Reddit Drops Bitcoin Payment Option For 'Gold' Membership

[Nevkeke]

Social media website Reddit is no longer accepting bitcoin as payment for its Reddit Gold membership program.

On Friday, users began commenting in the /r/BTC subreddit that the only available payment methods for the service are credit cards and PayPal, whereas previously people were able to pay for gold using bitcoin.

A Saturday post in the same forum attributed to Reddit administrator "emoney04" explained that the change was due in part to Coinbase's decision to discontinue their Merchant Tool product in favor of Coinbase Commerce, which will enable "merchants to accept multiple cryptocurrencies directly into a user-controlled wallet."

The administrator went on to explain:

"The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option."

They also indicated that Reddit has yet to decide if it will reintroduce crypto payments after Coinbase implements its new Commerce service.

"We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable," the administrator said.

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[gentlemand]

Can anyone tell me what the purpose of Reddit gold is? It appears to be just like the reddit enhancement suite, which is free, but someone else has to pay for it for you. Not exactly the most irresistible offer on the internet.

[pey]

This is not important at all, reddit's accepting payment with bitcoin has no big effect on bitcoin. It may be also logical decision considering the reasons that led this.

[cryptohunter]

reddit = shit

totally moderated crap never use it

[LFC_Bitcoin]

Who gives a shit, is this even news?

[Kprawn]

It just shows you how much influence Coinbase have at the moment. They should not be Reddit's only option out there. 

We saw how big a influence Coinbase had on the MemPool a while ago and how their decisions influence the market. Their

decisions on Batching and SegWit and Bitcoin Cash, caused a big ripple in the pond. Now they are expanding into other ERC20

tokens. 

[akemi1487]

Social media website Reddit is no longer accepting bitcoin as payment for its Reddit Gold membership program. users began commenting in the /r/BTC subreddit that the only available payment methods for the service are credit cards and PayPal, whereas previously people were able to pay for gold using bitcoin.

[Aleshia696]

I don't this'll have effect on bitcoin that much.

[simpleholmes]

even if it would enable payments with btc I don`t think that there are so many people willing to pay the subscription with btc at the moment so it wouldn`t make too much effect in btc`s price.

[dothebeats]

Reddit used to be my go-to forum aside from 4chan back in its heydays, but now I think reddit is just a place where weebs come together and talk about different random things they find 'funny' or 'entertaining'. Though the site has taken a steep downturn from one of the most entertaining websites to a place for weebos, we can't deny that the site still pulls out a significant amount of traffic. Even if there aren't many bitcoins enthusiasts around the site, still the overall impression about this is negative. Whatever the case is, we all know that that's one less website where you can take your bitcoin to, no matter if the site is full of trash.

[Kaller]

Its just FUD. They are going to re add it once the Coinbase commerce is online. Reddit is actually pro crypto, the reason for that is if you look at the official app of Reddit on play store then they have the Crypto word mentioned in the title itself of the app, thats a big thing to mention.

[BrewMaster]

Can anyone tell me what the purpose of Reddit gold is? It appears to be just like the reddit enhancement suite, which is free, but someone else has to pay for it for you. Not exactly the most irresistible offer on the internet.

basically it is a daily donation to help Reddit run its servers since it has only 1 tiny ad on top of it. and to appreciate users who support them they also give them access to some "enhancements". nothing really big though!
also you can both buy it for yourself or gift it to someone else.
read more here: https://www.reddit.com/gold/about

[zenrol28]

It will be temporary i think, just like what Microsoft did. So no big deal. Besides, after reading the benefits of being a gold member, I think it's not worth of my bitcoins. Most of it are for aesthetics and for lazy people benefits.

[bitfocus]

Right, and this is no Bitcoin fault or Reddit fault - Coinbase bugs are to blame.

[darkangel11]

Can anyone tell me what the purpose of Reddit gold is? It appears to be just like the reddit enhancement suite, which is free, but someone else has to pay for it for you. Not exactly the most irresistible offer on the internet.

basically it is a daily donation to help Reddit run its servers since it has only 1 tiny ad on top of it. and to appreciate users who support them they also give them access to some "enhancements". nothing really big though!
also you can both buy it for yourself or gift it to someone else.
read more here: https://www.reddit.com/gold/about

So I don't know what the big deal is. They don't want to receive donations in Bitcoin = their loss. I'm pretty sure they were instantly exchanging it for fiat, so it wasn't helping BTC at all.

reddit = shit

totally moderated crap never use it

I have the same opinion. I used to go there, and I could even stand the moderation. What I couldn't stand was this shadow banning that made your posts invisible to other users, but you were getting no notifications that something was done to your post, you were able to see it but nobody else could. I'm not sure if this is still a thing there, but it made me leave the site.

[Xester]

Social media website Reddit is no longer accepting bitcoin as payment for its Reddit Gold membership program.

On Friday, users began commenting in the /r/BTC subreddit that the only available payment methods for the service are credit cards and PayPal, whereas previously people were able to pay for gold using bitcoin.

A Saturday post in the same forum attributed to Reddit administrator "emoney04" explained that the change was due in part to Coinbase's decision to discontinue their Merchant Tool product in favor of Coinbase Commerce, which will enable "merchants to accept multiple cryptocurrencies directly into a user-controlled wallet."

The administrator went on to explain:

"The upcoming Coinbase change, combined with some bugs around the bitcoin payment option that were affecting purchases for certain users, led us to remove bitcoin as a payment option."

They also indicated that Reddit has yet to decide if it will reintroduce crypto payments after Coinbase implements its new Commerce service.

"We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable," the administrator said.

Is this really true then if it is it will be another backlash to bitcoin. But I hope this is just a false information. I will be checking and verify this information so I can make an assessment. If it is true I dont believe that reddit has done this because of some bug but I can sense that they are also panicking from bitcoin price drop. They just want to be play safe.

[1Referee]

It will be temporary i think, just like what Microsoft did. So no big deal. Besides, after reading the benefits of being a gold member, I think it's not worth of my bitcoins. Most of it are for aesthetics and for lazy people benefits.

Microsoft has done it twice, where after each time the community went full nuts on them on social media they brought it back, stating it was a technical mistake (bs of course). It's nothing more than a pure form of hypocrisy in the end. I don't know how often people used Bitcoin to pay for that extra perk on Reddit (probably close to zero), but the only thing they are doing with this action is say no to potential income, which is stupid. At the end of the day it's their platform and they can decide whatever they want to accept, it won't bother anyone. I seriously didn't even know Reddit accepted Bitcoin.

[gentlemand]

Is this really true then if it is it will be another backlash to bitcoin. But I hope this is just a false information. I will be checking and verify this information so I can make an assessment. If it is true I dont believe that reddit has done this because of some bug but I can sense that they are also panicking from bitcoin price drop. They just want to be play safe.

I noticed my main shopping portal for BTC has removed Bitcoin too. They're also Coinbase users. I expect anywhere that accepts Bitcoin via Coinbase is going to stop until they've integrated this new system. Then it should open up again in most places.

The switch to full user control over the wallet may be a turn off for quite a few though.

https://www.forbes.com/sites/jessedamiani/2018/02/15/coinbase-launches-coinbase-commerce-to-let-mainstream-merchants-accept-crypto-payments/#67c477173e8b

[w5pn73]

Can anyone tell me what the purpose of Reddit gold is? It appears to be just like the reddit enhancement suite, which is free, but someone else has to pay for it for you. Not exactly the most irresistible offer on the internet.

I was thinking the same, but redditors probably feel different.

[nedeken01]

Like other social media Reddit is also getting back from BTC. I think it is not a good decision by Reddit. They have seen BTC and we also. And Reddit would lose several gold user for this kind of initiative.  Though I hope they will change their decision once BTC come on its golden age.