Reddit users will no longer be able to buy its premium membership program Reddit Gold by paying in bitcoin, reports said. According to a Reddit post in subreddit /r/btc published last week, bitcoin as a payment option was removed due to an upcoming change in Coinbase, its Bitcoin payment processor.
Last week, users had started commenting in the /r/BTC subreddit that credit cards and PayPal are the only available payment methods for the service. Earlier, users were able to pay for gold using bitcoin.
In a post, emoney04, reportedly a Reddit administrator, explained, "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."
Coinbase recently decided 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. As of April 30, users of Coinbase Merchant Tools will no longer have access to that product.
Reddit is said to have no plans to reinstate Bitcoin as a payment option in the future. "We're going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable," emoney04 said.
Some Reddit users commented that they were not using bitcoin payment option for Reddit Gold due to its high transaction fees.
The social media website was one of the early adopters to accept bitcoin as a payment option for its membership programs. It was in 2015 that Reddit first started accepting bitcoin in its now-defunct merchandise store, RedditMarket.
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