Reddit to revive and grow crypto payments
Reddit users can expect cryptocurrency payments to return once the company completes its site redesign.
Online social media forum Reddit plans to restore cryptocurrency payment options for its premium members, as well as potentially introduce additional options, including alternative coins, such as Ethereum and Litecoin.
Earlier this month, Reddit stopped allowing users to settle their gold membership fees using bitcoin.
During an interview with Cheddar this week, Reddit chief technology officer Christopher Slowe revealed that Reddit users can expect cryptocurrency payments to return once the company completes its website redesign.
“The fees on the bitcoin network have gotten really large. When we’re talking about a four hour transaction and its costs upwards of ten dollars to actually do… it’s really hard to proposition users to do that,” Slowe said.
“We were using Coinbase as one of our main processors. They’re doing a great job, they’re doing a major revitalization of their payment gateway… We just didn’t have the time to upgrade our API integration and so, once our redesign finishes and we’re able to address it again, I think we’ll see crypto payments come back.”
Slowe also confirmed that Reddit may possibility introduce alternative coins for payments, alongside bitcoin.
“We’ve been looking at other cryptocurrencies. In fact, that was part of the issue with the high fees on the bitcoin network. We are looking at Ethereum and also looking at Litecoin both provided by Coinbase,” he said.
“Turns out that the version of their merchant tools that we were using didn’t provide access to Ethereum and Litecoin exchanges… They’re actually fixing that so we’ll probably jump back on and have more options.”
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.
Slowe went on to discuss that for almost every coin currently in existence, there is a matching Reddit group.
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.
A number of other social media platforms, including Twitter, Google and Facebook have prohibited the advertisement of cryptocurrency initial coin offerings (ICOs) given their prevalent regulatory complications.
Ads for cryptocurrencies and ICOs have not been permitted to be published on Reddit since early 2016.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.