Reddit will reintroduce Bitcoin payments, bring support for Ethereum and Litecoin

Cheddar

Cheddar

CTO Chris Slowe says he is confident that the platform will bring back cryptocurrency payments in the near future. As previously reported and reiterated during the interview by Mr. Stowe, buying gold membership with Bitcoin has become costly due to fees and buggy due to Coinbase's faulty integration.

It does look as if Reddit have recognised some inherent advantages of accepting multiple cryptocurrency payments, not only for the cheaper fees associated with Litecoin and Ethereum but moreover, the reduced transaction time in comparison to Bitcoin will lead more Reddit users to pay for gold subscriptions using a Bitcoin alternative.

There are a few reasons why Reddit removed the Bitcoin payment option.

The CTO of Reddit has announced that the platform will soon be relaunching Bitcoin payments through the platform.

More news: Wind advisory for Friday
More news: National awards row: I&B ministry was informed weeks ago, says Rashtrapati Bhavan
More news: Ichiro: No sense of loss after removed from roster

Reddit plans to reneable Bitcoin payments on the platform after disabling it in March, as well as adding support for Ethereum and Litecoin. Alexis Ohanian, Reddit co-founder, who left his position some months ago, having made a decision to focus on investing in tech startups including blockchain projects, believes that this year we will see further growth of cryptocurrencies prices.

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. That was part of the issue with the high fees on the Bitcoin network. Moreover, it will be interesting to see how this affects both Ethereum and Litecoin moving forward, as both currencies direly need more mainstream use cases.

In the interview, Slowe said Bitcoin is likely to return as a payment method and other cryptocurrencies may be in the works, too. The platform began accepting Bitcoin payments in February 2013, becoming one of the first online services to do so.

Slowe said that they did so for a variety of reasons, ranging from Coinbase's payment platform revamp to rising bitcoin transaction fees to the fact that the company - which is now doing a complete website redesign - does not now have the time to upgrade its API to the new Coinbase merchant system. There were also issues with bugs affecting some payments which should be solved when crypto payments are put back in place.

Recommended News

  • Adobe Systems (NASDAQ:ADBE) EVP Sells $680502.90 in Stock

    On Monday, March 19 the insider WARNOCK JOHN E sold $1.12 million. (1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell, 5.0 Strong Sell). The company was upgraded on Tuesday, September 8 by Vetr . (NASDAQ:AMZN) earned "Buy" rating by Needham on Tuesday, January 30.
    Jets overcome 3-goal deficit to soar past Predators 7-4

    Jets overcome 3-goal deficit to soar past Predators 7-4

    The Predators have gone 31-15 here at home for the year and they have averaged 3.37 gpg and have allowed 2.61 gpg in those games. Hartman also notched the game-winner when the Predators edged Winnipeg 6-5 on February 27, the last time the Jets lost at home.
    HTC's next flagship unveiling happens on May 23

    HTC's next flagship unveiling happens on May 23

    Some of you might be wondering why the device will be called as HTC U12 + and not HTC U12 , well that's what rumours suggest. The phone is said to pack two cameras of 16MP and 12MP at the back with the secondary sensor acting as a telephoto lens.
  • Mahmoud Abbas re-elected to lead PLO executive

    Mahmoud Abbas re-elected to lead PLO executive

    Israel, the European Union, United States and others lined up to criticise his words, which were labelled anti-Semitic. A reconciliation deal signed by Hamas and Abbas´s Fatah party in October has collapsed.
    What's Ahead for TAT Technologies Ltd. (TATT) After Touching 1 Year Low?

    What's Ahead for TAT Technologies Ltd. (TATT) After Touching 1 Year Low?

    Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Alibaba Group by 7.6% in the 4th quarter. United American Securities Inc decreased Alibaba Group Hldg Ltd (BABA) stake by 63.06% reported in 2017Q4 SEC filing.
    Sessions sends more prosecutors, supervisory judges to border to handle immigration cases

    Sessions sends more prosecutors, supervisory judges to border to handle immigration cases

    The 65 people allowed to enter was a sharp increase, as only a few asylum seekers had been allowed in each day for the past week. The caravan is an annual event organised by volunteer group Pueblos Sin Fronteras (PSF), Spanish for "people without borders".
  • Iowa bans almost  all abortions as governor signs 'fetal heartbeat' law

    Iowa bans almost all abortions as governor signs 'fetal heartbeat' law

    Wade , the 1973 decision by the Supreme Court that legalized the right to an abortion in all 50 states. Another provision prohibits some uses of fetal tissue, with exemptions for research.
    Southwest Airlines plane with cracked window makes emergency landing in Cleveland

    Southwest Airlines plane with cracked window makes emergency landing in Cleveland

    A Southwest Airlines plane taxis at the Seattle-Tacoma International Airport in Seattle. The Federal Aviation Administration said it was investigating the incident.
    Tesla drops in premarket after Musk lets loose on call

    Tesla drops in premarket after Musk lets loose on call

    RBC Capital's Joseph Spak then asked about how many Model 3 reservations had been converted into orders for the electric auto . The news that Tesla released in its earnings report was "actually super good", Musk said in another tweet.
  • DNA collection of suspected East Area Rapist can continue

    DNA collection of suspected East Area Rapist can continue

    The Zodiac Killer attacked two college students, Bryan Hartnell and Cecelia Shepard, with a knife there in 1969. Carlisle said his agency was not actively investigating the Zodiac case, but did follow tips as they arise.
    Buhari heads home after 'technical stopover' in London

    Buhari heads home after 'technical stopover' in London

    Buhari said on his return to Nigeria from London a year ago that he "had never been so sick" and had undergone blood transfusions. When local media questioned presidential spokespeople over Buhari's whereabouts, none of them provided a response.
    Trump 'dictated' his own glowing health report: doctor

    Trump 'dictated' his own glowing health report: doctor

    Federal patient privacy law bars doctors from relinquishing records without a signed release from the patient. And it described his cardiovascular health as "excellent". "You don't know what else he's done", Caplan said.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.