According to new reports, Reddit has stopped accepting Bitcoin as a payment method.
NO MORE REDDIT GOLD FOR BITCOIN
The popular social media platform, Reddit, has stopped accepting Bitcoin for Reddit Gold. The platform had started accepting the decentralized cryptocurrency back in 2013 through a partnership with the popular online Bitcoin exchange, Coinbase.
Many people found this decision to stop accepting Bitcoin odd since the social media platform has a very large and active cryptocurrency community. Reddit admin emoney04 confirmed the decision to stop accepting Bitcoin:
Yup that’s right. 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.
Users speculate that this decision may have been driven by the previous high transaction costs of Bitcoin that even reached $50.
WILL BITCOIN GET A SECOND CHANCE?
High transactions fees may have been the reason why some online merchants stopped accepting Bitcoin as a payment method. However, Bitcoin transaction costs have drastically fallen in the last couple of months. The average Bitcoin transaction currently costs $1.07, which when compared to other payment forms, is pretty attractive to consumers.
According to a Bloomberg report, the popular online Bitcoin exchange, Coinbase, has released a new tool called Coinbase Commerce. The new tool allows online shops to easily accept popular cryptocurrencies like Bitcoin, Litecoin, and Ethereum.
Reddit’s decision to stop accepting Bitcoin may not be final. The social media platform is currently reviewing the current demand for Bitcoin payments and will act accordingly. Reddit admin emoney04 noted:
We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable.
In case Coinbase’s new tool shows good results, we may not only see Reddit accepting Bitcoin again, but many other major online shops as well.