Social media platform Reddit intends to reinstate cryptocurrency as a payment option. Reddit first enabled Bitcoin as a payment method for Gold membership in February 2013, making it one of the earliest Bitcoin adopters. It dropped Bitcoin payments in March after problems with Coinbase’s payment platform affected purchases for certain users.
Reddit looks to other payment options
On March 27, Reddit removed Bitcoin without notifying users in advance. Once news of the change began circulating, a Reddit admin explained that problems with Coinbase’s platform combined with other bugs led Reddit to disable Bitcoin payments. Coinbase had implemented changes requiring merchants to make upgrades, which Reddit chose not to do because it was focused on the site’s redesign.
Speaking in an interview on May 3, Reddit’s chief technology officer, Chris Slowe, stated Bitcoin is likely to return as a payment method once Reddit’s new design has been completed. Slowe said the site is looking to add other crypto options aside from Bitcoin:
“We have been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the Bitcoin network. We are looking at Ethereum and Litecoin that are both provided by Coinbase.”
Litecoin and Ethereum rise
Both Litecoin (LTC) and Ethereum (ETH) have reacted positively to the news. Litecoin is up 0.31% in the last hour, bringing its total 24 hour change up to 1.89%. At the time of writing, LTC is trading at $151.85. Contributing to LTC’s rise is the announcement that cryptocurrency debit card company Wirex will soon integrate Litecoin. Showing its support for LTC, Wirex said it believes Litecoin has the potential to become a global payment option in the coming months.
Meanwhile, Ethereum is up 0.79% in the last hour and is trading at $720. Reddit co-founder Alexis Ohanian recently predicted the price of Ethereum will reach $15,000 by the end of the year, also stating Bitcoin will most likely retake it’s all time high above $20,000.
So far, users appear to be enthusiastic about having payment options in addition to Bitcoin. There is no word yet on exactly when Reddit plans to enable Litecoin and Ethereum payments, but the idea of it is already adding bullish momentum to both.
