Stripe co-founders Patrick (Patrick Collinson) and John Collinson (John Collinson) explained the company’s decision to no longer support the payments in bitcoin, adopted in the beginning of the year. In an interview with Bloomberg, the brothers spoke about his views on the cryptocurrency markets and the market of bitcoin in particular.
According to Patrick Collinson, the reasons underlying the decision to cease accepting payments in bitcoin, is rather “question for the bitcoin community as a whole, and especially to the software developers whether they want to optimize bitcoin in order to serve as a means of payment, or that he was […] a form of digital gold, a store of value”.
“At the moment when we made the decision, there was a trend for greater applicability as a store of value — I think it’s a valuable thing, which is to exist in the world, […] I sincerely wish them to succeed […] It just works not so effectively for our goals,” said Patrick.
However, when the brothers were asked, not whether to leave this step for Board, Patrick Collinson replied that they “absolutely open for review of this decision in the future, if appropriate”.
He stressed that they did not want to take on the role of judges: the team Stripe just tracked the data that talked about the fact that the rate of use of bitcoin as means of payment “decline rapidly”. According to Patrick, if the trend changes, it is likely that payments in bitcoin will again be available on the platform.
Agreeing with the opinion of brother, John Collinson noted that “speed and cost” of transactions in the bitcoin network was the main reason for the refusal of payments into the leading cryptocurrency.
“We came to the conclusion that bitcoin is not an acceptable means of payment, which cannot be said about cryptocurrencies in General,” said John Collinson.
Speaking about the current state of the industry in a broad sense, John said he has confidence that this is a promising segment, many of which, however, “while in fact has not been demonstrated” by existing solutions, while people “fall” for the hype around projects, not standing.
“I see a lot of companies and a lot of people who are distracted by merely vanity projects from the category of “we put this database in the blockchain or something”, because people in reality don’t want to go into technical details,” said John Collinson.
Recall that the payment service supports payments in bitcoin in 2014, abandon the leading cryptocurrency, it became known in January. Then as a possible alternative, the developers mentioned Stellar Lumen.