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Reddit afresh removed the advantage to pay in Bitcoin for their exceptional associates affairs Reddit Gold. A Reddit adjudicator mentioned that the accessible Coinbase changes and presence of bugs in the Bitcoin acquittal advantage were affidavit why they absitively to bead Bitcoin as anatomy of payment.
The amusing account aggregator’s accommodation follows in the footsteps of acquittal processor Stripe, and their January advertisement that they are catastrophe Bitcoin payments in April 2018. “Bitcoin has acquired to become better-suited to actuality an asset than actuality a agency of exchange,” said Tom Karlo, Product Manager at Stripe. Due to Bitcoin’s aerial transaction ante and a abatement in demand, added companies like Steam accept additionally removed Bitcoin as a applicable acquittal option.
While it’s ambiguous whether Reddit will accompany cryptocurrency payments back, there is achievement that they may chase Microsoft who in January 2018, adequate Bitcoin as a acquittal option. Reddit’s accommodation to carelessness Bitcoin, however, highlights a added cogent problem. Although Coinbase’s changes and bugs are to blame, the all-embracing issues with Bitcoin’s proof-of-work (POW) agreement and aerial transaction fees can outweigh the allowances Bitcoin provides.
Bitcoin: no best a acquittal advantage for Reddit Gold users
On March 23, 2018, Reddit user BitcoinXio posted a video, highlighting that Bitcoin was no best offered as a acquittal advantage and enquired on the appointment /r/btc whether Reddit chock-full accepting payments from Bitcoin.
User emoney04, a adjudicator for several subreddits (not/r/btc), commented that “the accessible Coinbase change, accumulated with some bugs about the Bitcoin acquittal advantage that were affecting purchases for assertive users, led us to abolish Bitcoin as a acquittal option.” The user again mentioned that “we’re activity to booty a attending at appeal and watch the progression of Coinbase Commerce afore authoritative a accommodation on whether to re-enable.”
Removing the advantage to pay in Bitcoin is a big draft to the alive cryptocurrency association on Reddit – amid the assorted subs, there are millions of registered subscribers in forums like r/bitcoin, r/cryptocurrency, and r/ethtrader.
While abounding users accepted Reddit’s accommodation to end Bitcoin payments, Reddit user BitcoinXio aloft an affair with Reddit’s accepted approach. He mentioned that it’s difficult “to admeasurement appeal if you don’t accredit crypto payments.” BitcoinXio went on to action an alternative, to re-enable payments with Bitcoin Cash, area the fees are decidedly abate so they can abide to appraise and analysis for demand.
Emoney04 responded with activity and acclaimed that they would “keep that in apperception as we move forward.” Like Stripe, Reddit charcoal optimistic about cryptocurrencies. There are, however, too abounding problems with cryptocurrency payments at this moment in time.
Why Reddit alone Bitcoin payments
On a Medium blog post in aboriginal March 2018, Coinbase mentioned the barrage of Coinbase Commerce, “a new account that enables merchants to acquire assorted cryptocurrencies anon into a user-controlled wallet.” While this new account would add cogent allowances to merchants it additionally agency the “retiring [of] Coinbase’s Merchant Tools product.” Coinbase acknowledges that this change “may be confusing to Coinbase Merchant Tool customers.”
While alive to the new Coinbase Commerce belvedere may be an aggravation for Reddit, if there were abundant appeal and common cryptocurrency payments on the platform, the amusing account aggregator would best acceptable accumulate the acquittal option.
Many Reddit users accept accordingly bidding added affidavit as to why the armpit has alone Bitcoin like third-grade math. User SnowBastardThrowaway believes that “the aerial miner fees” are to blame. Samurai_Jesus agrees and mentions “how the aerial fees decidedly bargain the use for it in accustomed transactions.” Added users additionally requested for Bitcoin Cash as an another acquittal option.
The Coinbase changes, bugs in the acquittal code, Bitcoin’s aciculate abatement in value, aerial transaction fees, and abridgement in appeal for Bitcoin payments are best acceptable the sum of affidavit as to why Reddit absitively to end Bitcoin payments.
Unfortunately, Reddit’s accommodation highlights an alike greater botheration with cryptocurrencies. While cryptocurrencies are authoritative strides in the industry as an asset, they abide abstract to acquirement accustomed casework and appurtenances with. Bitcoin itself is a aboriginal bearing blockchain technology with cogent problems with its POW protocol.
With Ethereum’s Proof-of-Stake and Bitcoin Cash’s lower transaction fees, there is achievement that second, third and approaching bearing blockchain networks can break these issues if Bitcoin cannot.
