Christopher Slowe, the CTO of the platform Reddit, talked about the no-acceptance of crypto-money on the platform on May 2nd. Slowe, showed “high transaction fees” as Reddit’s refusing Bitcoin payments, and after that gave some clues that crypto money could go back to Reddit.
Slowe, who gave an interview to Cheddar, said that developers did not have time to update the Coinbase API used to admit Bitcoin payments.
Coinbase has recently been working on removing a feature called “Merchant Tools” and offering a brand new service under the name Coinbase Commerce . Coinbase ‘s step has taken a lot of reactions from many names in the crypto money community, but Slowe interprets this step of the stock exchange positively. Slowe talked about the step; “They’re doing a great job. They are playing the payment gates very seriously”. He added;
”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.”
At the end of March, Reddit had refused to accept payments for Bitcoin , and the reasons for the decision were “ the upcoming Coinbase change” and “some bugs around the Bitcoin payment option that were affecting purchases”
Christopher Slowe said that Bitcoin’s transaction fees also played effective role at this decision.
Transaction fees have fallen over the last few months and even backed up to just one satoshi per byte . However, Reddit’s CTO said that a $ 4 transaction would cost $ 10, which is hard proposition to users.
There’s one more important thing Slowe said. If Reddit starts to accept Bitcoin again, it will not be limited to Bitcoin alone. Ethereum and Lytecoin payments will also be supported.