March 28, 2014
When Shopify, Zynga, Overstock.com, TigerDirect and slew of other major retailers began to accept Bitcoin as a method of payment, the writing was already on the wall – Bitcoin is not going anywhere anytime soon. In another colossal development, payments giant Stripe has now begun testing ACH (Automated Clearing House) as well as Bitcoin payments among certain users.
Some of the other well known companies operating in this space are Andreessen-Horowitz backed Coinbase and BitPay – which does the payment processing for companies such as Wordpress, AmagiMetals, GamerKeys.net. and even The New Mexico Tea Company, among others. However, Stripe is the first major payment processor to begin accepting the virtual currency.
This is a long-term investment for us. People selling online aren’t going to shift all their sales to bitcoin overnight, or even in the next few months. There’s some education needed on what accepting bitcoin means and what the advantages are. We also need to make the consumer buying experience better. That’ll take time, Stripe’s Lead Bitcoin Engineer, Christian Anderson told Coinbase. On the topic of competition, We would like interoperability to be the winning path, and we want to support the ecosystem. Think about a South African consumer using their Coinbase wallet to buy services from a German Stripe merchant. That’s a very cool world to live in, he stated.