Reddit News Site Now Accepts Bitcoin
The anonymous digital currency Bitcoin, which is already accepted on the Wordpress blogging site, has another mainstream partner. Reddit, the social news and entertainment site, now accepts bitcoins as payment for Reddit Gold, a subscription service.
Created in 2009, Bitcoin is a decentralized virtual currency with cash-like properties including enabling anonymous transactions.
Even though the cryptocurrency has a less than pristine reputation, prominent companies have begun accepting it. WordPress began accepting bitcoins to purchase upgrades in November, citing Bitcoin's anonymous nature as being conducive to the exercise of free speech online. And in December, Bitcoin-Central, a French digital currency exchange, began operating under French regulation, a move that adds legitimacy to the currency.
"Despite its considerable potential, Bitcoin is still very new, experimental, and no one really knows what will happen with it and what people will do with it," says Reddit CEO Yishan Wong in a post on reddit. "This means that there is the possibility that unexpected or bad things happen, and we may have to modify or suspend our implementation of Bitcoin support if that happens."
Reddit accepts bitcoin payments through a partnership with Coinbase, a bitcoin payment processor.
Credit cards can also be used to purchase Reddit Gold through Stripe. Reddit also accepts PayPal and Google Wallet.
While the credit card payments can be made only from the U.S. and Canada, Bitcoin payments can be made from anywhere in the world, Reddit’s blog post on the announcement says. The site plans to accept credit card payments worldwide in the coming weeks, it says.