Reddit is Finally Ready to Relaunch Cryptocurrency Payment Support
Reddit is set to relaunch its support of cryptocurrency payments for their membership program. The website will support not only Bitcoin, but also Ethereum and Litecoin. Bitcoin had previously been accepted back in 2013, but was later discontinued due to slow transaction times and high fees. However, great technological advancements have since been made to improve on these issues.
Chief Technology officer Chris Slowe has not yet given a timetable for when support will start. Part of the reason Reddit is able to make this transition is due to Coinbase’s new support for past merchants on its platform. Reddit previously did not have time to make the transition to Coinbase’s new platform, which is one of the reason cryptocurrency support was removed in the first place.
Reddit has always been a cryptocurrency friendly space. In fact, almost every single coin has some kind of community on it. Just last week, Reddit co-founder, Alexis Ohanian, made an extremely bullish prediction. He said that he believes Ethereum will reach the price of $15,000 by the end of 2018.
Mainstream Adoption Continues to Increase:
This is just another example of the growing mainstream adoption currently energizing the cryptocurrency world. Sentiment in the community has greatly increased over the past few weeks. With news such as the Reddit payment support, and the beginnings of cryptocurrency investment support by Goldman Sachs, it’s hard to deny that cryptocurrency’s real world adoption is growing by the day. It also is an indicator of improving technology within the space. Sharding will greatly improve transaction speeds on the Ethereum network, while the lightning network is set to greatly improve speeds on the bitcoin network, making it far easier for real companies to adopt the technology.
Disclaimer: Nothing written in this or any other article on our website should be taken as financial advice. Therefore, we cannot be held liable for any investments you make. Investing in cryptocurrencies is highly speculative, and you should never invest more than you are prepared to lose.
Written by Jack Baker