Reddit to Support Ethereum, Litecoin Payments and Reaccept Bitcoin
01:25, May 5, 2018
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At the time, Reddit wasn't the only platform to stop accepting bitcoin payments.
As Bitcoin becomes more mainstream and popular with miners and traders, payment requests are often made in a rapid fashion that the network can not support.
In a recent interview, CTO Christopher Slowe said that the company is working on bringing back Bitcoin, confirming that the Coinbase upgrade had taken a backseat to the site's new design.
Now, as Coinbase Commerce perfects it's processing Reddit is interested in reinstalling crypto payments on the site. He also stated that the social media website is looking to add more crypto options.
"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.
What other cryptos apart from Litecoin and Ethereum should Reddit add to their crypto payment support?
Reddit blamed Coinbase upgrade, Bugs, and high Bitcoin network fee as the cause. "Once the current redesign finishes landing and we are able to address it again, I think we'll see cryptocurrency payments come back". As a result, they needed to cease accepting Bitcoin as a payment method. We're looking at Ethereum, and also looking at Litecoin that are provided both by Coinbase as well. Reddit is one of the pioneers of bitcoin acceptance and was one of the first mainstream online platforms to embrace cryptocurrency.
Redditstopped accepting Bitcoin payments in March. This might only be one subscription service, but it offers investors and traders yet another route on which they can spend their cryptocurrency. The network congestion and high transaction fees became a significant problem for many of these platforms. 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.
Reddit co-founder, Alexis Ohanian, recently revealed his bullish sentiment regarding Ethereum's ether, saying that the cryptoasset will hit $15,000 by the end of 2018.
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