The “Front page of the Internet”, Reddit, will be once again allow users to purchase Reddit Gold with Bitcoin, Ethereum, and Litecoin. Reddit previously utilized Bitcoin payments for its Reddit Gold program, which allows users to have access to premium features.
Reddit CTO Chris Slowe said that they had stopped using Bitcoin payments because of “a combination of reasons, one is actually the fees on the Bitcoin network”. The other major reason had to do with their use “of Coinbase as one of [their] main processors” and that Reddit “didn’t have time to basically upgrade [their] current API integration”, but Coinbase is now upgrading their payment gateway.
In addition, Coinbase’s old merchant system that Reddit used did not provide access to the Ethereum and Litecoin exchanges, but Reddit will now have access with the relaunch. Slowe went on to discuss Reddit’s history of Bitcoin discussions along with the fact that “basically every coin in existence has a community on Reddit now.” Preference for Using Internet Money Reddit is no stranger to internet money not just because they previously accepted Bitcoin, but because they also allow users to gift Reddit Gold to other users, which then allows the receiver to access the premium features.
Gifting Reddit Gold is not a cryptocurrency and just on Reddit’s servers, but it does demonstrate Reddit’s openness to an online accounting system that can be traded between users. Additionally, in a more independent move, Reddit users employ tipping bots to gift other users select cryptocurrencies.
This is the market demonstrating the preferences of individuals. Ironically, many tips are given via Bitcoin Cash and other cryptocurrencies, which Reddit has not mentioned if they’ll be accepting or not. Read more from dashforcenews.com…
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