The widely read social media site will no longer accept Bitcoin as payment for its Reddit Gold program. The change was made because Coinbase discontinuing its Merchant Tool product.
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,” said user emoney04.
The administrator (emoney04) went on to say Reddit planned to watch the progression of the new Coinbase Commerce platform before deciding if it would once again allow the use of cryptocurrencies.
Bitcoin is unstable
The main problem is that Bitcoin is unstable and it goes up and down. Mostly down after each new announcement from the government or daily when everyone is trying to work with their coins.
It’s unclear if Reddit will continue using cryptocurrencies or not, there several voices which claiming that Bitcoin is insecure (and there right) and switching to alternatives is maybe also no an options since it’s maybe only a matter of time until they got compromised, because more attention often means more eyes trying to find possible vulnerabilities or other ways to abuse it.
The idea of cryptocurrencies is what I like but that’s already it, since every technology comes with pros and cons I overall see more cons against Bitcoin & Co. The energy to obtain some coins is ridiculous high , this alone is in my opinion reason enough to avoid it until someone finds a more efficient way, also remember when I reported about the fact that NSA has already compromised the entire blockchain since the beginning.
Coins yes, but only if it truly is efficient and secure. Otherwise we can stick with systems like PayPal & Co. in order to send money. Some traditional banks also have started to build their own electronically system, which seems an option too – because why should you trust other 3rd-parties instead of you own bank which you already use since 20 years?