Reddit to stop accepting Bitcoin payments, blames Coinbase

Reddit has indeed disabled cryptocurrency payments, and judging that several days have already passed since the initial messages, the decision is final and the payments will not return anytime soon. 

Additional explanations have been provided by one of the Reddit employees responsible for this issue: according to this person’s notions, the cryptocurrency exchange called Coinbase with its latest change of Merchant Tool to Coinbase Commerce has been the primary reason, and various glitches not connected with the exchange were the secondary reason of the shutdown.

Overall, Bitcoin was used for only one product on Reddit: VIP membership. This means that the disabled Bitcoin payments would not affect this social media as it would have affected, for example, OpenBazaar - a marketplace which practically revolves around cryptocurrency payments.

Anyway, the move made by Reddit will play a negative role on further Bitcoin popularization: now new Redditors will have less chances to know about this payment opportunity, still exotic these days.

Steam, an online marketplace of video games, has disabled Bitcoin payments due to volatility of the digital asset. Some economic experts start to think that Bitcoin has failed as a payment tool and instead became a new means of keeping savings or investment opportunity similar to shares.