Reddit Removes Bitcoin As Payment Option For Gold Membership

News | March 28, 2018 By:

Social media website Reddit has removed the bitcoin payment option for its premium membership program, Reddit Gold.

Reddit, a popular discussion and link-sharing website, began accepting bitcoin for Reddit Gold subscriptions in February 2013 via a partnership with Coinbase. At the time, Coinbase CEO Brian Armstrong said that it was a “large step forward for bitcoin,” due to Reddit’s increasing popularity.

Last week, Reddit user BitcoinXio posted a video that shows that the only payment options available to users are PayPal and credit card. BitcoinXio was trying to use bitcoin to gift another user a Reddit Gold subscription but the option no longer appears on the payment box.

Responding to the post, Reddit user Emoney40, a moderator of several subreddits but not /r/btc, explained that the change was due in part to Coinbase’s decision to discontinue their Merchant Tool product in favor of Coinbase Commerce, which allows merchants to accept multiple cryptocurrencies into a user-controlled wallet.

“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,” the moderator said. “We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to re-enable.”

Last month, bitcoin transaction fees dipped below the price of Bitcoin Cash fees, which had been one of the main talking points of bitcoin’s competitors. Emoney40 was asked about the option to enable BCH payments due to their lower fees making it more economical for micro payments. The moderator answered: “Yeah, that’s definitely a fair point! We’re going to keep that in mind as we move forward.”

Reddit also removed a subreddit called r/Darknetmarkets, a forum where some bitcoin users followed developments about spending cryptocurrency with utmost privacy. The r/Darknetmarkets forum was flagged as violating Reddit’s policy against promoting transactions involving prohibited goods or services.