Reddit Plans to Reinstate Cryptocurrency Payments

After Reddit removed Bitcoin Core (BTC) as a form of payment for premium membership services this past March, the company seems to be planning to reinstate the digital asset soon. On Thursday, May 3 in an interview with Cheddar, the company’s chief technology officer (CTO), Chris Slowe, revealed it will be adding BTC again and more cryptocurrencies as well.

Also read: Telegram Rakes in Over $1.5 Billion, Ditches ICO for an Open Network & Token

Reddit CTO Says Cryptocurrency Payments Will Return to the Social MediaPlatform

In an interview with the media outlet Cheddar, Chris Slowe, the CTO of Reddit explained the firm would be adding bitcoin core payments to the platform again. This will allow users to pay for premium membership called, Reddit Gold, with BTC. The company had previously removed the BTC payment option this past March stating the reason was due to a “Coinbase change” and only Paypal was accepted. During his interview with Cheddar, Chris Slowe says one of the reasons they dropped BTC was due to network transaction fees “being too large.”

Every Cryptocurrency in Existence Has a Community on Reddit

The Reddit CTO further stated that Coinbase was the main payment processing platform for Reddit, and the company recently revitalized its user interface and API. Slowe says the firm just didn’t have time to add the Coinbase API integration but they have been able to address the issue again. At the time the Reddit development team using Coinbase didn’t have access to other markets Slowe says, like Ethereum and Litecoin.

“We have some of the oldest cryptocurrencies forums online,” Slowe explains in his interview.

Like I remember when way back in the day maybe eight years ago when someone in the office found r/bitcoin, and I wondered what is a bitcoin? And why would I want to spend seven cents on one? It’s gotten a lot further along since then and the community and now every cryptocurrency in existence has a community on Reddit right now.

An interview with Reddit’s chief technology officer (CTO), Chris Slowe, about reinstating cryptocurrencies.

Meanwhile, Reddit Co-Founder Alexis Ohanian Feels BTC and ETH Markets Will be Extremely Bullish This Year

The interview with Slowe confirms Reddit is looking to integrate more cryptocurrencies shortly after a few weeks of hiatus. The CTO details that Reddit is looking at the cryptocurrencies offered by the Coinbase service which are Bitcoin Cash, Litecoin, and Ethereum. The news also follows the Reddit co-founder, Alexis Ohanian, stating on May 2nd that he believes BTC will rally to $20K by the end of 2018. Ohanian also thinks Ethereum will climb 20 times in value to a price of $15,000 USD per ETH by the end of the year.        

“I’m most bullish about Ethereum simply because people are actually building on it,” Ohanian detailed.

Last year, it was all about AI and machine learning, This year, it’s all about blockchain — Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for.

What do you think about Reddit adding multiple cryptocurrencies to the platform for payments? What do you think about Alexis Ohanian’s predictions? Let us know what you think in the comments below.

Images via Pixabay, Reddit, and Cheddar. 

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