Reddit hopes to relaunch cryptocurrency payments - and not just Bitcoin, either

Reddit hopes to relaunch cryptocurrency payments - and not just Bitcoin, either

In a recent interview, CTO Christopher Slowe said that the company is working on bringing back Bitcoin, confirming that the Coinbase upgrade had taken a backseat to the site's new design. As previously reported and reiterated during the interview by Mr. Stowe, buying gold membership with Bitcoin has become costly due to fees and buggy due to Coinbase's faulty integration.

Coinbase, the cryptocurrency exchange service, made changes to its API, switching from merchant tools to the new Coinbase Commerce platform. He also stated that the social media website is looking to add more crypto options.

Notably, Slowe also said that Reddit - whose platform houses forums for almost every cryptocurrency community - will likely add support for other cryptocurrencies as well.

"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".

Bitcoin acceptance came to an end on Reddit in late March.

Red-hot Guentzel leads Penguins in tying series with Capitals
Devante Smith-Pelly replaced Wilson on the top line with Ovechkin and Evgeny Kuznetsov, but Pittsburgh kept the clamps on. With the win, Pittsburgh evens the series at 2-2 and ensures itself of another home game on Monday in Game 6.

The CTO of Reddit has announced that the platform will soon be relaunching Bitcoin payments through the platform.

A month-and-a-half after dropping its support for Bitcoin, Reddit is hoping to double down on cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the bitcoin network. The platform's Bitcoin subreddit unites 816 thousand subscribers, while the number of its Cryptocurrency subreddit amounts to 663 thousand.

"We have been looking at other cryptocurrencies", he said.

Reddit plans to reneable Bitcoin payments on the platform after disabling it in March, as well as adding support for Ethereum and Litecoin. "So, I think if they're actually fixing that, then we'll probably jump back on and have more options available".

Coinbase had changed the requirements that merchants should meet with a view to continue accepting Bitcoin payments, as a result merchants needed to conduct a serious upgrade to access Coinbase's API. 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.

Related Articles