Reddit Reportedly Removes Bitcoin As Payment, Cites ‘Coinbase Change’

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    Reddit has reportedly scrapped off the option which allows users to pay for Reddit Gold, the platform’s premium membership program in Bitcoin. In taking that strep, the platform has cited an “upcoming Coinbase change”, which it had talked about in a post published on published March 23.

    Reddit user BitcoinXio posted a video online explaining the steps through which users can subscribe to Reddit Gold. The steps however elaborate on credit card and Paypal only. In a comment, Reddit user emoney40,who is a moderator of several subreddits but not /r/btc noted that the change was occasioned by the Coinbase Commerce change.

    In early March 2018, Coinbase posted on its page about replacing Coinbase Merchant Tools with Coinbase Commerce which they noted that it could be very disruptive to the Coinbase Merchant Tool customers. Starting April 30, merchants who used Coinbase Merchant Tools will not be able to access the product. For final date required for merchants to switch to Coinbase Commerce is May 31.

    According to emoney40, they can’t guarantee if they will add BTC back to the platform as a payment method. He said they are going to keenly look at demand and monitor the progression of Coinbase Commerce before coming up with the decision on whether to switch back.

    Some users of Reddit commented and said they were not paying for Reddit Gold using BTC from the start because of the high transaction fees that are charged. In February however, BTC transaction fees went below the price of Bitcoin Cash (BCH) fees. This has been one of the main points of discussion by BTC’s competitors

    Recently Forbes ranked Bitcoin as one of the leading and most popular digital currency investments among millennials. Millennials like cryptocurrecies for several reasons. One of the driving motivations is the technology behind the cryptocurrencies which promises to modernize capitalism and make it free from the tight control of big banks and big governments. Additionally, cryptocurrencies have a lot of potential to make investors rich within a short period of time but only if they continue rising at an astronomical pace. This is the reason why cryptocurrencies may be the right choice to invest $10,000, according to a recent survey.

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