Categories: Bitcoin Entertainment

Stripe Updates Bitcoin Payments Advice, Will Go Live in January

Click here to view original web page at www.coindesk.com
Stripe front page

Online payments solutions provider Stripe has updated its advice on setting up its service to accept bitcoin, saying the feature is set to come out of beta in January 2015 with a fee of 0.5% per transaction.

San Francisco-based Stripe, which allows businesses to accept credit card payments easily via the web or mobile devices, launched its beta test of bitcoin support back in March 2014.

The company has received $190m so far in six funding rounds, from investors including Founders Fund, Sequoia Capital, Khosla Ventures, Elon Musk and Andreessen Horowitz. It supports payments in over 14 countries and is used by several major companies including TaskRabbit, Lyft and Shopify to process payments.

Easy integration

Stripe emailed users who had expressed an interest in its bitcoin services on 23rd December and said on its advice page that accepting bitcoin should be a quick and simple process for anyone currently using its APIs.

Developers can enable bitcoin in either 'livemode' (with real bitcoin and addresses) or 'testmode', with Stripe sending three fake bitcoins to the test account once it is set up.

All API endpoints, dashboard pages, and reporting files support both payment types, it said. All developers have to do to present a bitcoin payment option to customers is enable it with a few lines of code in either Stripe.js or Checkout.

The consumer-facing interface looks fairly similar to other bitcoin payment mechanisms online:

Stripe: Checkout Bitcoin Payment

Like other similar services, customers will pay in bitcoin but the merchant will receive dollars, as a hedge against price volatility.

Fees have been waived during the beta phase, and Stripe will begin charging the 0.5% per payment fee once the service is fully live.

New competition in bitcoin payments

Once out of beta, Stripe could become a major player in the bitcoin payment processing space. Competitor Braintree, a PayPal subsidiary, launched its own bitcoin services provider in partnership with Coinbase in September.

Stripe has not yet revealed whether it has formed a partnership with any existing bitcoin payment processor or exchange to provide the service.

The company has long been known as a bitcoin-friendly company and is reportedly seeking to provide the greatest possible number of payment options to users.

Since the beta service launch, CTO Greg Brockman has spoken out publicly on bitcoin's potential a number of times, saying it could "unbundle the existing financial system into layers run by independent companies", and that it may be the first truly global payments network.

Until better use-cases could be found, Brockman wrote, bitcoin had more potential in markets with volatile fiat currencies like Argentina than it could have in the US. A key to introducing new users to digital currency lay with specialist 'gateway' companies to make transactions easier.

CoinDesk has reached out to Stripe for more details on partnerships and user base.

San Francisco-based Stripe , which allows businesses to accept credit card payments easily via the web or mobile devices, launched its beta test of bitcoin support back in March 2014.

The company has received $190m so far […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: car

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

5 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

5 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

5 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

5 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

5 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More