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.

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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.

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