As cryptocurrencies continue to show volatility in the market, transaction processor Stripe has decided to stop supporting bitcoin payments for small businesses on April 23.

Stripe's Tom Karlo made the announcement in a blog post earlier this week.

"Over the past year or two, as block size limits have been reached, bitcoin has evolved to become better-suited to being an asset than being a means of exchange," he wrote in the blog post. 

Karlo noted several issues with processing bitcoin transactions, noting that confirmation times "have risen substantially." That, in turn, leads to a high failure in transactions because price fluctuations in bitcoin's price means that purchases are made for what's essentially the wrong amount. And, the cost to process a bitcoin transaction has risen from just pennies to as much as $35 to $40.

"Because of this, we've seen the desire from our customers to accept bitcoin decrease," Karlo wrote. "And of the businesses that are accepting bitcoin on Stripe, we've seen their revenues from bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with bitcoin makes sense."