In March, 2017, Reddit faced backlash when it announced that users would no longer be able to purchase ‘reddit gold’ with cryptocurrency. Gold can be purchased on the site to unlock premium features, such as turning off ads or customize an avatar.

While Bitcoin enthusiasts were huge fans of the sites payment methods, Coinbase, the service provider phased out their merchant API in favour of their new Commerce plugin. In response to this, Reddit’s developer team stated they did not currently have the resources to modify the plugin to fit their platform. Coupled with expensive transaction fees and long wait-times on the blockchain network, using cryptocurrencies was simply not a viable method to purchase gold accounts. Reddit subsequently discontinued the processing of bitcoin payments for gold on their site.

However, recent developments on the blockchain network have reduced transaction fees significantly while simultaneously increasing the speed. Reddit’s CTO, Christopher Slowe, hinted that cryptocurrency payment would be returning to their systems in the near future with added content. Utilizing Coinbase Commerce, Reddit plans to not only bring back Bitcoin, but also introduce Ethereum and Litecoin.

This is a very welcomed addition, as Bitcoin gains momentum as a legitimate form of payment, Ethereum and Litecoin may find similar traction. The demand for multiple payment avenues will hopefully spur other sites to adopt cryptocurrencies. Platforms such as Steam have previously allowed their users to purchase video games with bitcoin, but cited similar concerns of high fees and instability in the ecosystem.

Emerging solutions to Bitcoin’s scalability have made major headway, with Lightning Network leading the pack. In short, Lightning Network acts as a second layer payment protocol, operating on top of the blockchain. It allows instant transactions between participating parties, greatly reducing the bottleneck found on the blockchain network. Steam, Amazon and other sites who have expressed interest to adopt or re-adopt crypto payments will be able to do so with confidence once Lightning Network is fully implemented .

With mass adoption on the horizon, cryptocurrencies may be reaching a tipping point.. Costs to use the network continue to drop and are sometimes even cheaper than traditional payment methods. A large and dedicated crypto user base is emerging and are eager to spend their digital currency. These factors combined with speedy transaction times are a recipe for success as it not only increases efficiency, but also saves retailers and customers money.

Hopefully these factors lead to more companies re-adopting their older cryptocurrency purchasing options.