Reddit Wants to Accept Crypto Again – ETH And LTC Could Join BTC

Reddit’s CTO Chris Slowe revealed in an interview with Cheddar that the popular content-sharing platform intends to start accepting cryptocurrency again. The company originally stopped accepting BTC in late March as a means of payment for their premium Reddit Gold feature because of the Bitcoin network fees. Since Reddit Gold only costs $4, a large fee can be a major repellant to potential customers. Reddit accepted crypto through Coinbase and plan to use their gateway again in the future – this time, they are also considering other cryptocurrencies that Coinbase offers such as Litecoin and Ethereum.

The platform is home to many cryptocurrency communities, with r/Bitcoin being the oldest and largest at a whopping 817,000 subscribers. The general crypto subreddit, r/Cryptocurrency, experienced explosive growth in 2017 and early 2018, now approaching 700,000 members. 

Hopefully, other companies that stopped accepting cryptocurrency for their services during the height of the bull run will also change their mind in the future. These companies include the likes of Valve, who used the Bitpay service as a middleman to allow users to pay for products with crypto. Even though Valve did not directly receive any cryptocurrency in this setup, the exorbitant network fees were hurting Bitpay and some of the costs were inevitably passed on to their clients.