{"id":245840,"date":"2018-01-24T08:01:00","date_gmt":"2018-01-24T06:01:00","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=245840"},"modified":"2018-01-24T08:02:36","modified_gmt":"2018-01-24T06:02:36","slug":"bitcoin-failing-as-a-payment-method","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/245840-bitcoin-failing-as-a-payment-method.html","title":{"rendered":"Bitcoin failing as a payment method"},"content":{"rendered":"<p><a href=\"https:\/\/stripe.com\/blog\/ending-bitcoin-support\" target=\"_blank\" rel=\"noopener\"><strong>Stripe announced<\/strong><\/a>\u00a0it is winding down its support for Bitcoin payments, due to the high costs and slow transaction times.<\/p>\n<p>Stripe is an online payments platform, which makes it easy to accept payments online and in mobile apps.<\/p>\n<p>Stripe was one of the first major payments companies to support Bitcoin.<\/p>\n<p>The company said that transaction confirmation times have risen substantially, which has led to an increase in the failure rate of transactions.<\/p>\n<p>\u201cBy the time the transaction is confirmed, fluctuations in Bitcoin price mean that it\u2019s for the wrong amount,\u201d said Stripe.<\/p>\n<p>Bitcoin transaction fees have also risen. \u201cFor a regular Bitcoin transaction, a fee of 10 US dollars is common &#8211; making Bitcoin transactions about as expensive as bank wires.&#8221;<\/p>\n<p>This has led to a decrease in demand for Bitcoin as a payment method.<\/p>\n<p>Stripe will stop processing Bitcoin transactions on 23 April 2018.<\/p>\n<p>The move follows an <a href=\"https:\/\/steamcommunity.com\/games\/593110\/announcements\/detail\/1464096684955433613\" target=\"_blank\" rel=\"noopener\"><strong>announcement by Steam in December 2017<\/strong><\/a> that it will no longer support Bitcoin payments.<\/p>\n<p>These announcements point to Bitcoin failing as a payment method.<\/p>\n<h3 class=\"my-4\">Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/gaming\/241088-steam-no-longer-supports-bitcoin.html\">Steam no longer supports Bitcoin<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Stripe is the latest company to drop Bitcoin as a transaction method.<\/p>\n","protected":false},"author":23,"featured_media":224650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,3602,44404],"class_list":["post-245840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-steam","tag-stripe"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245840"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=245840"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245840\/revisions"}],"predecessor-version":[{"id":245892,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/245840\/revisions\/245892"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/224650"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=245840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=245840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=245840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}