Reddit ends bitcoin membership payments
The social media platform’s administrators plan to analyze demand before re-enabling crypto payments.
Social media platform Reddit has stopped allowing users to pay for premium membership fees using bitcoin.
Since 2015, Reddit has provided users the ability to make crypto payments for Reddit Gold membership. Participation grants members access to additional features and rewards that improve their overall experience.
As part of a subreddit on the topic posted over the weekend, Reddit administrator emoney04 explained that the website’s decision to halt bitcoin cryptocurrency payments was due to the launch of Coinbase Commerce.
Digital cryptocurrency exchange Coinbase created the new crypto payment option for merchants in mid-February. The Coinbase Commerce button works in a similar way to the PayPal plugin but rather than accepting fiat currencies, the new service allows for virtual currencies to be integrated as electronic payments.
“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,” emoney04 said.
“We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable.”
One Reddit user queried how the platform might do this if they weren’t currently accepting crypto payments.
“Kind of a chicken and egg problem,” Bitcoinxio said. “You can’t measure demand if you don’t re-enable crypto payments…. If you use historical data trends and see that volume plummeted it’s because Coinbase only allowed Bitcoin Core as a payment method, where extremely high fees made it economically unfeasible to use for small payments like Gold. If you re-enable with Bitcoin Cash the fees are sub-cent so you will see old data trends begin to return.”
Reddit administrator emoney04 commented that the online forum would “keep that in mind” moving forward.
Social media platforms ban crypto ICO ads
Social media platform Twitter has prohibited the advertisement of cryptocurrency initial coin offerings (ICOs), following in the footsteps of fellow networking giant Facebook and global tech company Google.
Ads for cryptocurrencies and ICOs have not been permitted to be published on Reddit since early 2016.
Although the cryptocurrency craze caught fire in the last few months, the industry has already been a decade in the making. Twitter chief executive Jack Dorsey has claimed that the world’s most popular digital currency, bitcoin, is poised to surpass the dollar and become the leading international currency for the virtual world.
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