Reddit disables Bitcoin payments
Reddit has stopped accepting Bitcoin for its premium membership program, Reddit Gold. However, the feature may return to the social media platform in the future.
Last week, a Reddit user noticed the could no longer use Bitcoin to gift other users Reddit Gold subscriptions. Reddit Gold subscriptions are a common way to commend a decent post.
The platform first began accepting Bitcoin payments for Reddit gold subscriptions in 2013, when the cryptoc was trading at about $20 a coin. Coinbase was boasting that it had processed $1 million worth of trades in a month and the company also accepted BTC at RedditMarket. As of last week, users can only purchase Reddit Gold subscriptions via credit card via credit card or PayPal.
Admin said: “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.”
Announced last month, Coinbase Commerce allows merchants to accept multiple cryptocurrencies into a user-controlled wallet. But while the platform processes to be a significant upgrade for merchants, it requires them to migrate to the new system, which some businesses — particularly those that see low volumes of cryptocurrency payments — may decide is not worth the effort.
Admin said Reddit is ‘not necessarily going to bring back the Bitcoin payment option’, whether through Coinbase Commerce or another payment processor. It said that the company would likely wait awhile before deciding whether to re-enable it.
emoney40 said: “We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to re-enable.”