Reddit CTO Hints at Crypto Payments Returning to the Platform

Todd Singleton
May 5, 2018

In 2013 the platform began accepting Bitcoin payments for purchasing Reddit Gold membership, the premium ad-free version of the site. He also stated that the social media website is looking to add more crypto options.

Reddit's CTO said that the platform hosts discussion threads for every cryptocurrency and has been a hub for Bitcoin enthusiasts for about eight years. The platform had ended support for Bitcoin payments in March 2018.

Easier and more efficient means of processing payments is a big step in the right direction for not only Coinbase but the crypto space as a whole.

Some time ago, the famous social network platform Reddit, made a decision to no longer accept bitcoin payments for purchasing Reddit Gold. As a matter of fact, that was part of the issue with the high fees on the bitcoin network.

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Reddit made a somewhat controversial decision when they removed the option to pay for Reddit Gold with Bitcoin. He even went as far as recalling the day when one of his colleagues walked into the office after having discovered the r/bitcoin subreddit and inquired about the nature of the cryptocurrency and whether or not it's worth the nine cents price tag.

"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", said Reddit administrator emoney04 at the time. Additionally, the firm aims to introduce support for other cryptocurrencies, including Ethereum and Litecoin.

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. For now, we'll have to wait and see when Reddit will introduce cryptocurrency payments once again.

Reddit: During an interview with Cheddar on Wednesday 2nd May, the Chief Technical Officer (CTO) for Reddit, Christopher Slowe, said that the "high fee" associated with Bitcoin was the reason why the Reddit platform stopped accepting Bitcoin payments, however, he hinted that Bitcoin may soon return as payment option on the platform.

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