FastMail Email Service Provider to Pause Bitcoin Payment Acceptance Due to ‘Integration Costs’
FastMail a competitor of Gmail focused on speed and efficiency has decided to stop accepting cryptocurrencies as payments by the end of March this year. The company believes that the cost incurred in accepting bitcoin and bitcoin cash has become unsustainable.
The company has informed its users through a notice and has decided to turn towards the traditional payment methods which include Visa, Master Card, PayPal, and American Express. The user base is divided over the current notice by the firm regarding abolishing crypto payments. Some believe that there are more feasible options available to accept crypto payments
The company’s notice to the users read,
Bitcoin is used by only a small number of customers, which unfortunately makes the integration costs of maintaining Bitcoin support unsustainable. You can still pay with Bitcoin through March 31, 2019. Add funds to your account now to be used for future renewals.
People Are Blaming Bitpay For Blocking Of Crypto Payments
FastMail started accepting crypto payments back in 2016 by the BitPay payment portals and made headlines for doing so. Now people are blaming Bitpay for the recent turn of events as they believe the unbearable price that the Fastmail is talking about is due to the BitPay.
Whether the payment portal is at fault or the company believes its services are not feasible through crypto payments, we would only know once the company decides to tell us the reasons behind the decision in detail.
Looking at the crypto trade market which is experiencing its longest crypto winter, it's not hard to comprehend, but as many suggested, if Bitcoin and Bitcoin Cash fees are not feasible, the company could have looked out for better alternatives which are available in the crypto ecosystem.
Crypto Adoption On The Rise
Despite Fast mail opting against the crypto payments due to unsustainable charges, the rest of the world seems to be perfectly fine. The crypto adoption is on a steady rise, even after such a massive fall in the crypto trade market. 2018 bearish trends resulted in the majority of the cryptocurrencies losing almost 80% of their market capitalization.
Earlier this year a Danish online food portal started accepting Bitcoin payment, Venezuela legalized the Bitcoin use, JP Morgan after bashing Bitcoin for years bought the digital asset and even launched its own stable coin. So the market is definitely seeing a growth in terms of adoption. If trading veterans are to be believed the bearish trends are going to end soon and as the bulls take charge again, the prices of cryptocurrencies will rise to new heights.