Bitcoin price ‘crash’: Cryptocurrency value could be stifled by shock Coinbase decision | City & Business | Finance
Reddit users recently discovered that they were unable to purchase the site’s premium membership using the cryptocurrency that could add to Bitcoin’s current price woes.
User Emoney04 claimed that the decision was made in preparation for an “upcoming Coinbase change”.
When questioned on whether the site had removed the Bitcoin payment option, they wrote: “Yup that’s right. 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.”
Bitcoin is currently worth $7,813.98 at the time of writing.
The cryptocurrency’s price has plunged by a shocking $1,848 in the last month.
This marks a stark fall of 19.13 per cent.
Since reaching record trading prices last year Bitcoin has failed to remain at such astronomically high values.
However, the Reddit user stated that the website is going to examine the demand of the payment system and hinted that the service could return.
They continued: “We’re going to take a look at demand and watch the progression of Coinbase Commerce before making a decision on whether to reenable.”
Users on the discussion website are now only able to purchase Reddit Gold through Paypal and credit cards.
Back in 2013 Brian Armstrong, the CEO of Coinbase, stated that the partnership with Reddit to allow payments through Bitcoin would provide a “large step forward” back in February 2013.
He explained: “We’re pairing with Reddit to allow them to start accepting bitcoin payments for Reddit Gold.
“This is a large step forward for Bitcoin and for Coinbase, as Reddit is a top 100 site in the US and top 200 site internationally.
“Reddit CEO Yishan Wong stopped by our offices about a month back because he wanted to learn more about how bitcoin worked and how they could start accepting it as a payment method.
“We had a number of other merchants start using our merchant tools recently, including 4Chan (they have a “pass” which is similar to Reddit Gold), web hosting companies, productivity app, and plenty of sites accepting donations.
“So this gave him the confidence that we were ready to handle traffic for a site the size of Reddit.”
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