Bitcoin Forum

I know a lot of you guys already know what's going on with Reddit taking on ethereum based tokens integrated with the platform. They are currently experimenting a point system where communities can give extra benefits to their users. Apparently they are using ERC-20 based tokens, obviously they are going to make it possible with Ethereum and most of you guys might ask why not bitcoin?

Here is my personal opinion about it.

1.It's not because Bitcoin is not fast enough for confirming transactions like ethereum, so if it happens that the experiment goes well then millions of users are going to receive monetary benefits that will only take a seconds.

2. Ethereum Integration is the best fit for the platform simply because Ethereum was made for facilitating smart contracts and applications under its own currency.

3. Ethereum has a brighter future than bitcoin, since ethereum is used to run applications there will be time in the future that we will be making payments using ethereum and not bitcoin.

Ethereum was created for making dapps and issuing tokens, and just like Bitcoin has a first-mover's advantage in being a cryptocurrency, Ethereum has strong first-movers advantage in its own field. There are systems for creating tokens on Bitcoin's blockchain too, I even owned some such tokens in the past, but Bitcoin is less suitable for it.

So, does this mean that ETH will overtake Bitcoin? No, because Bitcoin is much more secure and resilient. It's a better currency and it will not change in the future. Coins like Ethereum might have cool features, but because of their poor security they are not in the same cathegory as Bitcoin, so they are actually not direct competitors to each other.

Most altcoins are and usually those that don't react to Bitcoin's pumps and dumps are worthless shitcoins that pump and dump at random and with those coins you can be sure to experience great volatility completely out of the blue.

Bitcoin is fast enough for payments especially if you're making online purchases. These days with the virus in the air online shopping is booming. Bitcoin with its value and transaction cost probably won't be used to buy beer or coffee but the markets are much bigger than that. Buying a car or a house with your bitcoins will always be an option.

1. Sure Bitcoin isn't fast enough. But if you think Ethereum will be able to handle the stress, I don't know. Remember crypto kitties?

2. Reddit can implement such feature without using smart contracts. What's the point in using smart contracts anyway? It's not like Reddit is trying to be decentralized or non-custodial or something.

3. Continue trying to convince yourself that. Dig deeper and you'll immediately realize that Ethereum isn't even decentralized hence pointless.

I strongly agree that ethereum can indeed be relied upon to facilitate each contract, because they are better prepared for this, and are already very trustworthy.

is it true that ethereum has a better future? still a question too when compared to bitcoin. but it is one of the best and promising, it cannot be denied. comparing with bitcoin still needs more analysis.

Vitalik thinks it could decentralize subreddit moderation (https://twitter.com/VitalikButerin/status/1248667838988025866). :P


Regarding poor security, are you referring to proof of work? Or censorship and rollbacks, like the DAO hard fork?

My theory about any Bitcoin hard fork is they would become increasingly difficult to implement over time, as stakeholders become increasingly entrenched in the ecosystem and as usership exponentially grows. Vitalik or no Vitalik, I believe this applies to Ethereum too. This is why the the community rejected a hard fork to recover the frozen Parity wallet funds, even though the losses were triple the size of the DAO (https://www.ccn.com/i-accidentally-killed-it-parity-wallet-bug-locks-150-million-in-ether/). As time goes on, I'm less worried about that kind of security -- rollbacks and such.

they used to accept bitcoin but they (like some others) removed this option during the 2017 ridiculous fee rises. it is yet another damage that the 2017 spam attack inflicted on bitcoin adoption.

bitcoin confirmations are fast, even faster than ethereum. your mistake is comparing 1 bitcoin confirmation with 1 etherum confirmation which would be wrong because the security that 1 confirmation has in bitcoin doesn't exist in any altcoin. that is why exchanges always require a lot more confirmation to credit your account for all the altcoins specially those with faster confirmation speeds. not to mention that ethereum is not immutable so you can never truly call a transaction "finalized" because they can roll it back at any time.
besides if the confirmation time and fees is the only reason then ethereum is 10 times worse than bitcoin. remember 2017? ethereum fees weren't supposed to be higher than a couple of cents, but they reached as high as $10-$20. and that's for a blockchain with 1 second blocks!!! not to mention that a lot of services such as exchanges had to shut down their deposits/withdrawals for weeks due to the network not functioning properly because of traffic.

actually ethereum was made to make profit with its premin + ICO and the hype with the pump and dumps. otherwise to this day there has not been any decent smart contract created. there are some works done in DEX areas but none of the platforms do anything more than token trading.

ethereum is centralized and the worst smart contract platform out there. there are at least 4 other similar platforms that are easier, more decentralized, cheaper to use and immutable blockchains that do it better than ethereum. the only reason that ETH has any popularity is the massive pumps that it has.

i disagree. the only reason why they rejected this fork is because they (the ethereum foundation and Vitalik) haven't been affected by this. that is unlike DAO where the big part of the loss was from them. which is why they pushed the fork although most of the community was against the roll back.

All right, Ethereum is growing, it may be out of its infancy. But those still remain black spots in its history and many won't rule them out as easily as you do (I don't say that you or others are wrong, history will tell).
And Vitalik still has a way too strong hand in deciding this or that.



This is imho the best explained problem.
So many come and call this and that altcoin be the next Bitcoin. But those altcoins have no (or bad) history of stress over the network.
From what I know Ethereum had such difficulties after the crypto kitties boom too.
OK, the truth is that Bitcoin had its problems too during the 2017 spam attack, but I think that we are past such problems.
In the past people claimed that Ethereum code is quite a mess. I don't know if it also got better in time. Bitcoin was always an example of better code.

Bitcoin is not perfect, I won't deny it. But claiming this or that on altcoins is unfair and useless for now. Make better ones first.
(And probably the same applies in the Ethereum vs other token/dApp platforms "war".)

Proof-of-stake, to which Ethereum wants to switch to, it theoretically unsecure. Vitalik is till a dictator and a single central point of failure, though it indeed might be not as critical as some may think. Also their scaling solution will only further centralize the network, which is already becoming more and more centralized with their 3 TB blockchain as of now.

First,if you wanna praise ethereum,then your post belongs to the Altcoin discussions forum.

Ethereum HAD a bright future back in 2017,with all the ICO projects using their platform.The ICO scam bubble got busted and now,it seems to me that ethereum is going nowhere.It is more oriented towards applications and usability,in comparison with bitcoin,but it's still way more centralized and not so secure.
Back in 2016-2017,people were talking that Ethereum is the cryptocurrency of the future and that ETH will beat Bitcoin in terms of price,market cap,user base,adoption among companies.
3 years later,Bitcoin is still king.
I don't care about Reddit implementing altcoins.They can implement whatever token they want.

Coins like Ethereum may have cool highlights, but since of their poor security they are not in a similar class as Bitcoin, so they are really not immediate contenders to one another My Lowes Life (https://www.myloweslife.vip/).

My opinion - it's also a little bit of promotion.
Bitcoin has already took the place in the market of payment methods. It seems, Reddit just want to show its users all the perks of ETH.

Although ethereum has so much to fight when it come to competition as many projects have shown up before now and seen as a strong competitor. Even at that, the platform ethereum was built also make it different from others. The fastness of their transactions also put them forward ahead of others, this might be what they use to choose their partner at reddit. We'll know that, the price of Other coins sorely depends on Bitcoin and wasn't a yardstick for reddit to choose over others.

Bitcoin doesn't really do anything or add anything new.

Its 12 year old tech, and outdated, slow and has no utility.

Blockchain technology though is here to stay.

For example, look at coins like Creditcoin, building a decentralized credit network.

ACtualy use case.

I'm more opt to the fact that they are just currently experimenting I suppose? It's kind of a small test, and they probably want to reduce the workload for the long term, hence the usage of smart contracts of the ETH. As for why ETH and not other cryptocurrencies they probably based it on its current market price and/or it's current popularity in the community. Also for ETH having a brighter future than BTC? We're what? 5 years since ETH was made and 5 years of fighting against BTC, and yet who stands as the king as of yet? BTC is it not? Though tbh, I don't neglect the fact that ETH may exceed BTC, heck every other coin out there has a chance tbh, but really, just comparing the 5 years that have passed, you can see who currently stands as the better coin.

And Ethereum has a better shade in press like btc nowadays has a darker reputation for majority

Ethereum has no real purpose though.

look at coins like Creditcoin , building a decentralized credit network.

These are the type of coins that have an actual purpose and can be have a potential.

especially once the product launches it will bring blockchain usage to the masses

Gavin Wood's project, Polkadot, lost about $100 million worth of ETH. He's an Ethereum co-founder and Foundation CTO.

I think it had more to do with this (https://www.etherchain.org/coinvote/poll/35). I recall both the DAO and Parity incidents well. The second time around, there was distinctly more awareness of the moral hazard and a stronger resolve against any sort of bailout. We'll see what happens the next time around. I don't particularly care either way, but my hunch is that things will continue in that direction.


I'm not ruling anything out. I'm just saying it will become harder and harder to do over time, and that Vitalik has less control every day.

There are lots of technical reasons to rail on Ethereum -- lack of scalability, pipe dreams about proof-of-stake. The political arguments about the DAO fork have gotten so tired. I used to repeat them too, circa 2016 or so. To continue repeating them now would feel disingenuous.

At the moment, no crypto transaction can happen instantly, and if you consider that bitcoin has the highest value on the market, the choice is obvious.

This. Why can't reddit just use its own centralised accounting system and a good old database to do this? It's really no different than their current system of upvotes, silver coins, gold coins etc. Why the need to newfangle their shit when it is what it is, and we accept that as users?

So, why not Bitcoin? Because Bitcoin least fits with reddit ideals in this instance.

Actually you do have some points between ETH and BTC when it comes to its tech.I cant deny that BTC is a bit outdated as other people say but we can see the current market situation on which one is on demand.
They can integrate other platforms as they can but they can removed out when it comes to community support when it comes to btc. Asking question why Reddit integrate ETH platform instead?
Its their choice yet we do have our own will on which one would suit out or would fill out their criterias.If ETH then so be it.

Does this point system gonna replace karma (comment and post) or gold/silver coins? If second - then I still dont know why this coins are on reddit? Who need them when you simply upvote and that will be enough. Just to stand out how cool and rich you are? To show that you can give  "paid" upvote?  :-\

Ethereum is really good, no doubt, but I wish there will be a way that Bitcoin can improve and get better.
When it comes to transaction Bitcoin is slow sometimes, though there are wallets that lets you spend unconfirmed bitcoins.

But when making use of Ethereum, the transaction comes in a second. With the way things are going, it’s likely that Ethereum might take over and become the top cryptocurrency, a coin that will be much better than Ethereum, or maybe Bitcoin will retain the top position for being the first cryptocurrency that was created. I just don’t know.

agree on this one that ETH and BTC are not competitors, they have different features and usability and both have first mover advantage in their field, what i do not agree is that ETH will not overtake BTC in the future, it certainly should if all projects that depend on ETH flourish, ETH is like an index for broad number of useful projects and if the scaling feature goes well, it will go up and probably overtake BTC on the top

Ethereum do support dAPP and also ethereum is advantageous while making transactions over Bitcoin. So, thinking of Bitcoin in this regard is irrelevant.

Try out lightning wallets, seriously. Phoenix wallet is so good.

It's either you don't remember, or you weren't around when Crypto Kitties was at it's peak. Blockchains are slow, deal with it. It's the reason why we need 2nd layer technologies like Lightning.

I love Ethereum but I can't agree on this one although it's your opinion and it's not wrong. But for me, bitcoin has a better future than Ethereum.
Reddit chosen to build in Ethereum because ever since the co-owner was an Ethereum bull.
(https://www.ccn.com/ethereum-price-will-reach-15000-this-year-reddit-co-founder/)

Bitcoin is more popular and more secure for transaction than Ethereum. So, its very tough to avoid Bitcoin for Ethereum still now.

Bitcoin doesn't bring anything new to the table.

Look at Creditcoin and what they are doing in Nigeria.

https://techpoint.africa/2020/04/03/millions-of-west-africans-can-now-access-affordable-health-insurance-thanks-to-aella-and-hygeia/

AellaCare is democratizing standard healthcare, especially in Africa’s most populous nation where less than 10% is covered by any kind of health insurance. AellaCare is underpinned by Hygeia HMO’s reputation as one of the largest health maintenance organizations in Nigeria and Aella’s competencies as a blockchain-backed financial technology provider offering flexible and secure online payments and more personalized solutions.

In addition to its broad array of financial products — savings, insurance, payments, and specialized loans, Aella’s newly introduced in-app payment also allows users to buy airtime, buy mobile data, pay electricity or internet bills, among others.



All of this is done using BLOCKCHAIN technology and imagine if it were to bring 200 million users onto the platform it would make it the largest blockchain app in terms of DAU

That's what Ethereum is made for, dApps, easily to issue a token with smart contract. Bitcoin is old and out-date, low transaction and high fee. Reddit need the most suitable blockchain network, so they choose Ethereum.

Where did you get this information? If it was like you declared, the price for BTC would be lower than for ETH.

Well this doesn't degrade Bitcoin in any way, to me Bitcoin is far better but Ethereum has smart contract features maybe that's one of the reason why Reddit choose Ethereum over Bitcoin, I expect Ethereum to start surging anytime from now

I think there is no reason or a need for unneccesary comparison. Reddit chose etherum because they find it very accomodating and that it suites their agenda and program for their platform.

Bitcoin is still dominating the crypto space, and it leads. Both tokens are doing well.

On the current state of eth, there is a big chance a platform like reddit will be chosen. Knowing how easy smart contract to build on their network. I am thinking also the same confusion. Everyone knows how superior bitcoin is, and typically a good choice but In my opinion, the team of reddit appreciated the easy configuration of ethereum network for their platform. Well who knows if they are planning to create a token specifically under the eth blockchain could be more the end result of this partnership with ethereum. Anyway just a hunch!

Ethereum blockchain also got clogged in the past which increases the transaction time and fee so is this really possible to make millions of transactions in seconds?

Number of transactions gets confirmed in bitcoin blockchain per second is slower but we cannot compare bitcoin and ethereum on value based, still ethereum lies on hundreds only.

Well, I don't mind to use ethereum for making payments besides bitcoin because, for me, bitcoin is too worth to be used just for making the payment. I would instead hold my bitcoin and use the other coins to buy something or make another payment. If ethereum has a brighter future than bitcoin, ethereum will beat bitcoin which I don't think it is easy to do that since bitcoin still at the top at the market.

Ethereum does not have any brighter future than bitcoin. Bitcoin moves down, ethereum goes with it, that is how the market is been. ethereum is a fantastic smart contract platform but BTC will remain the leader.

But sending transaction in ethereum network is much cheaper than in blockchain. Maybe that was the key why reddit sticked with Ethereum. If this will be somehow connected with rewarding/upvoting, that cheap transactions is the solution, because people on reddit upvote much. If they upvote much, they will send more transaction, spend more - not the best tactics for platform users.

It's true that the main Bitcoin blockchain is not fast enough for transactions. However, we already have the Lightning Network and sidechains which are able to scale Bitcoin to higher levels of magnitude than Ethereum itself. The RSK sidechain allows Bitcoin to gain the power smart contracts without the heavy burden of the main Blockchain. With RSK, fees are at the minimum while transaction speeds are blazing fast. And since it's compatible with Ethereum's Solidity programming language (and EVM), migrating dApps and tokens from Ethereum to RSK is a piece of cake. Bitcoin is pegged to RSK in a 1:1 ratio, while the RSK sidechain itself obtains the security of the main Bitcoin blockchain. On the other hand, it's possible to build Lapps (Lightning Apps) on the Lightning Network opening a new world of possibilities with instant transactions and ridiculously low fees.

Despite the fact it's possible to launch tokens on Bitcoin without having to worry about slow TX confirmation times, or even high fees, Ethereum is still the leading chain when it comes to dApps and ERC-20/ERC-721 tokens. This is largely because ETH has an established ecosystem and a wide array of developers working on it. The core ETH blockchain works well for smart contracts, while with Bitcoin you'd need to use a separate solution to get what you want.

I think that's why Reddit has chosen Ethereum over Bitcoin or any other smart contract platform in existence today. It's the world's most popular platform for dApps and tokens, with many businesses, companies, and startups building on it. Bitcoin has the most adoption than any other crypto today, but not everyone uses the RSK sidechain for smart contracts or the Lightning Network for instant payments. Both cryptocurrencies (BTC and ETH) have their unique purposes, so it's normal to see some people using one chain from another depending on what they want to achieve in the mainstream world.

All in all, I'm glad that Reddit has decided to base its "points" system on the ETH blockchain itself. This is great for the adoption of crypto and Blockchain tech in general. I'd expect more mainstream services to adopt Blockchain technology for their own benefit. No matter which crypto a company uses, if their solution is based on Blockchain technology, it'll certainly benefit the ecosystem as a whole. In the end, Bitcoin, Ethereum, and any other cryptocurrency will have their own number of supporters and use cases for the mainstream world. Remember, it's not about one chain or one cryptocurrency but rather all chains working unanimously together to make the world a better place. And that's what matters. Just my opinion :)

it will remain the leader as long as eth has nothing conceptual and unique to offer the world.
when the pos era comes in we'll meet eth on the all time highs (in terms of market capitalization of course)
meanwhile bitcoin has no updates and 11 year old technologies can't be called useful you should understand that

Ethereum is better than bitcoin in so many ways, what bitcoin has is the respect and reputation from most of us.

I doubt they can possibly made it without smart contracts, they want the ethereum then they should be running under ethereum smart contracts, it is not that they want to be decentralized or non-custodial, I guess it's part of having the ethereum.

It's not pointless, and reddit knows it, there is something with ethereum that you cannot find with bitcoin. With all that, I'm excited to taste it with Reddit.

I agree with you, the two coins both bitcoin and ethereum provided different life solutions and as such, each have it's own utility in as much as they can sometimes fit in to use instead of other. Bitcoin being the first decentralized digital currency has paved way for every cryptocurrency out there and as such, i believe it will remain the number one cryptocurrency likewise ethereum being the first project to develop smart contract and DApps infrastructure as well as flexible tokenization to enable people easily create Erc tokens. I think the flexibility of ethereum to provide smart contracts, Dapps and token generation infrastructure is the reason why reddit decided to use it's blockchain. I don't know why people are comparing the two coins when they ain't each others rival

The benefits of Ethereum far surpasses those of Bitcoin. It's no wonder why Reddit and other major businesses and companies have chosen the world's second-largest cryptocurrency by market cap to distribute their own tokens to the world. Ethereum is faster, cheaper, and more flexible to program than Bitcoin itself. Every cryptocurrency has a unique purpose in life whenever it's to facilitate peer-to-peer payments or simply serve as a platform for decentralized applications for the next generation of the web. Neither Ethereum can replace Bitcoin or vice versa.

I'm glad to know that Reddit will be working on its own token that relies on a popular public blockchain network like Ethereum. Not only the ETH blockchain will benefit in mainstream adoption, but the whole crypto ecosystem as well. Of course, ETH has scalability problems that could further limit its adoption for real use cases worldwide. But the team is working heavily in order to increase performance of the underlying ETH blockchain network. I'm guessing that some companies, startups, and businesses will launch their own token solutions on Ethereum while others will use Bitcoin or any other blockchain platform with token capabilities. It's not a matter of which Blockchain network is the winner, but rather all Blockchains working together to make the world a better place. Lets hope for a successful launch of the new community points system by Reddit on the Ethereum blockchain. Just my opinion :)

I am okay with that, simply these transactions will not overwhelms the Bitcoin network and will be done on sidechains or other chains. We know that 1 blockchain can´t process everything, but it would be better if these networks will be compatible mutually.  8)

If ethereum gets a good update and ethereum may go to another direction and it will stop to follow bitcoin in a short time. It's not about ethereum will always having the correlation to follow what already done by bitcoin. Anything in crypto is about the hype to create FOMO. Both are having the same future. Ethereum with its smartcontract and bitcoin with its utility usage.

One of the most popular coins on Reddit right now is Creditcoin, and I completely understand why. It has great potential for mass adoption of Blockchain / crypto, coinbase & ycombinator invested into, and overall the fundamentals are solid.

Exactly. There's no need to use one Blockchain network for everything. Using other Blockchain platforms for launching tokens is good for Bitcoin to scale and proper in the mainstream world. Imagine how network load would've been on the main Bitcoin blockchain if every single startup or company decided to launch tokens on it. Bitcoin's fees would be astronomically high, while transaction speeds will be much lower than they are right now.

I think it was wise for Reddit to use Ethereum over Bitcoin for the launch of "community points". After all, Ethereum is the world's most popular smart contract platform with a tried-and-tested codebase. It's easy enough to launch tokens on the ETH blockchain than any other alternative platform because it has an established infrastructure. With an ample user base on the Ethereum blockchain, Reddit could "kickstart" its token for mainstream adoption. Even if Ethereum gets all the credit, Bitcoin would benefit from its success in the long term. It's a win-win situation to both blockchain networks.

Nonetheless, I hope that Reddit's token on the ETH blockchain becomes a success. More people will become aware of Ethereum and other cryptocurrencies because of Reddit's token offering. It'll only be a matter of time before other mainstream companies and startups do the same in order to help contribute towards the adoption of the entire crypto/Blockchain space. Just my opinion :)

You already said it all, they are thinking long term that is why they choose Ethereum and not Bitcoin fork, maybe this is just an experiemental and they might soon come up with their own token in ERC-20 so who knows, it's their choice anyway, but I'm glad that they come up with giving monetary benefits to their users.