The social media has given a boost to the crypto community, and brings back the old days of crypto payments available.
Reddit, one of the most widely used social media by crypto enthusiasts, will soon return Bitcoin as a payment option. Other coins, those supported by Coinbase – Litecoin (LTC) and Ethereum (ETH), may follow soon afterwards.
Reddit was known for having a Dogecoin tipping system for a long time, before abuses were found.
Reddit stopped Bitcoin payments in March due to technological incompatibility with Coinbase, the chief service used for handling crypto payments. But after a redesign, the option would reappear soon. Bitcoin payments were available until recently for the Reddit Gold membership program.
“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,” said Chris Slowe, chief technology officer for Reddit.
It is somewhat encouraging that Reddit finally admitted technical difficulties were the issue.
The dropping of Bitcoin came at a time when the asset struggled to keep its price, and a bear market was expected to continue. Alexis Ohanian, co-founder of Reddit, was bullish on Ethereum, seeing it go to $1,500 by year end.
The news coincided with a small bump in BTC, LTC, and ETH prices. BTC rose to $9,602.27, while LTC seems headed to go above $160, while ETH continues to gain at $770.
In the earlier years of crypto coins, social media and crypto went together. But since then, increasing prices, scams and scandals and a move to other communication channels lowered the use of tipping. The Bitcoin network also saw lowered levels of use as fees rose.
One of the few digital assets still used for social media was ReddCoin (RDD), which recently saw a boost based on a John McAfee tweet. RDD was one of the strongest performers in the past month, nearly tripling its price, growing by 7% overnight to $0.011. The RDD digital asset is not officially adopted by Reddit, but is often used in tipping informally.
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Author Christine Masters