Leading Discussion Website Removes Cryptocurrency Payments
Reddit, the leading discussion website has decided not to support any cryptocurrency Payment. And that decision may worsen the already suffering crypto market.
The crypto market is going through a bad phase. The bitcoin was trading at $7886 on Monday, which is 19.13% down of its value last month taking the plunge of $1848. And bitcoin users are scared of what happens by this decision now, will it further lead to lowering its value?
According to some of the Reddit users, they are unable to purchase the website’s premium membership via cryptocurrency. This phenomenon might affect the crypto price further. But according to the Emoney04 user, the decision is taken for the time being as the Coinbase site is under some change.
When media confronted them asking, have you remove the cryptocurrency payment they said that Yes! There are some changes need to be done on the Coinbase website, but somehow the bugs are creating an issue affecting some of the certain users’ payment. That is why we have removed the Bitcoin as one of the payment options.
Reddit stated that they are going to speculate the user demand regarding the payment system. Also, they indicated that this service may return back, this completely depends on the Coinbase Commerce progression.
Users on the Coinbase can only buy Reddit gold through their credit cards and PayPal account, as of now after the decision.
At the time of partnership of Reddit and Coinbase, The CEO of Coinbase, Brian Armstrong asserted that Reddit will use the cryptocurrency payments i.e. through bitcoin only leading to a step forward, way back in 2013. He further added that they are pairing with Reddit, leading America’s Social news discussion website, to allow them to begin accepting the bitcoin payments in exchange for Reddit gold.
This is one of the largest steps forward for Coinbase and for Bitcoin as well, as Reddit comes under the list of 200 leading websites globally.
The CEO of Reddit, Yishan Wong, wants to know more about the cryptocurrency and its working on how this can be used for the payment system. That’s why he took some time to connect back with Coinbase.
According to Coinbase, they had other merchants in line who wanted to use our merchant tools; the list includes productivity app companies, web hosting companies and many more to count. They all have had the pass similar to the Reddit Gold. This gave them the confidence to handle and maintain the payment for the Reddit sized website.
