows an announcement by Steam in December 2017 that it will no longer support Bitcoin payments.
These announcements point to Bitcoin failing as a payment method.