Last month Reddit.com, a highly popular social news ranking and discussion website, dropped the ability for its anonymous users to pay with Bitcoin for their gold membership package. The issue wasn't with the payment processor Coinbase, as some have reported, but with Bitcoin network fees. Now Reddit says they will soon start allowing users to pay with Ethereum or Litecoin.
The news came by way of Christopher Slowe, CTO of Reddit.
In March of this year Slowe took part in an interview with financial anchor Kristen Scholer of Cheddar.com in regards to Reddit’s cryptocurrency issue. Slowe attributed the halt to fees associated with the Bitcoin network. "When we're talking about a four dollar gold transaction and when it costs upwards of ten dollars to do a fee, it's really hard to proposition the users they should do that," Slowe said. When Scholer asked if Reddit would be returning to cryptocurrency payments, Slowe response was that Reddit was looking into Ethereum and Litecoin, both of which are provided through Coinbase.
Reddit like many other sites clearly see the added benefits of accepting altcoins such as Ethereum and Litecoin with their low fees. Other sites such as PornHub started accepting Verge coin and many experts are predicting other major sites will soon follow, not only for the savings, but for its anonymity and speed in which transactions take place.
Reddit is an American-based social news aggregation, rating and ranking discussion website. Those who are registered with Reddit, all of which are anonymous by default, submit content from around the Internet, or simply a start up a discussion of their choosing in organized, user-created “subreddits”. The submitted content is then voted up or down by other members. Subreddits include everything under the sun such as current events, science, artwork, photographs, politics, video games, etc. As of February 2018, Reddit had 542 million monthly visitors (234 million unique users)with a ranking as the 4th most visited website in U.S. and #6 in the world, according to Alexa.