Reddit: Why not bitcoin?

[Casdinyard]

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?

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

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.

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.

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

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.

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[htsy585]

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 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

[Abiky]

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

[Convery]

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. 

[bittick]

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.

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.

[ViralNation]

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.

[Abiky]

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. 

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

[pilosopotasyo]

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.

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.