Reddit To Relaunch Crypto Payments

Reddit To Relaunch Crypto Payments

Reddit To Relaunch Crypto Payments

As a forum for the underground, it seemed very counter intuitive for Reddit to stop accepting Bitcoin, they already had the infrastructure for it, so why would they want to regress and take a step back from a technology that really, Reddit has helped to spearhead.

Anyone who has ever perused the self-proclaimed "front page of the internet" will have noticed there is an option to buy something called Reddit Gold.

In 2013 the platform began accepting Bitcoin payments for purchasing Reddit Gold membership, the premium ad-free version of the site.

Reddit is hoping to reinstate cryptocurrency as an option for payment in the near future. That decision was not too popular, for obvious reasons, but the company chose to take this approach regardless.

Reddit boasts numerous large popular cryptocurrency niche communities with most of the coins having their own subreddit which are moderated/frequently visited by the core team. During an interview with Cheddar, Reddit CTO Christopher Stowe explained that bitcoin was dropped as a method of payment from the site in March due to high fees.

Slowe said that the previous set of tools provided by Coinbase only supported Bitcoin payments on Reddit, but a fix to pave the way for alternative cryptocurrency payments is underway.

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Bitcoin acceptance came to an end on Reddit in late March. Overall, we could see no indication of when, or indeed if, Bitcoin would be returning to the Reddit platform.

However, Slowe did not provide a specific timeline for when Reddit will bring back cryptocurrency payments, merely stating that it would likely happen once the company finishes its redesign.

Assuming this functionality comes back pretty soon, the cryptocurrency community has something to look forward to.

As Bitcoin becomes more mainstream and popular with miners and traders, payment requests are often made in a rapid fashion that the network can not support. Moreover, it will be interesting to see how this affects both Ethereum and Litecoin moving forward, as both currencies direly need more mainstream use cases. There is a lot of positive momentum in this industry as of right now, although it remains unclear if it will last for much longer.

"They're doing a great job, a major revitalization of their payment gateway, we just didn't have the time to upgrade our current API integration", Slowe said.

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