Reddit, the American social news aggregation and content discussion website, hopes to reinstate Bitcoin as a payment option soon for its premium service, and also consider having altcoins such as Ether and Litecoin as alternatives.
In March, Reddit had stopped Bitcoin payment support for its premium membership program Reddit Gold.
In an interview to the tech business news channel Cheddar, Reddit Chief Technology Officer Chris Slowe said, “We decided to stop those for commercial reasons.
The fees on the Bitcoin network had gotten really large, he said.
Further, Slowe said Reddit did not have enough time to upgrade itself along with the redesign of the payment gateway of Coinbase, one of the website’s main crypto payment processors.
Coinbase discontinued its Merchant Tool product in favor of Coinbase Commerce, which will enable merchants to accept multiple cryptocurrencies directly into a user-controlled wallet.
“They’re doing a great job, a major revitalization of their payment gateway, we just didn’t have the time to upgrade our current API integration,” Slowe said.
“Once the current redesign finishes landing and we are able to actually address it again, I think we’ll see cryptocurrency payments come back.”
Reddit have been looking at other cryptocurrencies, mainly due to the high fees on the Bitcoin network. “We are looking at Ethereum and also at Litecoin,” Slowe said. Both are provided by Coinbase.
While Coinbase’s earlier merchant tools did not support altcoins, the crypto company is fixing the issue.
Reddit claims to have a subreddit or discussion thread for each cryptocurrency in existence.
by Jyotsna V