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.
Image source: https://www.flickr.com/photos/30478819@N08/26919225618/in/faves-64033667@N07/ – Marco Verch
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