Reddit has always been an early supporter of cryptocurrencies, but recently it announced that it would stop accepting Bitcoin as a payment method. Its loyal following has produced pages brimming with cryptocurrency discussions, theories and news stories as well as a strong consortium of crypto-users themselves. The announcement comes at a time when the crypto-sphere is under attack from the mainstream platforms such as Facebook, Google and Twitter who have banned crypto-ads on their platforms entirely.
Reddit began using bitcoin as a payment method in 2013 before also accepting the digital currency in their marketplace, which is no longer running. The payment method recently became unavailable on the Gold purchase page however, now accepting only Paypal and card payments.
Reddit Gold serves as the next level of usability for the platform and through a one-off payment allows users to access more comments, trace past comments and it also eradicates advertisement. It also serves as a support mechanism for Reddit itself and other users in the site by giving them ‘Reddit Gold’, as a sort of validation, whilst also providing access to The Lounge, ‘a super-secret members-only community that may or may not exist’ and according to the website ‘it actually makes you really quite dapper’.
It was reported by one Reddit comment that the reasoning behind the cut is linked to recent shake ups in Coinbase that are overhauling and eventually producing a new merchant site, named Coinbase Commerce. The Coinbase changes in question are set to migrate the existing data to a new platform allowing for users to save several different cryptocurrencies in a user wallet, however it is now being questioned whether that will be a benefit for Reddit’s small payment options.
‘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’
In response to questions from other users, the profile also implied that Reddit is yet to confirm if they will reinstate Bitcoin as a payment method after the Coinbase amendments. Emoney04 continues by suggesting the platform is going to track the success of Coinbase before enabling the use again.
It might just seem like another website that is joining the ongoing ‘trend’ of banning cryptocurrency related ads, but Reddit had in fact stopped advertising digital money on it’s platform since 2016, just without announcing it. This latest move however contrasts the efforts to implement and integrate a variety of payment methods and is in some ways quite a questionable move for a platform that a number of Bitcoin owners use. It is unclear at this point what this new announcement whether the platform will ever reinstate the digital currency. However so far, the simple disappearance of the Bitcoin button from the payment website was so subtle that it didn’t make as big a wave, or affect the ever-declining value of the currency.