Reddit Stops Accepting Bitcoin Payments

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Reddit has quietly dropped bitcoin payments without an official announcement with users noticing they can no longer pay with bitcoin for reddit gold.

The social network giant was one of the early adopters of bitcoin payments, but now they only accept PayPal or credit card payments:

Reddit drops bitcoin payments.

A reddit employee confirmed they no longer accept bitcoin payments, with the issue apparently being Coinbase Commerce:

“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 Reddit admin said.

He appears to be referring to recent reports that Coinbase Commerce had not updated a communications protocol between merchant and customer to take into account segwit addresses.

It’s not clear whether that caused an issue for Reddit itself, or whether they took a pre-emptive step, with the employee only further stating:

“We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable.”

Coinbase Commerce is a new payments processor which allows service providers to easily accept bitcoin, ethereum, bitcoin cash, or litecoin.

It appears the decision, therefore, was not necessarily due to high fees in bitcoin or time delays, but solely because they do not seem to be fully sure that Coinbase Commerce is fully mature at this stage.

That’s because the plugin allows them to accept all four cryptos, only one of them, or any combination. If their problem, therefore, was only fees, they could have allowed just the other three.

However, the admin does also mention demand. Of course as bitcoin’s fees were previously so high, no one was going to use it for reddit gold payments, with the social network previously unable to accept the other cryptos as Coinbase Commerce launched only last month.

So it may well be they will re-instate it, not least because some reddit admins seem to be quite a fan of cryptos, but that remains to be seen.

 

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