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Reddit is Ready to Reinstate Bitcoin Payment

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May 8, 2018 | 

Joanna Newman |  0 Comments| 

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From 2009 to the present, we can only see how much Bitcoin and other crypto-currencies have grown. Many entities, websites, forums, social networks have considered the possibility of using these cryptographic currencies as a method of payment. In the case of Reddit for example, Bitcoin has been accepted as a payment method since 2013 to become a premium member. But last March, an announcement was made that the payment method is no longer accepted. However at the latest news the technical director of Reddit, Christopher Slowe announced that they were ready to reinstate Bitcoin, and even to add other cryptographic currencies.

 

The Return of Bitcoin on Reddit


In an interview with Cheddar media, Reddit's CTO Christopher Slowe spoke about the return of the Bitcoin payment option. This option will allow Reddit users to spend a Reddit Gold premium account by paying in Bitcoin (BTC). This big news would mean that Reddit was able to solve its problem with the Coinbase platform, because the decision to stop Bitcoin followed the decision of the trading platform Coinbase to stop its Merchant Tool service to migrate to Coinbase Commerce and other technical and economic factors. Some users have noticed some bugs during purchases. The abandonment of Bitcoin was also partly due to transaction fees deemed too high. Due to increasingly demanding mining performance, power consumption has also increased which has led to higher transaction costs on the Bitcoin network.

The decision surprised Reddit users because it was an important online encryption center. But now the Bitcoin payment service is on the way back.

Reddit is also interested in Ethereum and Litecoin


During the interview, Christopher Slowe pointed out that Coinbase was the main trading platform for processing payments on Reddit. Coinbase having left the Merchant Tool for Coinbase Commerce, to use the Bitcoin payment method again Reddit was forced to adapt to the new system. Slow said that Reddit has revitalized its user interface and API. In addition to being able to integrate the Coinbase API, the Reddit team has been able to find solutions to existing problems.
When Slowe was asked about the cryptocurrency adoption project, he stated the possibility of adopting additional crypto-currencies besides Bitcoin, namely Litecoin and Ethereum.

According to Christopher Slowe, all existing cryptographic currencies have a community on Reddit. So the adoption of other cryptocurrencies like Ethereum and Litecoin will delight Reddit users. Although no official date has been disclosed for the return of bitcoin or the adoption of Ethereum and Litecoin, Slowe assured that it is underway.

Other crypto-currencies insight


The site, bringing together communities of different crypto-currencies also plans to integrate more crypto-currencies, especially those offered by the exchange platform Coinbase.

The Reddit site has long been unknown to the general public, but for crypto-investors, it is a major site. Reddit hosts relevant information on the world of cryptocurrencies, it is also a platform where all crypto-investors can share their points of view and chat with each other.

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