Little did you know, Reddit is looking to relaunch crypto payments after the recent events, which you can read about here. It looks like things aren’t going to end with Bitcoin either. Christopher Slowe, the CTO, has stated there wasn’t enough time for all the necessary upgrades but that the functionality will be added to the platform in due time:
“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.”
We remind you that at the time Reddit has issued a statement saying:
“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.”
Slowe added that there were previous issues with fees (not quite revealing the mystery but we can guess for the current trading volumes there must have been a few high fees in some instances) and pointed out there were “some bugs around the Bitcoin payment option that were affecting purchases”.
It looks like Bitcoin, however, is coming back after more reconfigurations were made, this time bringing with it Eth and LiteCoin. Rejoice! Slowly but surely it looks like the world is accepting crypto after all.
More good news?
Alex Ohanian, the Co-Founder of Reddit, is adamant Etherium and Bitcoin will be on the rise this year (also as we have predicted):
“Last year, it was all about AI and machine learning, This year, it’s all about blockchain — Most of the really vital, protocol-level, basic infrastructure around software and blockchain will need to get built in the next year or two for us to really see the Web 3.0 we’re really hoping for.”
Now, it seems, the question of high fees has been solved by a few new additions to the team:
“We’ve been looking at other cryptocurrencies in fact. That was part of the issue with the high fees on the Bitcoin network. We were looking at Ethereum and Litecoin that were provided both by Coinbase as well.”
– Slowe says.
We do seem to remember pointing out there are signs that the world is getting ready for Bitcoin with companies like Intel and Nvidia adopting the new tech. We thought at the time it was only a matter of time until the tech was seen everywhere – from building a new infrastructure in Syria to fair elections and increased business deals (in асфеб Dubai have promised they would build a whole economy on the blockchain, and it seems to be working out in their favor.
The Big Picture
As many more companies are beginning to get comfortable with the notion of cryptocurrency, the question is no more whether Bitcoin is to be invested in but how long will it be until the world starts using it everywhere – and what will the world look like once crypto of all sorts in integrated into our daily lives?
Remember Eligma? Well, shopping for one will be made a lot easier (rejoice again), and there will highly likely be a much more practical and trust-based relationship between the consumer and companies – thanks to market regulators like Revain (search for it here) that work on the principle of aggregating reviews so that users can cross-reference them. The area of business is looking set to become much more versatile and stable.
So what does it mean for the crypto community that crypto payments are back on Reddit?
Bitcoin is set to be one of the biggest trends of the year so far. John McAfee has famously predicted:
“Bitcoin’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?”
While we are not sure about bets as drastic as that, we also know Gemini’s owner Cameron Winklevoss has stated the following:
“So if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”
What does it mean for Reddit? Definitely better transactions and more (potentially) profit with more payment method (if they manage to raise the gold section from the dead) as well as better integration into the existing market and better brand recognition and possibly the ability to make more waves and influence other niches in a more effective way. If so, we are soon to hear more from Reddit and from the cryptocurrency community, which we are always excited about. Have a great day from all of us here at Coinstaker, use protection (by that we mean, of course, 2auth), do your background research before you decide to meaningfully engage, and make sure you compartmentalize to the best of your ability. Happy trails!
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