Reddit Stops Accepting Bitcoin as Method of Payment
Reddit has decided to discontinue accepting payments for their premium memberships in Bitcoin. Reddit is one of the most, if not the most utilized social media platform for blockchain enthusiasts and crypto fanatics. Reddit’s decision to halt the payment method came as a result of Coinbase replacing their merchant product with a new system. Coinbase is now coming out with a product called “Coinbase Commerce” where businesses can accept several cryptocurrencies as payments for their goods and services. Reddit claims it wants to see how this new platform “Coinbase Commerce” develops and progresses before they jump on the bandwagon. As users complained about the news all over Reddit, a Reddit Board Administrator by the name of “Emoney04” stated.
“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 Reddit premium membership “Reddit Gold” which can no longer be purchased with Bitcoin allows users to disable adds, change their avatars, and other benefits for approximately $30 per year.
The move by Reddit can possibly trigger other large Bitcoin adapters to suspend their services provided by Coinbase until further notice. Reddit had been allowing Bitcoin as payment since 2015 using Coinbase’s merchant product. Other merchants who use Coinbase include giants like Expedia, Shopify, and Microsoft!
Despite all the hype surrounding cryptocurrencies, it is still very rare to find online platforms or even retail stores accepting digital currencies as a normal method of payment. This highlights how early stage the industry is. In the future perhaps, Cryptocurrencies will become as common as fiat currency and will be accepted everywhere. Moreover, cryptocurrencies may even overcome fiat at some point according to Twitter CEO Jack Dorsey. The possibility of this happening is quite unfathomable. However with a world changing so quickly, don’t be so surprised.
By Jaime Gutt.