Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Payment Option Coming To Reddit

Reddit plans to reinstate cryptocurrency payment option, after disabling the feature in March. According to CTO, Christopher Slowe high transaction fees had made it impossible to continue offering support for Bitcoin (BTC) payments at the time. For instance, some people had to pay a $10 fee for a $4 transaction.

Slowe went on to claim that a move by Coinbase, which enables bitcoin payments on the platform, to discontinue Merchant Tool product in favor of Coinbase commerce, rendered it impossible to continue supporting bitcoin payments. Coinbase purported upgrade has not gone well with most people, given the mixed reactions across the cryptocurrency industry.

“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," said Reddit administrator emoney04 at the time.

Reddit has however issued a caveat on when the platform’s enthusiasts will be able to make cryptocurrency payments. First, Coinbase, the firm’s major payment processing platform, will have to finish a redesign of its payment services.

The previous set of tools provided by Coinbase only supported bitcoin payments. The ongoing upgrade is geared towards adding support for other popular cryptocurrencies that people are using.   Some of the cryptocurrencies that Reddit is planning to add support for include Ethereum (ETH) and Litecoin (LTC), other widely used in the crypto space.

However, the executive is yet to issue, a definitive timeline on when people will be able to make cryptocurrency payments. The payment option is dependent on Coinbase completing the ongoing redesign of its payment service.

Unlike most websites, Reddit has a forum for almost every cryptocurrency whereby people come to share ideas and discuss various items.  High transaction fees on the network had become a big problem which led to pick-and-choose transactions for miners supporting the blockchain.

Addition of Bitcoin, Litecoin and Ethereum payments coincides with the talk by Reddit co-founder Alex Ohanian that Bitcoin will rally to the $20k mark before the end of the year. Ohanian is also remaining upbeat about Ethereum price climbing 20 times to the $15,000 mark before the end of the year.

The executive is especially bullish about Ethereum given its widespread areas of application as well as the fact that people are increasingly building on it things like smart contracts.