It looks like these days aren’t so good for cryptocurrencies, Bitcoin in particular. After Twitter also confirmed a ban on crypto-related ads, early Bitcoin adopter Reddit announced that they will no more accept payments made using the world’s largest digital currency.
The platform, which happens to be a very popular meeting spot for cryptocurrency enthusiasts, disabled the option to pay for premium membership using Bitcoin, as they’re currently watching how the Coinbase Commerce platform develops, but also mentioning the glitches in the system, according to one of Reddit’s board administrators.
The removal was confirmed through a post by one of the admins
“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,” user emoney04 wrote in a post.
Basically, this move is a hint that some specific merchants will also stop Bitcoin payments before deciding whether to switch to Coinbase’s service or not, according to a report from Bloomberg Technology. Besides this, it also highlights how the digital asset keeps struggling to gain mass adoption for payments, as one of its first adopters just bailed.
The Coinbase Commerce platform is expected to allow merchants to receive payments in some of the moment’s most popular crypto coins, like Bitcoin, Bitcoin Cash, Ethereum, or Litecoin.
More platforms to follow Reddit’s example
Also, ecommerce platforms like Shopify, which are already accepting Bitcoin, are also planning to use this relatively innovative service, according to a statement released by Coinbase one month ago. Other merchants accepting cryptocurrencies are Overstock.com Inc, Expedia or Microsoft.
As for Reddit, the board administrator revealed that they will constantly watch the demand for Bitcoin payments, before deciding if they will re-enable the service or not in the near future. Most likely, this will happen, since Reddit users created there one of the biggest crypto communities of the moment.
The platform started accepting Bitcoin payments back in 2013, through a partnership with Coinbase. Users can use this feature to pay for the Gold membership.