Reddit made a somewhat controversial decision when they removed the option to pay for Reddit Gold with Bitcoin. It was an unpopular decision, albeit one that made a lot of sense. It now seems the site is planning to bring back the Bitcoin payment option. Additionally, the firm aims to introduce support for other cryptocurrencies, including Ethereum and Litecoin.
The Reddit Gold Saga Continues
Anyone who has ever perused the self-proclaimed “front page of the internet” will have noticed there is an option to buy something called Reddit Gold. This feature offers some unique benefits, such as not having to see any advertisements on the platform. Until very recently, it was possible to purchase a Reddit Gold subscription with Bitcoin, which was much to the delight of cryptocurrency enthusiasts.
Given the rising Bitcoin network fees and the high transaction times a few months ago, Reddit decided to drop BTC payments altogether. That decision was not too popular, for obvious reasons, but the company decided to take this approach regardless. From day one, it became clear this would not be a permanent decision, but rather a short-term necessity due to Bitcoin’s ongoing issues.
Fast forward to this week, and it’s become evident Reddit is still actively monitoring the cryptocurrency space. CTO Chris Slowe says he is confident that the platform will bring back cryptocurrency payments in the near future. Unlike what some people may have expected, Reddit will support not only Bitcoin, but Ethereum and Litecoin as well. Supporting more currencies simply makes a lot of sense.
There are a few reasons why Reddit removed the Bitcoin payment option. Although the spiking fees were a concern, it also seems the company had to contend with Coinbase API issues. Now that the popular exchange has launched a solution to make cryptocurrency payments a bit easier, it seems Reddit will give this new option a chance at some point. Reddit and Coinbase are working together to incorporate all three cryptocurrency payment options.
Assuming this functionality comes back pretty soon, the cryptocurrency community has something to look forward to. Although purchasing Reddit Gold has never been a primary use case for Bitcoin, having more options to entice newcomers to use BTC is not a bad thing. 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.
All of this further confirms that the cryptocurrency industry is in a good place right now. There is a lot of positive momentum in this industry as of right now, although it remains unclear if it will last for much longer. For now, we’ll have to wait and see when Reddit will introduce cryptocurrency payments once again.