Reddit is well on course to reinstate crytocurrency as a payment method for its gold members. This time however, Bitcoin will not be the sole option as the social media platform plans to incorporate even more cryptos. Chris Slowe, the Chief Technology Officer at Reddit intimated in an interview on Thursday with Cheddar that they are now more prepared than ever before, especially considering the challenges it went through with Bitcoin in March. Notably, Reddit has faced challenges related to Bitcoin’s integration issue, coupled with its spiking transaction fees.
Redesign With a Difference
Once the platform completes its redesign, Bitcoin is expected to be back. Additionally, the CTO also gave an update to the effect that the platform is hoping to add even more cryptocurrencies this time around:
We have been looking at other cryptocurrencies. As a matter of fact, that was part of the issue with the high fees on the Bitcoin network. We are looking at ethereum and litecoin that are both provided by Coinbase.
Looking at Reddit’s explanation in March as reported by Coindesk, the decision by Coinbase to disable it as a merchant tool and make a new Bitcoin commerce product its replacement, was part of the reason the site stopped its Bitcoin payment option in the first place. This is in addition to the payment bugs that had become an issue with some users as per the details from one of the administrators. Notably, Coinbase Commerce makes it possible for merchants to accept several cryptocurrencies.
What do you think about Reddit’s move to relaunch Bitcoin payments? How will the addition of other cryptocurrencies affect its efficiency? Let us know your views in the comments section below.