A few weeks ago, Reddit announced that it will no more accept payments in Bitcoin. According to CryptoGlobe, the company’s CTO, Christopher Stowe, has addressed this issue in a relatively positive way, revealing that buying a golden membership with BTC was actually costly, due to the fees, as well as buggy, due to the faulty Coinbase integration.
Currently, the platform hosts discussion threads for several cryptocurrencies, not to mention that it acts like a hub for investors and enthusiasts. Therefore, Mr. Stowe revealed that Reddit’s payments systems are currently going through an upgrade, in order to be in synch with Coinbase’s services. This means that, in the near future, it will allow users to purchase gold memberships with even more coins, like Litecoin and Ethereum.
Two main reasons, behind this decision
Apparently, there were two very important factors which influenced the company’s decision: they can provide instant low-fee transactions and they are very conveniently made available by Coinbase.
And no, Bitcoin wasn’t left behind, as the technical team is searching for a way to bringing back the payments made using it. Most likely, they will rely on reducing the fees, by taking advantage of SegWit and supporting the Lightning Network.
To our surprise, Bitcoin Cash was the one left behind. And this happens despite the coin being listed on Coinbase now!
As a side note, Bitcoin.com CEO Roger Ver reportedly offered Reddit $100,000 if the company replaced the r/bitcoin subreddit moderator. Both Ver and the website are under serious fire over the “Bitcoin Cash is Bitcoin” narrative, as some users are now working on a lawsuit, expected to protect newcomers.
The co-founder, more interested in Ethereum
As previously reported, Reddit co-founder Alexis Ohanian, who is now in charge of his venture capital firm Initialized capital, revealed that he believes that, by the end of the year, Ethereum will be the real winner on the cryptocurrency market, reaching a high of $15,000, while Bitcoin will get back to its all-time high of $20,000.