Reddit Plans to Reinstate Cryptocurrency Payments

Reddit Plans to Reinstate Cryptocurrency Payments

After Reddit removed Bitcoin Core (BTC) as a form of payment for premium membership services this past March, the company seems to be planning to reinstate the digital asset soon. On Thursday, May 3 in an interview with Cheddar, the company’s chief technology officer (CTO), Chris Slowe, revealed it will be adding BTC again and more cryptocurrencies as well.

Also read: Telegram Rakes in Over $1.5 Billion, Ditches ICO for an Open Network & Token

Reddit CTO Says Cryptocurrency Payments Will Return to the Social MediaPlatform

Reddit Plans to Reinstate Cryptocurrency Payments In an interview with the media outlet Cheddar, Chris Slowe, the CTO of Reddit explained the firm would be adding bitcoin core payments to the platform again. This will allow users to pay for premium membership called, Reddit Gold, with BTC. The company had previously removed the BTC payment option this past March stating the reason was due to a “Coinbase change” and only Paypal was accepted. During his interview with Cheddar, Chris Slowe says one of the reasons they dropped BTC was due to network transaction fees “being too large.”

Every Cryptocurrency in Existence Has a Community on Reddit

The Reddit CTO further stated that Coinbase was the main payment processing platform for Reddit, and the company recently revitalized its user interface and API. Slowe says the firm just didn’t have time to add the Coinbase API integration but they have been able to address the issue again. At the time the Reddit development team using Coinbase didn’t have access to other markets Slowe says, like Ethereum and Litecoin.

“We have some of the oldest cryptocurrencies forums online,” Slowe explains in his interview.

Like I remember when way back in the day maybe eight years ago when someone in the office found r/bitcoin, and I wondered what is a bitcoin? And why would I want to spend seven cents on one? It’s gotten a lot further along since then and the community and now every cryptocurrency in existence has a community on Reddit right now.

Reddit Plans to Reinstate Cryptocurrency Payments
An interview with Reddit’s chief technology officer (CTO), Chris Slowe, about reinstating cryptocurrencies.

Meanwhile, Reddit Co-Founder Alexis Ohanian Feels BTC and ETH Markets Will be Extremely Bullish This Year

The interview with Slowe confirms Reddit is looking to integrate more cryptocurrencies shortly after a few weeks of hiatus. The CTO details that Reddit is looking at the cryptocurrencies offered by the Coinbase service which are Bitcoin Cash, Litecoin, and Ethereum. The news also follows the Reddit co-founder, Alexis Ohanian, stating on May 2nd that he believes BTC will rally to $20K by the end of 2018. Ohanian also thinks Ethereum will climb 20 times in value to a price of $15,000 USD per ETH by the end of the year.        

“I’m most bullish about Ethereum simply because people are actually building on it,” Ohanian detailed.

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.

What do you think about Reddit adding multiple cryptocurrencies to the platform for payments? What do you think about Alexis Ohanian’s predictions? Let us know what you think in the comments below.


Images via Pixabay, Reddit, and Cheddar. 


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The Bitcoin Misery Index: Finding An Entry Way With Sadness

The Bitcoin Misery Index: Finding An Entry Way With Sadness

This week the Wall Street analyst and Fundstrat executive, Tom Lee, has revealed a new index that helps cryptocurrency investors know the right time to buy BTC. The indicator is called the ‘Bitcoin Misery Index’ that calculates multiple market factors.

Also read: Ant Creek: Is Bitmain Quietly Developing a Mining Facility in the US?

The ‘Bitcoin Misery Index’

Fundstrat advisor Tom Lee is well known for being a big believer in cryptocurrencies and has made several correct BTC price predictions last year. Lee predicted that BTC/USD markets would rally past the $10K mark as well as outperform traditional assets by the end of the year. Even though crypto-markets have been suffering from a bearish town turn over the long run Lee is still bullish.

The Bitcoin Misery Index: Finding An Entry Way With Sadness
Fundstrat’s Tom Lee.

Lee has created a ‘Bitcoin Misery Index’ that is calculated on a scale of 0-100, and right now the index is at 18.8, the lowest it’s been since 2011 according to Lee in an interview with the broadcast Fast Money. A misery index is a method of using contrarian economic indicators and was created by the economist Arthur Okun. Lee’s misery index takes into account a variety of BTC market factors including winning trades and volatility.

“Think of this index as a way to measure how happy or sad you are owning bitcoin,” Lee explains.

When the Bitcoin Misery Index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance.

The Bitcoin Misery Index: Finding An Entry Way With Sadness

$20,000 By Mid-Year 2018

According to Lee when the misery index is low, it’s a good time for investors to acquire more bitcoin investing in a more contrarian manner. “While short-term the low points are a signal of pain, long term it could be a great entry way into bitcoin,” Lee details. “The last four times this was below 27…there was not a single instance with bitcoin not up 12 months later.”

“It is really uncommon to be this miserable owning bitcoin, The last few times this happened was in November 2012, September 2016 and January 2015,” Lee emphasizes.

And bitcoin was higher a month later — The index is telling us, it’s really tough to own it for the next week or even two weeks, three weeks — But we’re getting through this. The BMI is telling us to keep the negative headlines in perspective. When the BMI is at a ‘misery’ level, future returns are very good.

The Fundstrat advisor still firmly believes his prediction made a few weeks prior that by the middle of the year bitcoin will be once again around $20K and possibly $25,000 by year-end.

What do you think about Tom Lee and his Bitcoin Misery Index? Do you think he is right or wrong? Let us know your thoughts in the comments below.


Images via Shutterstock, Pixabay, and CNBC’s Fast Money. 


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