During an interview with Cheddar, Reddit CTO Christopher Slowe said that “high fees” was the reason for Reddit’s non-acceptance of Bitcoin payments. Slowe cited that a typical $4 transaction had a $10 transaction fee which was very impractical for customers.
.@Reddit, which hosts communities for every single cryptocurrency in the world, is hoping to bring back crypto payments to the platform, this time with Ethereum and Litecoin in addition to Bitcoin, according to CTO @KeyserSosa. pic.twitter.com/wkUniMvhex
— Cheddar (@cheddar) May 2, 2018
He further stated that the Coinbase API responsible for accepting Bitcoin payments was not updated by developers due to the lack of time. However, Slowe hinted that the platform will soon accommodate the cryptocurrency once again when he said:
“We just didn’t have time to upgrade our current API integration, and once the redesign… is landing, I think we’ll see crypto payments come back.”
Reddit is considering Coinbase’s system change as it now intends to use a new one - Coinbase Commerce – to facilitate payments. Until the new system is stable enough, Coinbase’s payment gateway will be expected to show bugs, and Reddit will steer clear of bitcoin payments.
“They’re doing a great job, they’re doing a major revitalization of their payment gateway” Slowe said.
Lastly, Slowe mentioned that when they finally enable Bitcoin payments, the facility will also include Ethereum and Litecoin.