Reddit Stops Bitcoin Payment Support

Ali Raza

Some Redditors may be dismayed to learn that they will no longer be able to purchase Reddit Gold with Bitcoin payments. The popular link sharing and discussion board site discontinued its Bitcoin payment service in response to recent changes in the Bitcoin payment processing infrastructure.

The transactions were managed by Coinbase, who has recently announced a new arm of the business, Coinbase Commerce, that has been plagued with lacklustre reviews.

According to Reddit, this change within Coinbase, coupled with some bugs that users encountered when buying Gold with Bitcoin, has led them to drop the payment service. Reddit says that it will review whether or not to reactivate the service at a later date. The site will take
user demand for the payment service into account. 

Reddit is a major space for the crypto community to discuss the crypto markets and often breaking stories will be found on Reddit before anywhere else.

Since the company opened in 2005, it has garnered millions of users. As of June 2015, the total number of accounts was around 36 million.

Reddit Gold is a token by which users can access paid content, and reward each other for insightful, humorous, or simply awesome discussion. Reddit Gold costs $4 a month, or thirty bucks a year. General membership is free, and subreddits vary in topic from pictures of owls being awesome to cryptocurrency info to educational platforms and celebrity discussions.

When Reddit teamed up with Coinbase to offer the Bitcoin payment system in 2013, they did so with the hope of reaching and including users. Removing the payment option could be viewed unfavourably by users of crypto-related subs.

/r/Darknetmarkets Banned

Another move that might upset the crypto faithful is that Reddit has banned /r/Darknetmarkets. That sub was a space where users could discuss the ability and potential to purchase things anonymously online.

According to Reddit moderators, the subreddit violates their user agreement terms surrounding the propagation of information and transactions related to illegal goods. Items that fall under that policy includes drugs, sexual services, firearms, forged documents and stolen property, among others.

As other social media giants outright ban crypto ads and offerings, Reddit’s behaviour is not surprising, and may even be indicative of a softer policy on crypto than other companies are exhibiting. For now, subs /r/cryptocurrency and /r/blockchain and /r/Bitcoin are still alive and well.

Kanye Says He Wants to Run for President, Bitcoin Fan Elon Musk Endorses Him

Siamak Masnavi

American rapper, singer, songwriter, record producer, composer, entrepreneur and fashion designer Kanye West celebrated July 4, U.S. Independence Day, by announcing his intention to run for U.S. president in 2020.

So how did Kanye launch his bid to be on the ballot at the 2020 United States Presidential Election, which is scheduled for 3 November 2020?

Well, late on Saturday afternoon (California team), Kanye sent out the following tweet:

Minutes later, came this endorsement from Tesla and SpaceX CEO Elon Musk, who has often expressed his interest in cryptocurrency in general and Bitcoin in particular:

Not wanting to be left out of the conversation, a couple of hours, American media personality, businesswoman, socialite, model, musician, and actress Paris Hilton made it clear that she would not mind being U.S. president either:

As FOX News reported a short time ago, this is not the first time that Kanye has expressed his intention to become U.S. president.

Apparently, back in November 2019, at the fifth annual Fast Company Innovation Festival in New York City, he said that he planned to run for U.S. president in 2024:

"When I run for president in 2024, we're going to definitely -- yo, whatchu [sic] all laughing at? When I run for president in 2024, we would've created so many jobs that, in fact, I'm going to walk...

"What I'm saying is, when y'all read the headlines, 'Kanye's crazy,' this and that, this and that, it's like one in three African-Americans are in jail and all of the celebrities are in jail also because they can't say nothing [sic]! They've got no opinion! They're so scared!"

According to the U.S. Constitution, here are the requirements for presidential candidates:

  • be a natural-born U.S. citiizen
  • be at least 35 years old
  • be a U.S. resident for at least 14 years

Since Kanye meets all these requirements, he is allowed to declare his candidacy for president. After he has raised or spent more than $5,000 for his campaign, he must register with the Federal Election Commission.

In May 2018, Kanye talked about Bitcoin during an interview with American radio presenter "Charlamagne tha God". 

He said:

"When you're acting in love, you're like a drop of water and you have the ocean as your army. When you act in fear, it's just you and your money.

"Now you can take your money and put it in Bitcoin, put it in credit form, put it in cash... and then stand up to the ocean and who's gonna win? 

"We definitely are dealing with racism but I want to push future concepts, you know.

"Now I'm doing I'm giving you two streams of consciousness in one. I want to talk about my wife. I also want to talk about Harriet Tubman on the twenty dollar bill... That's the moment I wanted to use Bitcoin."