Bitcoin price boosted after Reddit reveals plan to reinstate crypto support
Bitcoin is set to make a comeback on Reddit, just weeks after support for the cryptocurrency was dropped from the site.
Chris Slowe, Reddit’s chief technology officer, says the site will add other digital currencies as payment options too, such as Ethereum and Litecoin.
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He told Cheddar that Reddit had to drop Bitcoin as a payment method for gold membership because of high transaction fees and more nitty-gritty technical issues.
That happened in late March, and Bitcoin’s price plummeted by more than $1000 in the subsequent days.
“We just didn’t have the time to upgrade our current API integration,” Slowe said this week, explaining the decision. “Once the redesign [arrives] and we’re able to address it again, I think we’ll actually see crypto payments come back.”
That could provide a considerable boost to Bitcoin, which has seen its value fall over the course of 2018, amid negative headlines and the spectre of strict regulation.
And sure enough, Bitcoin’s price has crept up by almost $300 so far this afternoon, according to the Coinbase exchange (which Reddit had used as one of its main processors).
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As if that wasn’t promising enough for crypto enthusiasts, Slowe added: “We’re looking at Ethereum and and also Litecoin, [which are both] provided by Coinbase as well.”
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