Two months ago, Reddit dropped Bitcoin (BTC) as a method of payment. This was due to the increase in transaction fees. Now, however, it appears bitcoin may be returning to the platform. This isn’t speculation, either; the Reddit chief technology officer confirmed the news of bitcoin payments returning to Reddit.
Bitcoin Payments Returning to Reddit
On Thursday, Chris Slowe, Reddit’s CTO, announced in an interview that the site is planning to reinstate bitcoin as a form of payment. This option will be available to the platform’s gold members. There’s more, though. Slowe went on to say that Reddit is not just looking solely at BTC, but rather it is looking at adding more than one crypto payment option.
The other coins Reddit is looking at are Ethereum (ETH) and Litecoin (LTC). Ethereum (ETH) is currently selling for $746.09, putting the coin up 9.71% in the past twenty-four hours.
Meanwhile, Litecoin is also in the green, currently selling for $160.42. This puts the coin up 7.82% in the past twenty-four hours.
Aside from a spike in transaction fees, Reddit has also cited the reason for the site stopping the bitcoin option to be because of its integration issue with Coinbase (Reddit’s crypto payments processor). Back in March, Coinbase turned off its Merchant Tool and replaced it with a Coinbase Commerce product. This is reportedly one of the reasons that ultimately led to the halt.
The news is circulating around the Twitter universe, which suggests people are excited about bitcoin’s return. One crypto analyst even tweeted that this is an indication that the cryptovirus is spreading, writing “internet money for the win.” Others questioned the point, stating that we don’t know whether or not the fees will rise again (like they did in December) once people start using bitcoin heavily again. In response to the latter point, people reminded the user that Segwit was not implemented in December in the way that it is now.
The Reddit Takeaway
What do you think of the news? Are you glad to see bitcoin payments returning to Reddit?
Featured Image: Twitter