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Reddit Drops Bitcoin Payment Option For........ 'Gold' Membership


Social media website Reddit is no longer accepting bitcoin as payment for its Reddit Gold membership program.

On Friday, users began commenting in the /r/BTC subreddit that the only available payment methods for the service are credit cards and PayPal, whereas previously people were able to pay for gold using bitcoin.

A Saturday post in the same forum attributed to Reddit administrator "emoney04" explained that the change was due in part to Coinbase's decision to discontinue their Merchant Tool product in favor of Coinbase Commerce, which will enable "merchants to accept multiple cryptocurrencies directly into a user-controlled wallet."

The administrator went on to explain:

"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."

They also indicated that Reddit has yet to decide if it will reintroduce crypto payments after Coinbase implements its new Commerce service.

"We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable," the administrator said.

Reddit first started accepting bitcoin in its now-defunct merchandise store, RedditMarket, in 2015.

FIRE:  I know the reason for the many bashing on Bitcoin. Few promoters of Bitcoin used media hype and propaganda to raise a commodity that was exchanging for less than $4,000 in 2017 and raised its price to 'high heavens' of about $20,000.00 or more.

These strangers have all disappeared with their loot, leaving the market devastated with Bitcoin loosing so much goodwill.  I suspect that until Bitcoin return to its pre-bubble price of about $4,000, the price slide may continue.

At a time, I warned that the price difference between bitcoin and the altcoins were unbearable and unsustainable, creating the need for artificial upswing in the prices of Bitcoin Cash, Ether and few others.  It was for this same reason that the promoters of Bitcoin Gold struggled without success to enter the market as an 'alternate' coin to the bitcoin.

If the cryptocurrency market will continue in the long run, it must have  mechanisms in place to checkmate a re-recurrence of this drama that has practically killed many an investor in Bitcoin.

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