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Bitcoins / Breaking News

Reddit Says Goodbye To Bitcoin

It appears that the use of cryptocurrency is becoming more mainstream, and more widely accepted. Something that the market has been trying to do for years. But, as we hear about more businesses who are starting to accept Bitcoin and other cryptocurrencies as payment methods, we also hear how one is shutting its doors on Bitcoin.

For five years, since 2013, popular site Reddit, has given you the option of paying for their Reddit Gold membership with the most popular cryptocurrency, Bitcoin, along with more traditional payment options of credit card and PayPal. However, a moderator of the site, has informed us that this is now not the case, and has confirmed that Reddit has in fact stopped accepting Bitcoin, meaning users will have to resort to using more traditional methods of paying for their membership.

The reason for this change of heart, is because of the purchasing glitches it faces when people make their payments in Bitcoin, and has decided to instead watch the progression of Coinbase Commerce, before they make the decision of whether they will or will not restore this feature.

They have assured their users that this is not a backlash against Bitcoin, but there is no doubt that this is likely to affect the popular cryptocurrency. First came the reports of increased regulations, and now the fact that they have lost a big company who has backed them near enough from the beginning has got to be quite a blow for Bitcoin.

Reports have suggested that this might not be the only company either, and that others night remove the payment option, until they are sure that they can depend on Coinbase’s new platform. Other major companies, who have backed Bitcoin are also backing off, thanks to the volatility, although this is not a new problem. However; to see this cryptocurrency truly grow to its full potential, experts are saying that it needs more stability in order to continue growing.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.