Reddit CTO Christopher Slowe made this revelation during an interview with financial news outlet Cheddar, explaining that cryptocurrency payments will likely return to the platform once Coinbase finishes upgrading its merchant platform to Coinbase Commerce and the social media giant completes a website redesign. As previously reported and reiterated during the interview by Mr. Stowe, buying gold membership with Bitcoin has become costly due to fees and buggy due to Coinbase's faulty integration.
Now, as Coinbase Commerce perfects it's processing Reddit is interested in reinstalling crypto payments on the site. The forum also wishes to expand its crypto payment acceptance spectrum by adding a couple more cryptocurrencies.
Reddit's CTO said that the platform hosts discussion threads for every cryptocurrency and has been a hub for Bitcoin enthusiasts for about eight years.
"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 main reason that Ohanian is favoring Ethereum over Bitcoin is the flexible-environment for application development that the former one delivers against the blockchain platform of the latter one.More news: China installed missiles in S. China Sea
Reddit plans to reneable Bitcoin payments on the platform after disabling it in March, as well as adding support for Ethereum and Litecoin. As a result, they needed to cease accepting Bitcoin as a payment method. But today, according to Slowe, their team is actively working on bringing back Bitcoin payments on their platform.
Slowe now says that Bitcoin network fees were also another contributing factor behind their decision. Moreover, it will be interesting to see how this affects both Ethereum and Litecoin moving forward, as both currencies direly need more mainstream use cases. Reddit had been accepting payments made via the popular cryptocurrency since February 2013. This might only be one subscription service, but it offers investors and traders yet another route on which they can spend their cryptocurrency.
"We've been looking at other cryptocurrencies in fact".
Coinbase's migration of past merchants to its new platform will continue through May 31.