Reddit Removes Bitcoin Option for Reddit Gold

Reddit Removes Bitcoin Option for Reddit Gold

 In a quiet and surprising move, Reddit removes option to buy Reddit Gold with Bitcoin. 

In a quiet and surprising move, Reddit removes option to buy Reddit Gold with Bitcoin. 

Reddit has been a force in the world of discussion forums and link-sharing for about any possible topic since it was established, in 2005. Though creating an account is free, Reddit offers a premium membership option, Reddit Gold, which offers serious users a more customized experience. Gold members are able to turn off ads, customize avatars, create "Gold only" subreddits, and more particular ways of categorizing and organizing their pages and even give Gold as a gift. Back in 2013, staff engineer, Brian Simpson, was quoted as saying, “we’ve gotten some requests for additional payment methods so hopefully this brings us closer to reaching everyone who wants to buy gold.”, according to malaysiandigest.com

However, on March 23, a Reddit user, BitcoinXio, pointed out that the option to purchase Gold with Bitcoin, was no longer an option: 

 Notice the lack of "Bitcoin" as a  payment method

Notice the lack of "Bitcoin" as a payment method

Reddit moderator, emoney04, suggested, "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 switch being referred to is that of Coinbase removing it Coinbase Merchant program, which allowed participating businesses to use Coinbase for several methods of accepting Bitcoin as payment, of which Reddit was a participant. Coinbase now plans to end Coinbase Merchant in lieu of their new program, Coinbase Commerce. This program broadens the program by allowing Commerce users to now accept Bitcoin, BCH, Ether, and Litecoin, with the balance being held in one singular location. Coinbase's customer support, already plagued with rife reviews is now going to add potential complication to the platform. Reddit user, emoney04, further explained, "We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable." This announcement was made on /r/btc, which is know for staunch support of the adoption of BCH, and many users hoped that this would be indication that Reddit may consider the use of BCH (Bcash) instead, citing lower fees. However no indication that this may be the case has been presented, and for the record, Bitcoin fees are now even less than BCH fees. At this point, Reddit's reasons and future plans with implementation of cryptocurrencies is pure speculation, but were betting that the suspension of the Bitcoin option come squarely from the change in play by Coinbase and their Merchant/Commerce program. 

Buzz Over Potential Bitstamp Buyout

Buzz Over Potential Bitstamp Buyout

Crypto adds over 80,000 New Merchants in the UK via Coingate

Crypto adds over 80,000 New Merchants in the UK via Coingate