Reddit, one of the largest online forums in the world, is gearing up to resume accepting bitcoin payments.
In an interview with Cheddar Slowe said that Bitcoin payments are likely to return to the site in future, with possible support for other cryptocurrencies. Reddit and Coinbase are working together to incorporate all three cryptocurrency payment options.
Reddit wants to add more cryptocurrency payment options besides Bitcoin.
"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", the administrator said at the time.
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Reddit blamed Coinbase upgrade, Bugs, and high Bitcoin network fee as the cause. 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.
In a curious addition meanwhile, Christopher named the high Bitcoin network fees as another factor.
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. The platform began accepting Bitcoin payments in February 2013, becoming one of the first online services to do so.
The bitcoin and cryptocurrency subreddit have 816,000 and 663,000 subscribers respectively. Nevertheless, in March Reddit team took a decision to disable Bitcoin as a payment method. We're looking at Ethereum, and also looking at Litecoin that are provided both by Coinbase as well. The reason for removal of virtual coins as a payment option was placed at the feet of Coinbase, which discontinued its Merchant Tool product in favor of Coinbase Commerce, a new platform aimed at supporting multiple cryptocurrencies.
"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.