Category Archives: Coinbase Commerce

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Reddit to Resume Crypto Payments via Coinbase Commerce

Reddit, one of the biggest social media communities, is looking to re-establish cryptocurrency payments through Coinbase’s commerce platform. Users will be able to pay for the gold membership using Bitcoin and a variety of altcoins such as Bitcoin Cash, Ethereum, and Litecoin.

Reddit had previously accepted Bitcoin payments and was an early adopter of the payment method, working with Coinbase from as far back as 2013. However, Bitcoin had recently been met with mixed interest with companies withdrawing these services.

Reddit administrator emoney04 said, “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 implementation of a more streamlined crypto payment system and with cryptocurrencies on what appears to be a steady bull run may see an adoption of digital payments again.

Reddit is not the only company to drop out of crypto payments

Stripe was another early adopter of Bitcoin payments, processing payments for businesses using crypto since 2014. Slow transaction speeds and high transaction fees led to virtual currencies being dropped as a payment method earlier this year.

Dell, which was once one of the largest companies to take Bitcoin payments, and Valve, stopped due to the cost of transaction fees and price volatility. The payment method hasn’t been as popular due to a lack of user interest with PayPal calling cryptocurrency “an experiment”.

Statistics show that Coinbase received around 14 million registrations in 2017 and with the announcement of their new payment platform we could see a wider adoption of crypto payments, as well as companies revisiting the idea of accepting Bitcoin.

With companies such as Santander and Mastercard investing heavily in blockchain as well as a larger public awareness of cryptocurrencies, companies may begin to feel confident in supporting alternative payment methods.

 

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The post Reddit to Resume Crypto Payments via Coinbase Commerce appeared first on BitcoinNews.com.

Crypto Payments Set to Return to Reddit

The CTO of Reddit, Christopher Slowe, has announced that Bitcoin is set to return as a payment option on the platform.

Slowe was interviewed by the business and technology news outlet Cheddar, when he revealed that Reddit was currently working towards the reintroduction of the Bitcoin payment option. Users were previously able to purchase Reddit Gold with Bitcoin on the platform but this option was disabled recently.

During the interview, Slowe noted that Reddit was also investigating the feasibility of providing alternative cryptocurrency payment methods, saying, ”We are looking at Ethereum and Litecoin that are provided by Coinbase as well.”

While Slowe did not provide a timeframe for when he expected the payment methods to be live, he did say that he anticipates them to come back in the near future. In the meantime, Reddit users are still able to purchase Reddit Gold via PayPal or Credit Card.

.@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

Bitcoin was disabled as a payment option in March this year, according to a Reddit admin due to changes made to the payment gateway provider Coinbase Commerce. The admin user claimed that an issue with the Coinbase service had led to its removal.

“Yup that’s right. 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 admin wrote.

Coinbase Commerce had indeed changed the terms of their service, requiring merchants to make a significant upgrade to continue facilitating transactions. During the interview with Slowe, he said that rather than Reddit focus on this upgrade, they were instead fixing efforts on upgrading the design of the platform.

Reddit hosts the largest online cryptocurrency community for discussions and debate. Currently, the Bitcoin subreddit has 816,000 subscribers, with the cryptocurrency subreddit holds over 663,000 subscribers. Reddit first enabled Bitcoin as a payment option in February 2013.

 

The post Crypto Payments Set to Return to Reddit appeared first on BitcoinNews.com.