Bitcoin Makes A Comeback on Reddit

In March, online social news forum Reddit had stopped supporting Bitcoin as a funding method. This was not a surprise when many financial institutes, governments and cryptocurrency exchanges were cracking down on bitcoin and its dealing on their platforms. However, now, Reddit appears to have plans to relaunch cryptocurrency payments in the future.

The Reddit platform provided an early hub for those interested in Bitcoin. The site first began accepting BTC for its premium membership back in 2013. Higher tier users would benefit from a lack of adverts, personalised avatars, and access to some private subreddits. The privilege would set them back around $30.

Chris Slowe, the chief technology officer at Reddit, said that the reason behind the decision to stop accepting Bitcoin in March was twofold.

• Firstly, network fees had risen to the point that it was no longer practical to accept BTC for some payments. The example of a $4 transaction costing upwards of $10 in network fees was cited as justification for the decision.
• Secondly, Slowe stated that Reddit had been using Coinbase as a payment processor for Bitcoin payments and the well-known exchange was currently migrating to a new platform. This interrupted Reddit’s ability to accept BTC for payments.

Slowe said, explaining his decision,

“We just didn’t have time to upgrade our current API integration, and once the redesign is finished … I think we’ll see crypto payments come back.”

Slowe didn’t give a precise timetable for cryptocurrency’s return on Reddit. However, he added, when the site does become crypto friendly once again, it’s looking to expand beyond BTC, with Litecoin and Ethereum being folded in as well.

That could provide a considerable boost to BTC, which has seen its value fall over the course of 2018, amid negative headlines and the spectra of strict regulation.

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