During an interview with Cheddar, Christopher Slowe said, "high fees" were behind the decision to remove Bitcoin payments from Reddit. Issues concerning high fees and problems with Coinbase API integration were responsible for the decision to stop accepting bitcoin payments. He also stated that the social media website is looking to add more crypto options. Reddit is a popular news and discussion platform that represents itself a community where cryptocurrency enthusiasts have an opportunity to discuss the latest developments and prospects of the technology. At that time, Reddit pointed to "the upcoming Coinbase change" and "some bugs around the Bitcoin payment option that were affecting purchases" as the causes for the move.
Furthermore, Reddit is open to more than just Bitcoin as a new means of payment.
The CTO of Reddit has announced that the platform will soon be relaunching Bitcoin payments through the platform. "We are looking at Ethereum and Litecoin that are provided by Coinbase as well", said Slowe. "Once the current redesign finishes landing and we are able to address it again, I think we'll see cryptocurrency payments come back". Alexis Ohanian, Reddit co-founder, who left his position some months ago, having chose to focus on investing in tech startups including blockchain projects, believes that this year we will see further growth of cryptocurrencies prices. As a result, platforms that used Coinbase to process Bitcoin payments had to upgrade their systems.
99 problems to 100? Jay-Z subpoenaed to testify in fraud case
"We are aware that the SEC is seeking information on Iconix's financial reporting ", a spokesperson for Jay said in a statement . The rapper needs to say next week why he's dismissing a February subpoena in the Securities and Exchange Commission, U.S.
Reddit stopped accepting Bitcoin payments in March. From day one, it became clear this would not be a permanent decision, but rather a short-term necessity due to Bitcoin's ongoing issues. The platform's Bitcoin subreddit unites 816 thousand subscribers, while the number of its Cryptocurrency subreddit amounts to 663 thousand.