Reddit welcomes Bitcoin Back Along With Two Other Cryptos
A while ago, the popular social network platform Reddit, established that it would no longer support bitcoin payments for acquiring its premium membership program, Reddit Gold. The company stated that this occurred on account of some bugs with Bitcoin payments and the Coinbase changing commercial accounts.
“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,” explained Reddit user emoney04.
Right now, it appears that the platform is prepared to restore its crypto payments for buying Reddit Gold, but with one unanticipated bonus; Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) will also be accepted.
Reddit Reinstates Crypto Payments
Reddit CTO Chris Slower explained in an interview with Cheddar, that Bitcoin had very high fees and thus became an issue for upgrading to Reddit Gold. Slower also said that transactions with Ethereum and Litecoin, which are run by Coinbase, have cheaper fees and faster transactions.
Christopher Slowe explained:
“We’ve been looking at other cryptocurrencies in fact. That was part of the issue with the high fees on the Bitcoin network. We were looking at Ethereum and Litecoin that were provided both by Coinbase as well.”
Major names of the cryptocurrency world have already presented their support to Mr. Slower’s explanations. Litecoin’s founder, Charlie Lee retweeted Cheddar’s interview and was supportive of this decision.
Mr. Slowe also noted that Reddit has one of the oldest Bitcoin communities online, of approximately 8 years. Furthermore, he also pointed out that every single cryptocurrency that exists has a dedicated sub-Reddit for discussions.
Coinbase made significant changes to Coinbase Commerce, enabling merchants to make payments with the Bitcoin currency. At the present, if a business wants to continue accepting virtual currencies as a means of payment, they will have to go through a major upgrade.
Now users will be able to easily acquire a Reddit Gold account while using Bitcoin, Ethereum or Litecoin.