Has the spiritual home of crypto dropped bitcoin?
Users on Reddit are saying premium services can now only be purchased through Paypal and credit cards: Another nail in bitcoin's well-dented coffin?
Reddit has always been the spiritual home of crypto. Can it really have dropped bitcoin?
Users on the discussion forum site, that has remained a long time favorite with crypto-currency investors, say it has and are claiming they are unable to purchase premium membership series using bitcoin.
Users are saying they are now only able to purchase “Reddit Gold” services through Paypal and credit cards.
Reddit started accepting bitcoin in 2013 via the San Francisco-based currency exchange, Coinbase. At the time, Coinbase CEO Brian Armstrong said adding bitcoin to Reddit’s payment capabilities marked a “large step forward” for crypto-currencies.
But with bitcoin below $8,000 and still sliding, times have, it seems, changed.
Mashable reports that Reddit is claiming the removal was a technical decision caused by ongoing platform changes by the Coinable exchange.
“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.”
And the implication seems to be that bitcoin payment capability might return to the site but many in the crypto community are conceding that the chance of that occurring, in the current climate, may be slim.
Bitcoin’s price has dropped by almost $2,000 in the last month – a fall of 20%.