- Bitcoin payment to resume of Reddit platform soon.
- Reddit blamed Coinbase upgrade, Bugs, and high Bitcoin network fee as the cause.
Reddit: During an interview with Cheddar on Wednesday 2nd May, the Chief Technical Officer (CTO) for Reddit, Christopher Slowe, said that the “high fee” associated with Bitcoin was the reason why the Reddit platform stopped accepting Bitcoin payments, however, he hinted that Bitcoin may soon return as payment option on the platform.
At the interview, Christopher claimed that Reddit developers “didn’t have time” to update the Coinbase API which is used in accepting Bitcoin payments. Coinbase is about replacing its initial Merchant Tools with a new operation named Coinbase Commerce, this move has sparked mixed reactions within the cryptocurrency industry. Christopher said:
“They’re doing a great job, they’re doing a major revitalization of their payment gateway.”
“We just didn’t have time to upgrade our current API integration, and once the redesign… is landing, I think we’ll see crypto payments come back.”
.@Reddit, which hosts communities for every single cryptocurrency in the world, is hoping to bring back crypto payments to the platform, this time with Ethereum and Litecoin in addition to Bitcoin, according to CTO @KeyserSosa. pic.twitter.com/wkUniMvhex
— Cheddar (@cheddar) May 2, 2018
Reddit stopped accepting Bitcoin payments in March. At that time, Reddit pointed to “the upcoming Coinbase change” and “some bugs around the Bitcoin payment option that were affecting purchases” as the causes for the move.
In a curious addition meanwhile, Christopher named the high Bitcoin network fees as another factor.
Despite the recent drop in network fees to just one Satoshi per byte, Christopher gave an example of a $10 fee on a $4 transaction as being a “hard proposition to users.”
He concluded that when the Bitcoin payment resumes on the Reddit platform, Ether and Litecoin payments will commence on the platform as well.