The bad news just keeps mounting with Bitcoin. Here’s the latest…
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.
As previously reported by CoinDesk, Reddit first started accepting bitcoin in its now-defunct merchandise store, RedditMarket, in 2015.