Reddit Chooses to Accept Bitcoin for Payment

After a tireless campaign from Bitcoin supporters, Reddit has finally made the decision to accept Bitcoin as payment for Reddit Gold.

Reddit, the 135th most visited site globally and the 61st most visited site by Internet users in the United States, joins Wordpress as one of the largest web businesses to adopt the increasingly popular digital currency. Reddit has chosen to use Coinbase as their Bitcoin payment processor. Coinbase recently made headlines for having conducted $1,000,000 in Bitcoin transactions in one month.

Seemingly in response to the announcement, Bitcoin moved higher, trading at $27.50, a new 52-week high and a sharp bounce off of yesterday's $21.70 low.

Reddit is a subsidiary of the Advance Publications corporation, the 46th largest private company in the United States. As a result, this move by Reddit could be interpreted as an indication that large mainstream businesses are ready to adopt and accept Bitcoin as a real and useful currency.

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Increasing Readership in the Bitcoin Sub-Reddit

One of the biggest online communities for Bitcoin enthusiasts is the r/bitcoin sub-reddit on reddit.com. I noticed in the spring that it was starting to gain readership at an increasing rate, so I decided to track the numbers.  Here's the result so far:

Unfortunately I didn't get any data points for the last month or so (except the most recent one), but the trend is still obvious. At this rate, readership will double by the end of 2012, demonstrating that there is indeed increasing interest in Bitcoin.

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