Reddit Hopes To Resume Taking Bitcoin Payments Again, Along With Litecoin and EthereumMay 4, 2018 10:17 pm
Reddit’s chief technology officer (CTO) Chris Slowe said on Thursday the removal of Bitcoin as a payment option for Reddit Gold may not be a permanent decision, according to ZDNet.
The online forum website removed Bitcoin from the platform in March after Coinbase discontinued its Merchant Tool product in favor of Coinbase Commerce, a new platform which aims to support multiple cryptocurrencies.
“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 of the change.
In a new interview, Slowe said the platform would likely resume taking Bitcoin and other cryptocurrencies in the future.
But that will have to wait until Coinbase finished the massive redesign of their payment services.
“They’re doing a great job, a major revitalization of their payment gateway, we just didn’t have the time to upgrade our current API integration,” Slowe said. “Once the current redesign finishes landing and we are able to address it again, I think we’ll see cryptocurrency payments come back.”
The Reddit CTO also said the previous tools from Coinbase only supported BItcoin payments on Reddit, but the forthcoming changes will include alternative cryptocurrency payments for Ethereum and Litecoin.
“We will probably jump back on and have more options available,” a spokesperson from Coinbase said.
Reddit was one of the first to embrace cryptocurrency over other websites and has had an active forum for almost every type of cryptocurrency.
But Reddit said the high transaction fees for BItcoin caused serious issues for the network when the cryptocurrency became popular with mainstream traders and miners which caused massive issues for the network.
The payment requests would end up getting stuck in the network which developed into “pick-and-choose transactions for miners supporting the blockchain” and higher fees which meant for some smaller transactions the cost was not worth the transaction.
Even though the fees could fluctuate, the uncertainty made some payment providers hesitant to participate.
Steam removed Bitcoin last December for similar reasons over “high fees and volatility in the value of Bitcoin.”
–WN.com, Maureen Foody