[2018-05-03] Reddit to Re-Enable Bitcoin Payments, ETH and LTC Support Coming

[nickbelski]

Cryptocurrencies are set to make a comeback on Reddit.

It is the largest community where cryptocurrency enthusiasts meet and discuss the technology. The Bitcoin subreddit has 816K subscribers, and Cryptocurrency subreddit has over 663K subscribers. But back in March, the platform disabled Bitcoin as a payment method for Reddit Gold after enabling it in February 2013.

Reddit had disabled Bitcoin as a payment method without prior notice, leaving customers with the option to pay using PayPal and Credit Card. But after the discovery made it to the first page of Bitcoin Subreddit, a Reddit admin responded to the removal. He claimed they had problems with Coinbase’s payment platform which led them to completely disabling the platform.

“Yup that’s right. 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,” the admin said.

Coinbase had made changes to Coinbase Commerce which allowed merchants to accept Bitcoin Payment and the change required merchants to make a significant upgrade. Reddit chose not to make the upgrade, disabling Bitcoin as a payment method.

Christopher Slowe, the CTO of Reddit revealed that they are working towards bringing back Bitcoin payments on their platform in an interview with Cheddar. He confirmed that they did not have the time to work towards making the Coinbase upgrade because they were focused on the new Reddit Design.

When asked if they intend to accept Cryptocurrencies other than Bitcoin, Slowe said:

“We have been looking at other Cryptocurrencies. We are looking at Ethereum and Litecoin that are provided by Coinbase as well”.

Bitcoin is set to come back on the platform, and this time around users will have more options like Ethereum and Litecoin to buy Reddit Gold. Slowe has not given a timeline on when Bitcoin will be back on the platform, but it is happening.

Source: https://www.ccn.com/reddit-to-re-enable-bitcoin-payments-along-with-ethereum-and-litecoin/

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[kjlimo]

Another take on this story: https://news.coinninja.com/blog/2018/05/03/reddit-removes-bitcoin-option-for-reddit-gold/

[richardsNY]

We'll probably never find out what the actual reason was for them to ditch Bitcoin. At first it was the volatility and high fees, and now suddenly it's Coinbase.... Either way, ecommerce is a very important aspect adding value to Bitcoin's utility, and that's what I'm happy for -- everything else these Bitcoin ditching players come up with is hypocrisy at best. I find it funny that some players using BitPay as payment gateway were complaining about the volatility, and that while it's BitPay taking away their exposure to volatility, lol. On top of that, the price is as volatile as it has always been, so from there it makes even less sense -- the price was volatile when they started to accept Bitcoin, and when they ditched it.