Reddit: Why not bitcoin?

[milewilda]

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.

Actually you do have some points between ETH and BTC when it comes to its tech.I cant deny that BTC is a bit outdated as other people say but we can see the current market situation on which one is on demand.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.

[bakasabo]

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? 

[bearexin]

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.

[casperBGD]

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.

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

[ahmedtanjid]

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

[mk4]

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.

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

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.

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.

[blockman]

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.

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/)

[azmirihaque]

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

[ViralNation]

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

[Python Master]

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.

[PaySpace]

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

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

[Byakuga]

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.

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

[kceekcee]

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.

[bgaf]

Well, i think we should not go into btc/eth comparisons in response to what reddit is coming up with, it is natural for them to use eth network because over 90% tokenization, smart contracts, AI, dApps and automations services use Eth network already so there is nothing shocking about it.

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!

[mersal]

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.

[ethereumhunter]

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.

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.

[Lizzylove1]

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.

[bakasabo]

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.

[Abiky]

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.

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

[jentak]

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.

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