Reddit reveals Bitcoin payments will return
The CTO of Reddit has announced that the platform will soon be relaunching Bitcoin payments through the platform.
During an interview with Cheddar, Christopher Slowe said, “high fees” were behind the decision to remove Bitcoin payments from Reddit.
The Cheif Technical Officer did reveal, however, that cryptocurrency payments will soon return to the site.
Aside from reintroducing Bitcoin payments, Reddit is also planning to include options for Ethereum, Litecoin and more.
.@Reddit, which hosts communities for every single cryptocurrency in the world, is hoping to bring back crypto payments to the platform, this time with Ethereum and Litecoin in addition to Bitcoin, according to CTO @KeyserSosa. pic.twitter.com/wkUniMvhex
— Cheddar (@cheddar) May 2, 2018
Mr. Slowe explains that Reddit developers “didn’t have time” to add updates the Coinbase API needed to continue accepting BTC payments.
Coinbase is in the middle of replacing its Merchant Tool with a new system called Coinbase Commerce for payment processing.
The switch is causing both positive and negative reactions in the cryptocurrency industry.
According to Slowe, Reddit sees the changes Coinbase is making, as a move in the right direction, saying:
“They’re doing a great job, they’re doing a major revitalization of their payment gateway.”
“We just didn’t have time to upgrade our current API integration, and once the redesign… is landing, I think we’ll see crypto payments come back.”
Bitcoin fees are falling
Bitcoin acceptance came to an end on Reddit in late March.
At the time, staff members were suggesting that the companies motivation behind the move was due to “upcoming Coinbase changes.”
Another reason was “some bugs around the Bitcoin payment option that were affecting purchases.”
Slowe now says that Bitcoin network fees were also another contributing factor behind their decision.
In recent months, fees are drifting downwards to just one satoshi per byte.
The CTO says that during times of high fees, the $10 fee on a $4 transaction was a “hard proposition to users.”