Probably it has become a series of negative incidents related to Crypto world in past seven to eight weeks. We are continuously listening of several regulatory bodies banning its trade, Technology giants banning its advertisements, China banning Initial Coin Offerings and now Reddit excluded it from its payment option against their gold membership program. Reddit Banning Bitcoin-The Other Side of the Story.
What exactly happened?
Social Media platforms Iike Reddit has dropped Bitcoin as a payment option for their Gold membership program. Exactly what Google did a few months back but it then resumed its support.
It was realized on Friday in the subreddit forum where users were commenting that Reddit is only accepting payments through paypal and credit cards against their gold membership and dropped the payment option of Bitcoin.
The reason for the ban
The next day Reddit administrator on the same forum explained that this decision was taken in response to Coinbase discontinued their Merchant Tool product after introducing their own tool, Coinbase Commerce.
The administrator further said “ 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”
Reddit Banning Bitcoin-The Other Side of the Story
Will Reddit undo it Like Google Did?
It is an exact similar case to Google’s when they dropped Bitcoin as an acceptable payment option from their portal but they resumed it later. If Reddit follows the same pattern then it will be soon in action but the case is a bit different here.
Reddit has not discredited Bitcoin in this action neither did it show reservations on its credibility. The reason behind their decision is Reddit Coinbase Commerce tool, which enables all the merchants to receive several digital currencies directly into user’s wallets.
So they don’t have to resume the option since they will be receiving cryptocurrencies by using Coinbase Commerce tool.
Reddit indicated that they have not decided anything about adding Bitcoin to their payment option after the newly introduced Commerce service of Coinbase.
The administrator said “We are going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to re-enable”
Its Impact on the Value of Bitcoin
Bitcoin has been unfortunate in all such incidents in the last couple of months. Most of the time the headlines to these stories are decisive against it and the majority of the traders don’t read the whole story to know what is on the other side. Hence they form their opinion about Bitcoin and stop trading it with a fear of losing money.
When Google announced the same fate, the market witnessed a significant drop in its value but the insight of the story was in no way discrediting bitcoin for anything malicious or wrong. Reddit news has found a place in the headline and this is probably enough for it to dent its reputation and worth.
To conclude the debate we must say that Bitcoin is still holding its ground as a prominent digital currency and will continue to thrive since there are so many new coins entering the market on a daily basis and distracting the traders. All the above mentioned reasons have played a major part in the free-fall of this currency’s value. The hopes are alive since nobody could found even a hint of anything manipulative or deceitful on part of Bitcoin.