Reddit to Support Ethereum, Litecoin Payments and Reaccept Bitcoin

  • In an interview for Cheddar, Reddit CTO Christopher Stowe mentioned that Ethereum and Litecoin are seen as opportunities to complement Bitcoin for payments (which are also making a comeback).
  • There is no clear deadline in regards to the integration, but this is great news for the crypto space, as more mainstream adoption gets planned.

Just a couple of weeks after Reddit announced that they would drop support for Bitcoin (BTC) payments, the company's chief technical officer Christopher Stowe has addressed the issue in a more positive way during an interview with Cheddar. As previously reported and reiterated during the interview by Mr. Stowe, buying gold membership with Bitcoin has become costly due to fees and buggy due to Coinbase's faulty integration.

Reddit’s CTO said that the platform hosts discussion threads for every cryptocurrency and has been a hub for Bitcoin enthusiasts for about eight years. He even went as far as recalling the day when one of his colleagues walked into the office after having discovered the r/bitcoin subreddit and inquired about the nature of the cryptocurrency and whether or not it's worth the nine cents price tag.

Given this positive view on cryptos, Mr. Stowe mentioned that the Reddit payment systems are undergoing an upgrade to be in synch with Coinbase's services, and will soon allow users to purchase gold memberships with Litecoin and Ethereum.

 The choices were made under two important considerations: they provide instant low-fee transactions and they're conveniently made available by Coinbase. Furthermore, Bitcoin hasn't been opted out either and the technical team is looking into bringing it back – perhaps reducing fees by taking advantage of SegWit and supporting the Lightning Network.

Interestingly, Bitcoin Cash (BCH) is seemingly not a part of the deal, despite being listed on Coinbase. Recently Bitcoin.com CEO Roger Ver offered Reddit $100,000 if the company replaced the moderator of the r/bitcoin subreddit. Ver and his website, as covered, are under fire over the potentially misleading “Bitcoin Cash is Bitcoin” narrative, as some bitcoin users are working on a lawsuit that's set to protect newcomers.

Reddit co-founder Alexis Ohanian, who now works at early stage venture capital firm Initialized Capital, has recently revealed he’s bullish on Bitcoin and Ethereum, as he sees the flagship cryptocurrency climb above its all-time high to $20,000 this year, while he expects Ethereum to hit $15,000.