Reddit to bring Bitcoin payments back, along with Litecoin and Ethereum

Reddit to bring Bitcoin payments back, along with Litecoin and Ethereum

Social media platform Reddit’s chief technology officer (CTO), Chris Slowe, suggested in a recent interview that cryptocurrencies will be reinstated as an option for member payments after bitcoin was dropped as an alternative currency earlier this year.

In an interview with Cheddar ,the CTO said that bitcoin was taken away as an option for the payment service firstly because of the spiking transaction fees attached. Slowe explained it would be “really hard to proposition to users” to use a virtual currency where the transfer fee is more costly than the service. Another reason to drop bitcoin was that there was an issue with the integration with Coinbase – its cryptocurrency payments processor. With Coinbase receiving a new design soon, Bitcoin payments are probably going to make a comeback to the platform.

Slowe said that once the redesign is finished landing, and they are able to readdress the method, he believes the company will see cryptopayments return.

When asked whether it would bitcoin would be the exclusive cryptocurrency payment offered, Slowe offered exciting news, saying that they had “been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the bitcoin network. We are looking at ethereum and litecoin that are both provided by Coinbase.

Many users on Reddit’s platform are enthusiastic about cryptocurrency and it would be only natural that the site would offer cryptopayments for services such as gold memberships.

Twitter users have appeared to respond positively to the news, and the proposition to include Litecoin seems particularly exciting for some.

Related Articles

Crypto exchange Binance doubles staff figures in Brazil

Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.

Crypto ATMs post a decline for the first time in the industry

September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

See All