Reddit withdraws Bitcoin payment option for ‘Gold’ membership

The social networking website Reddit no longer accepts Bitcoin as payment for its Reddit Gold membership program.

On Friday, users started commenting on the subreddit / r / BTC that the only payment methods available for the service are credit cards and PayPal, whereas before people could pay for gold using bitcoin.

A publication on Saturday in the same forum attributed to the administrator of Reddit “emoney04” explained that the change was partly due to the decision of Coinbase to discontinue its Merchant Tool product in favor of Coinbase Commerce, which will allow merchants to accept multiple cryptocurrencies directly in a user-controlled wallet “.

The administrator went on to explain:

“The next change to Coinbase, combined with some errors in the Bitcoin payment option that affected purchases for certain users, led us to eliminate Bitcoin as a payment option.”

They also indicated that Reddit has yet to decide whether to reintroduce the encrypted payments after Coinbase implements its new commerce service.

“We will examine the lawsuit and see the evolution of Coinbase Commerce before making a decision on whether to reactivate,” said the administrator.

As previously reported, Reddit started accepting Bitcoin in its now-defunct merchandise store, RedditMarket, in 2015.