Reasons why Bitcoin does not support NFTs as much as Ethereum.

pooya87

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Those are some twisted half truths mainly posted by ethereum.org regarding the difference between Bitcoin and Ethereum.

The actual difference is that Bitcoin is a currency and it has to do what a currency does, so its ledger (the blockchain) is to store monetary transfers. So the Bitcoin smart contracts are designed in a way to answer that need and nothing else.

Ethereum on the other hand is a platform for token creation (and not a currency) so it is designed to offer features that a platform would which means the smart contract language is designed in a way to let you create tokens.

Asking why Bitcoin doesn't support NFTs is like asking why you can't use your car to vacuum your house!

Quote from: Cryptomultiplier on April 20, 2023, 09:53:27 AM

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.

Well, these same countries have the leading regimes against freedom of any kind. They have already banned usage of any social media platform that is not under their full control and are currently passing laws that would make using VPNs (that are not government honeypots) illegal. If they ban bitcoin their collection will have been completed. Wink

Sarah Azhari

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Quote from: Cryptomultiplier on April 20, 2023, 09:53:27 AM

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.

They always look at another perspective that is different from ours. So, when I look at the situation, I believe is not permanent, they will change their mind after the fiat collapse. And, I don't know why they always consider all cryptos to be the same?. G20 is join country who filling up by smart people but still don't know the big difference of bitcoin and NFT. That looks that we are smart G20 members, right?.

Jating

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It's simply because bitcoin is not designed to support NFT simply as that. As for the G20 going against bitcoin, that has been the case really, for many years they try to come up with everything just to stop it, however, it grows like every year and then the price itself, during bull run. So I doubt that they can stop is, the only thing they can do is to come up with tougher regulations. And if you look at the countries in G20, not all of them are anti-bitcoin, majority are bitcoin friendly, only the lead state of India in G20 is just in the minority against bitcoin.

Cryptomultiplier

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Quote from: Fivestar4everMVP on April 20, 2023, 04:41:02 PM

Quote from: Cryptomultiplier on April 20, 2023, 09:53:27 AM

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.

Personally, I think there's a misconception here, the government, including the G20 as you mentioned, are not against the adoption and legalizing of bitcoin alone, they are actually against all cryptocurrencies, but the focus seems to be on bitcoin alone because they believe that once bitcoin falls, the entire cryptocurrency market/industry will collapse along with it, bitcoin Is like the only coin representing and keeping the entire crypto space, it's demise will likely send every other coin and tokens to oblivion.

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Other crypto has their own visions and ideas they are dishing out, but what is to note is how the world is becoming a global village with the ease at which a certain crypto currency can be used to obtain a certain kind of service without being limited by the use of the local legal tender of such a place.

No doubt, crypto currencies have made financial transactions much more easier, stuffs like sending money to relatives abroad have become easier and almost come at no cost, compared to what the fees used to be when done with traditional currencies.

You are clearly on point. As Bitcoin stands as top tier crypto, its success over the years will pose a great threat to the fiat currency which is ultimately controlled by the government.
This can see the formation of a new government even, and a revised monetary policy that may even cause cryptocurrencies to own and produce physical legal tenders of their individual cryptos.

hugeblack

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Smart contracts can be managed on Bitcoin^{[1] [2]} (with or without sidechains (ie. RSK)), but Ethereum gives more dynamic and more flexible solutions, but what is the real need for NFT?

Smart contracts are simply code that executes certain commands, and NFT is just data that can be decoded and displayed in the form of an image or writing, but there is no real use for this data.

Therefore, in short, it will not contribute to the development of Bitcoin and will not be the only reason for its currency to gain a significant market value.

[1] https://bitcointalksearch.org/topic/smart-contract-on-btc-blockchain-after-taproot-5377632
[2] https://www.ibm.com/topics/smart-contracts

thecodebear

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Bitcoin does not support NFTs as much because it is money. It literally wasn't designed for non fungible things. Ethereum on the other hand specifically has a token type for non fungible tokens, so it explicitly allows for NFTs.

NFTs on Bitcoin are only done now because of an unexpected loophole in the taproot upgrade, basically a bug allowed NFTs to be made. They are a non-standard thing that you have to use a specific wallet that looks for the ordinals NFTs. Ordinal NFTs would go entirely unnoticed in a standard non-Ordinals-specific bitcoin wallet.

mk4

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The against-NFT Bitcoiner perspective is pretty much that Bitcoin should only be used for money/SoV, and that almost everything else(like the Ordinals NFT thing) is unnecessary clutter to the network.

I myself am still totally undecided if I'm for or against NFTs on Bitcoin lol.

SquirrelJulietGarden

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Quote from: Cryptomultiplier on April 20, 2023, 09:53:27 AM

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.

They have many reasons to delay approval for Bitcoin as legal tender and the same for cryptocurrency. They know cryptocurrencies are threats for their fiat currencies as well as CBDCs.

They want to have prevention than cure before it is too late.

Blockchain technology can be applied for many things and NFT is one of its use cases so you should not worry about NFT too much. Each blockchain network has its design which maybe not be unique but serves some use cases as planned in its roadmap. Moreover, many changes and upgrades can be made for each blockchain.

Fivestar4everMVP

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Quote from: Cryptomultiplier on April 20, 2023, 09:53:27 AM

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.

Personally, I think there's a misconception here, the government, including the G20 as you mentioned, are not against the adoption and legalizing of bitcoin alone, they are actually against all cryptocurrencies, but the focus seems to be on bitcoin alone because they believe that once bitcoin falls, the entire cryptocurrency market/industry will collapse along with it, bitcoin Is like the only coin representing and keeping the entire crypto space, it's demise will likely send every other coin and tokens to oblivion.

Quote

Other crypto has their own visions and ideas they are dishing out, but what is to note is how the world is becoming a global village with the ease at which a certain crypto currency can be used to obtain a certain kind of service without being limited by the use of the local legal tender of such a place.

No doubt, crypto currencies have made financial transactions much more easier, stuffs like sending money to relatives abroad have become easier and almost come at no cost, compared to what the fees used to be when done with traditional currencies.

DooMAD

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Leave no FUD unchallenged

Any protocol that doesn't cater to a niche generally won't perform well in an open market. Every chain needs to serve a purpose. Like them or loathe them, NFTs are definitely a niche interest and are undeniably better served on their own dedicated protocol. The very existence of NFTs on Bitcoin's blockchain is a bit of a kludge. Effectively, they're exploiting a loophole. Bitcoin wasn't designed with such a purpose in mind and handles them in a very inefficient way. People are free to waste their time and money on trying to do it with Bitcoin, but it's pretty clear there are far more elegant ways to enable the trading and transfer of silly novelty images.

Grasper

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The extraction from what you write alone is enough to conclude that bitcoin is not like alts that can be manipulated into something else.

The complete decentralization of bitcoin is the short answer.

Cryptomultiplier

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I had to check the distinction between Bitcoin and Ethereum, just to understand a bit better why both has remained at the fore front in the market despite volatile fluctuations of prices and stocks.
Both cryptocurrencies or exchanges have impacted their ideas and visions unto its users and investors and with clear points on its modus operandi.
Here's a snippet of some information I gathered with credits to the links cited:

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*One issue hampering the development of NFTs on Bitcoin is the need for smart contracts. In the minting process, NFTs use smart contracts to assign ownership of the digital asset in the NFT. The smart contract updates the ownership when the NFT is bought or sold. Bitcoin has only limited smart contract support.
Ethereum makes it possible for NFTs to work for a number of reasons: Transaction history and token metadata is publicly verifiable – it's simple to prove ownership history. Once a transaction is confirmed, it's nearly impossible to manipulate that data to "steal" ownership.

Ethereum.org

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*Many NFTs can only be purchased with ether (ETH), so owning some of this cryptocurrency—and storing it in a digital wallet—is usually the first step. You can purchase NFTs via any of the online NFT marketplaces, including OpenSea, Rarible, and SuperRare.

Ethereum.org

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*Bitcoin is designed as a currency and a store of value, the Ethereum network is intended for complex smart contracts and decentralized applications.
The Bitcoin and Ethereum blockchains and networks are different concerning their overall aims. Bitcoin was created as an alternative to national currencies and thus aspires to be a medium of exchange and a store of value. Ethereum was intended as a platform to facilitate immutable, programmatic contracts and applications via a global virtual machine.

https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp

I now understand why the government of most countries including the G20 nations are against the full adoption and legality of cryptocurrency, mostly Bitcoin.
Other crypto has their own visions and ideas they are dishing out, but what is to note is how the world is becoming a global village with the ease at which a certain crypto currency can be used to obtain a certain kind of service without being limited by the use of the local legal tender of such a place.

*What are your thoughts?
Let's discuss!

Topic: Reasons why Bitcoin does not support NFTs as much as Ethereum. (Read 130 times)