Bitcoin News: PayPal Competitor Stripe to Accept Bitcoin

Bitcoin transactions will be converted into local currency

   

Bitcoin News: PayPal Competitor Stripe to Accept Bitcoin

Merchants who use online payment processing service Stripe can now accept bitcoins.

Bitcoins 300x168 Bitcoin News: PayPal Competitor Stripe to Accept Bitcoin
Source: Flickr

In an interview with Re/code, Stripe CEO Patrick Collison revealed the bitcoin news. Stripe has launched a private beta program for customers who want to include bitcoin payment options among their accepted payment methods.

Bitcoins185 Bitcoin News: PayPal Competitor Stripe to Accept Bitcoin
Bitcoin News: IRS Rules It Will Tax Bitcoin as Property

Stripe competes with online payment giant PayPal, owned by auction website eBay (EBAY). PayPal does not allow customers to make payments in bitcoins at present.

Collison told Re/code that Stripe didn’t know if bitcoin would retain its relevance over time, but hoped to boost online sales by increasing the number of available payment methods. He noted that many people around the world don’t have access to credit cards, but could purchase bitcoins.

Online data storage provider Tarsnap became Stripe’s first customer to exploit the new bitcoin payment option. Stripe will automatically calculate bitcoin conversions into local currency for its customers.

EBAY stock slipped slightly in Friday morning trading.

More Bitcoin News:


Article printed from InvestorPlace Media, http://investorplace.com/2014/03/bitcoin-news-paypal-competitor-stripe-accept-bitcoin/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.