Stripe Discontinues Bitcoin Support
Late this afternoon, Stripe announced via their blog that they were phasing out support of Bitcoin as a payment method over the next 3 months. You can read the full post here.
While it's a disappointing development, the reasoning stated in the post uses sound logic. Karlo states that Bitcoin has succeeded in becoming an investment asset but that success has limited the utility value.
While the issues he brings up are valid and have plagued Bitcoin transactions in the past several months, there is also mention that overall they are very intrigued in the crypto space and mention several cryptocurrencies that they will be monitoring going forward, including Bitcoin, as viable options to offer on their platform. Karlo makes specific mention of the Lightning network and how promising that appears. The implication is made that Stripe can turn around and offer up Bitcoin again in the future if Lightning eliminates the challenges of the lag time and expensive fees associated with Bitcoin transactions. In fact, the Lightning Network is already rolling out and transactions are happening that show it's true potential to fix Bitcoin's scalability challenges.
As it relates to the lightning network, early reviews and developer enthusiasm indicate these types of moves from companies like Stripe will prove to be short-sighted and the problems with Bitcoin transactions short lived.