The live video streaming giant, Twitch.tv has decided to do away with Bitcoin payment methods and withdraw support for cryptocurrencies. The decision to remove bitcoin transactions through BitPay was taken a few weeks ago which was reported by a Reddit user.
Twitch users believe that the move was the company’s response to the lack of demand for Crypto payments. Users on Reddit have criticized the company for introducing such a major change without informing its customers in advance. Some have canceled all of their Twitch subscriptions and sent official complaints to the company.
The Amazon-owned platform had announced the integration with cryptocurrency payments back in January 2018, adding Bitcoin to the long list of available payment options, which included Apple Pay, PayPal, Amazon Pay, and even Coinbase. This was introduced to increase the user base of cryptocurrency. However, very few Twitch users and streamers were actually aware of crypto payments on such a platform. One of the reasons for this feature’s failure could be a lack of information about crypto transactions. Yet it’s unlikely that a popular platform like Twitch will suffer any noticeable major damage.
Arguments against bitcoin state that, bitcoin’s high transaction costs and slow network speed make it one of the least desirable day-to-day payment method, unlike other smaller digital coins such as Dash or Ripple’s XRP. However, Twitch is not the first company to add and then remove crypto payments. Last January, Microsoft also suspended Bitcoin payments on its online store, citing ‘instability’ as the reason behind the move.
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