Reddit Challenges Community to Prove Demand for Bitcoin Ad Payments

Pete Rizzo
Sep 16, 2014 at 21:35 UTC
Updated Feb 4, 2019 at 22:22 UTC

r/bitcoin

Reddit has issued new statements suggesting that it is currently conducting a trial to determine whether to integrate bitcoin payments more fully into its overall marketing strategy.

In a post on the bitcoin subreddit, a moderator informed the community that one of its advertising partners, BuySellAds, is now accepting bitcoin payments, and that Reddit’s marketing team intends to actively monitor the support its partner receives as it looks to follow a similar strategy.

Reddit strategist Dylan Hulser wrote:

“You can demonstrate a desire to buy advertising on Reddit with bitcoin. We’ll be keeping an eye on how many people are using this feature to determine where developing tools for cryptocurrency payments fits into the overall reddit advertising strategy.”

BuySellAds currently allows customers to advertise in five collections, advertising packages that group subreddits into larger categories including design, gaming, eSports, motorsports and cryptocurrency.

Reddit boasts more than 135 million monthly unique visitors, and its vibrant bitcoin community, r/bitcoin, has more than 130,000 subscribers.

Notably, users can already purchase memberships for¬†Reddit Gold, the website’s premium membership program, with bitcoin.

Generating an impact

The statements follow the formal launch of BuySellAds’ bitcoin payments initiative on 3rd September.

To purchase reddit advertising via the company, customers must first send funds to their BuySellAds account, at which point they will be converted into dollars and become available for use in purchasing.

The moderator indicated that the process may not be ideal for digital currency users who want to spend bitcoin more directly on advertising, but encouraged the community to stay focused on its larger goal.

Further, he indicated specific ways Reddit users may be able to make a larger impact with their ad spending, writing:

“Currently, we focus most of our time on improving our self-serve system, which impacts the sponsored headlines you see at the top. Those are our best performing and most engaging unit. If we saw a lot of success here, we would absolutely be open to expanding.”

Pricing details

BuySellAds features more details about its advertising packages in its formal announcement, noting that its cryptocurrency collection reaches top altcoin subreddits such as those for litecoin, dogecoin and peercoin, among a host of others listed in full on its website.

The company estimates its advertisements to the wider digital currency community will reach 1.75 million views a month. BuySellAds also offers geo-targeted ads as well.

The cost of advertising via a top-right banner on the site is $1 per 1,000 views.

Image via Reddit

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.