Twitch Ditches Bitcoin; Crypto Remains a Terrible Payment Method, For Now
Twitch is the latest major corporation to stop accepting payments in bitcoin, the world’s most-valuable cryptocurrency. | Source: Shutterstock
When Satoshi Nakamoto wrote the historic bitcoin whitepaper, the elusive creator called bitcoin a peer-to-peer electronic cash system. But ten years later, bitcoin is still a terrible way to pay for things.
Streaming platform Twitch just proved the point by quietly removing its bitcoin and bitcoin cash payment options. The Amazon-owned streaming platform offered no reasons for the move, but we can read between the lines. There’s no demand.
Don’t get me wrong. I would love to see bitcoin become the world’s payment system, but it faces some serious issues. And it’s not because of speed or fees or technology. It’s because of the stupid way the government taxes bitcoin. Let’s get deeper into this.
Twitch silently removes crypto payment options 🤫🤔
— crypto sarah ⚡️ (@crypto_sarah9) March 25, 2019
Twitch Ditches Bitcoin
Twitch is the latest bitcoin-accepting vendor to drop its support for cryptocurrencies. The news was first circulated by one Redditor who posted:
“[Twitch] had an option to pay through Bitpay. They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately.”
CCN can confirm that Twitch did previously offer bitcoin as a payment method for subscriptions. The screenshot tweet below clearly displays the bitcoin logo.