Reddit to Support Ethereum, Litecoin Payments and Reaccept Bitcoin

Posted May 05, 2018

As Bitcoin becomes more mainstream and popular with miners and traders, payment requests are often made in a rapid fashion that the network can not support.

In an interview with Cheddar Slowe said that Bitcoin payments are likely to return to the site in future, with possible support for other cryptocurrencies. At that time, Reddit pointed to "the upcoming Coinbase change" and "some bugs around the Bitcoin payment option that were affecting purchases" as the causes for the move.

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What other cryptos apart from Litecoin and Ethereum should Reddit add to their crypto payment support? However, he added, when the site does become crypto friendly once again, it's looking to expand beyond Bitcoin, with Litecoin and Ethereum being folded in as well. Alexis Ohanian, Reddit co-founder, who left his position some months ago, having made a decision to focus on investing in tech startups including blockchain projects, believes that this year we will see further growth of cryptocurrencies prices. Coinbase reportedly made changes to its API which required merchants looking to use its services for payment processing to upgrade their systems.

The main reason that Ohanian is favoring Ethereum over Bitcoin is the flexible-environment for application development that the former one delivers against the blockchain platform of the latter one. Moreover, it will be interesting to see how this affects both Ethereum and Litecoin moving forward, as both currencies direly need more mainstream use cases.

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Reddit stopped accepting Bitcoin payments in March. The Bitcoin subreddit has 817k subscribers while the cryptocurrency subreddit has 663k subscribers. The migration of old merchants onto the new Coinbase Commerce platform continues till the end of May, so chances are more information will be released after that.

"They're doing a great job, a major revitalization of their payment gateway, we just didn't have the time to upgrade our current API integration", Slowe said. Furthermore, Bitcoin hasn't been opted out either and the technical team is looking into bringing it back - perhaps reducing fees by taking advantage of SegWit and supporting the Lightning Network.

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