Although Stripe has fallen out of love with Bitcoin, the company has said it is still very optimistic about cryptocurrencies.

The payment processing specialist, Stripe, has given up on bitcoin because of its price volatility, stating that it makes it less useful for payments.

Because of this volatility Stripe says merchants have been put off from taking and handling the cryptocurrency, while transactions have also become slow and expensive.

Price fluctuations are directly to blame for the lengthening transaction times; with movements happening so frequently that making the final deal becomes a challenge.

Tom Karlo, project manager, Stripe, said: “Our hope was that Bitcoin could become a universal, decentralized substrate for online transactions and help our customers enable buyers in places that had less credit card penetration or use cases where credit card fees were prohibitive.”

There has previously been a great of conversation regarding Bitcoin drifting away from being a truly decentralised currency, decisive action has been proposed to try and return it to this state, but it was halted.

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