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Bitcoin News: PayPal Competitor Stripe to Accept Bitcoin

Bitcoin transactions will be converted into local currency


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

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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.

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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.

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