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Question: Should Reddit add Bitcoin as a payment method for their Reddit coins?
Yes - 6 (66.7%)
No - 0 (0%)
They should add their own Alt coin - 0 (0%)
They should use another Alt coin - 1 (11.1%)
I do not care - 2 (22.2%)
Total Voters: 9

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Author Topic: Should Reddit add Bitcoin as a payment method for their Reddit coins?  (Read 120 times)
Kprawn
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November 21, 2019, 03:47:50 PM
 #1

I checked out Reddit's reward option today and I noticed that they do not have Bitcoin as a payment option. Do you think they should add Bitcoin

as a payment option or should they stick to this? --> http://prntscr.com/q05wme   Huh

I think Bitcoin (with the Lightning Network) has evolved into a scalable and fast payment option and it would not take a lot of effort to add Bitcoin

as an additional payment option for their own Reddit coins.  Wink  

Should we petition them to add Bitcoin as a payment option or should we just ignore this blatant absence of one of the most revolutionary payment

options on this planet, called Bitcoin (BTC)  Roll Eyes

Please feel free to give your opinion and also participate in the Poll, so that everyone can see where we stand on this issue.

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November 21, 2019, 04:00:11 PM
 #2

They were one of the first services to start accepting bitcoin and if I remember correctly, they removed it last year, so I doubt a petition would be helpful.

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November 21, 2019, 04:02:48 PM
 #3

Reddit accepted bitcoin for years, from 2013 to 2018. They stopped accepting it at the start of last year. The reason they stated was that multiple users were experiencing bugs with payments via Coinbase, and they wanted to see how well Coinbase Commerce worked first before considering if they would re-enable bitcoin payments.

https://www.ccn.com/reddit-disables-bitcoin-payments-amid-coinbase-commerce-overhaul-but-are-they-gone-forever/

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November 21, 2019, 04:06:24 PM
 #4

I can't stand Reddit, so I don't know what it is they're selling in that screenshot.  What coins are they talking about?  I'm assuming they're not RDD, right?

And yeah I do tend to think they ought to start accepting bitcoin for whatever it is they're selling.  If bitcoin as a payment option ever fit any business, it probably would fit Reddit perfectly--I'm sure there are a lot of members there who would use that option, since they tend to attract the younger crowd who are more familiar with cryptocurrency than a lot of other businesses.

Speaking of RDD, anyone see how poorly it's doing lately?  It might be a tad off-topic, but maybe not.  It was trading at 9 sats last I checked, which was yesterday before bitcoin dropped $400.  I actually used to like it as a proof of stake coin, but I could never stomach its volatility and now I'm glad I don't own any.  Wonder why it never got adopted for anything, especially on Reddit.

They were one of the first services to start accepting bitcoin and if I remember correctly, they removed it last year, so I doubt a petition would be helpful.
Wonder why that is.  Like I said, I would expect the option to be quite popular if people are actually paying for anything on Reddit.

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November 21, 2019, 04:23:56 PM
 #5

Just a little explanation of what the "Award" program is in Reddit and what you use it for : https://www.reddithelp.com/en/categories/reddit-101/reddit-basics/what-are-awards

You basically get awarded for a good contribution, either by other users or the mods. It also gives you limited access to Reddit Premium. The Reddit

Premium is a ads-free Reddit experience. (So normal users gets spammed with Ads and you pay for a ad free period with those awards) They say

that they are going to add some more use cases for the coins, but they have not elaborated on what it would be. Oh, Reddit Premium also gives

you access to the exclusive r/lounge community.  Undecided

                  This is like the pre-school kids getting a sticker on the forehead for good work that was done in school.  Cheesy

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November 21, 2019, 05:00:31 PM
 #6

I checked out Reddit's reward option today and I noticed that they do not have Bitcoin as a payment option. Do you think they should add Bitcoin
The admin determines what they want to add if the reddit admin is getting too much request to add bitcoin as the mode of payment i am sure he will consider that and if you ask me for the choice i would say i would like all the major online store to start accepting bitcoin because of the ease of use and having the pseudo privacy you needed when you are dealing online as i do not trust entering by credit card details for every purchase but i would gladly pay using bitcoin.

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November 21, 2019, 05:07:16 PM
 #7

To be honest, I don't want this to happen again. Let them add whatever shitcoins certain communities want them to, but the Reddit crowd is already crypto-aware enough. The exposure isn't going to reach many people that don't know bitcoin. Plus, Reddit used to accept BTC anyway... The selling pressure IMO would do more damage. If they add altcoins only it's going to create volumes in crypto BTC markets which is better than just BTC/FIAT selling pressure.

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November 21, 2019, 05:41:08 PM
 #8

Reddit accepted bitcoin for years, from 2013 to 2018. They stopped accepting it at the start of last year. The reason they stated was that multiple users were experiencing bugs with payments via Coinbase, and they wanted to see how well Coinbase Commerce worked first before considering if they would re-enable bitcoin payments.

https://www.ccn.com/reddit-disables-bitcoin-payments-amid-coinbase-commerce-overhaul-but-are-they-gone-forever/

If that's the case then there is no need for petition since it's highly possible that Reddit will re-activate Bitcoin payments once they see a good progress from Coinbase side. I'm pretty sure that those users who experience some bug with their payment didn't wish to remove Bitcoin as an option instead they want the Coinbase or Reddit to fix the issue so it means that the demand for Bitcoin is still on the table.

 
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November 21, 2019, 05:50:49 PM
 #9

Reddit accepted bitcoin for years, from 2013 to 2018. They stopped accepting it at the start of last year. The reason they stated was that multiple users were experiencing bugs with payments via Coinbase, and they wanted to see how well Coinbase Commerce worked first before considering if they would re-enable bitcoin payments.

https://www.ccn.com/reddit-disables-bitcoin-payments-amid-coinbase-commerce-overhaul-but-are-they-gone-forever/

If that's the case then there is no need for petition since it's highly possible that Reddit will re-activate Bitcoin payments once they see a good progress from Coinbase side. I'm pretty sure that those users who experience some bug with their payment didn't wish to remove Bitcoin as an option instead they want the Coinbase or Reddit to fix the issue so it means that the demand for Bitcoin is still on the table.

Payment via Coinbase stripped all pseudo anonymity from the Bitcoin users, because you have to jump through the KYC/AML hoops to use Coinbase.

It is a pity that Bitcoin has not evolved into a very user-friendly payment option without the assistance of all these third party payment processors

and exchanges. I cannot see millions of people running nodes and Reddit accepting direct Bitcoin payments. The whole financial world are

brainwashed to have elaborate payment software with invoicing and tax reports, so they will have a hard time accepting a payment option that

does not generate all those documents.  Roll Eyes

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November 21, 2019, 06:33:20 PM
 #10

To be honest, I don't want this to happen again. Let them add whatever shitcoins certain communities want them to, but the Reddit crowd is already crypto-aware enough.
Being crypto aware on a platform is a great thing and it's not bad if there is a petition for bitcoin or other alts to be used as a payment method on reddit.
Bitcoin has being on reddit for years though but I don't know the reason it got removed as one of their payment method.

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November 21, 2019, 08:19:47 PM
 #11

                 This is like the pre-school kids getting a sticker on the forehead for good work that was done in school.  Cheesy

There's a lot about Reddit I don't understand, or rather can't be arsed to figure out. Reddit gold is one thing. How does it make your life better? Same goes for this. Just adblock and use the mods out there.

Reddit feels like one of those things that if you proposed it now you'd get your teeth kicked in. It's a genuinely mediocre format but the numbers are certainly there.

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November 21, 2019, 08:31:54 PM
Merited by Kprawn (1)
 #12

I can't stand Reddit, so I don't know what it is they're selling in that screenshot.  What coins are they talking about?  I'm assuming they're not RDD, right?
It's basically having an "I'm cool badge on your jacket", does the regular stuff with removing ads, and your also able to award users with the coins and make them feel as cool as you Smiley

Reddit accepted bitcoin for years, from 2013 to 2018. They stopped accepting it at the start of last year. The reason they stated was that multiple users were experiencing bugs with payments via Coinbase, and they wanted to see how well Coinbase Commerce worked first before considering if they would re-enable bitcoin payments.

https://www.ccn.com/reddit-disables-bitcoin-payments-amid-coinbase-commerce-overhaul-but-are-they-gone-forever/
I don't think they'll end up enabling bitcoin payments, at least via Coinbase's commerce platform.

Coinbase is likely going to end up demanding all of the users from Reddit to verify KYC and keep compliant with all the anti-aml policies, and I don't think anyone on reddit wants to verify their identity to buy a couple of bucks worth of coins.

They might use their own platform? Maybe BTCpay server.

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Kprawn
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November 22, 2019, 08:00:01 PM
 #13

I can't stand Reddit, so I don't know what it is they're selling in that screenshot.  What coins are they talking about?  I'm assuming they're not RDD, right?
It's basically having an "I'm cool badge on your jacket", does the regular stuff with removing ads, and your also able to award users with the coins and make them feel as cool as you Smiley

Reddit accepted bitcoin for years, from 2013 to 2018. They stopped accepting it at the start of last year. The reason they stated was that multiple users were experiencing bugs with payments via Coinbase, and they wanted to see how well Coinbase Commerce worked first before considering if they would re-enable bitcoin payments.

https://www.ccn.com/reddit-disables-bitcoin-payments-amid-coinbase-commerce-overhaul-but-are-they-gone-forever/
I don't think they'll end up enabling bitcoin payments, at least via Coinbase's commerce platform.

Coinbase is likely going to end up demanding all of the users from Reddit to verify KYC and keep compliant with all the anti-aml policies, and I don't think anyone on reddit wants to verify their identity to buy a couple of bucks worth of coins.

They might use their own platform? Maybe BTCpay server.

 "You hit the NAIL on the head" with that observation ole friend. Reddit is mostly a group of anonymous posters and now people will have to give

up that anonymity to basically browse around on Reddit without the hassle of a few advertisements.  Roll Eyes  They would be better off creating their

own Crypto currency, but then the US government would be all over them, like they did with Libra (Facebook)  Angry   The problem with direct BTC

payment would be the complexity and effort that people would have to put in to do this. I think this problem needs a lot more attention and also

brainstorming to make it easier for the average user to make direct payments. (ChangeTip was nice, but it should run on the Lightning Network)

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November 22, 2019, 10:54:33 PM
 #14

What's the point in them making their own? They are still able to get a lot of profit from using their regular payment methods, and there aren't a lot of users that are complaining about the lack of BTC payments, there's really no need.

Reddit coins seems so trivial, that I doubt anyone would really care they didn't let them use BTC for a smallish 5 dollar transaction, TX fees and everything would be a pain in the arse, and using fiat just seems so much easier.

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