Social news aggregation website Reddit is reportedly no longer accepting bitcoin payments for its premium membership program, Reddit Gold. This is due to a “Coinbase change,” according to a Reddit post discussing the issue.
Reddit’s change was discovered when user BitcoinXio posted a video that showed bitcoin was no longer an option on his end, and inquired whether Reddit did stop accepting the cryptocurrency, or if there was something wrong with his account. In the video, Reddit only allows the user to pay with a credit card or with PayPal.
Responding to the video, various users started pointing to bitcoin’s high fees, and pointed out that they weren’t paying for Reddit Gold with BTC because of them. Earlier this year, the cryptocurrency’s fees dipped, although they’re still higher than they were in bitcoin’s earlier days.
Reddit user emoney04, a moderator at several subreddits, clarified the situation and revealed that the change occurred because of a Coinbase Commerce change. He said:
“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.”
When asked whether Reddit would bring back cryptocurrency payments, emoney04 revealed that the company would be taking a look at demand, and watch how the Coinbase Commerce situation unfolds before making a decision.
Seemingly making sure fees weren’t the problem, user BitcoinXio claimed Reddit’s bitcoin purchase volume declined because Coinbase wouldn’t allow them to accept Bitcoin Cash (BCH). Per his words, enabling Bitcoin Cash payments would bring back old data trends.
How Coinbase Commerce affects Reddit
Reddit started accepting bitcoin as a payment method back in 2013, through a partnership with Coinbase that saw it use the cryptocurrency exchange and wallet service’s systems to process transactions.
Through a Medium blog post published earlier this month, the company revealed that Coinbase Commerce would be replacing Coinbase’s Merchant Tools, in order to give its users the best possible solution.
On its blog post, Coinbase noted that May 31 is the final date Coinbase Merchant Tool users will have to migrate do Coinbase Commerce. The ordeal, the company noted, “may be disruptive to Coinbase Merchant Tool customers and we’re here to help ensure a smooth transition.”
As covered by Core Media, Reddit’s email service has in the past been hacked, in a security incident that saw thousands worth of Bitcoin Cash get stolen.