Topic: Reddit: Why not bitcoin? (Read 630 times)

The big percentage of ETH is premined and the price can go higher from this point. The decision of Reddit community explains itself why the second biggest marketcap crypto has been chosen for the transactions. Bitcoin transactions are confirmed super slowly, why they should prefer to take the BTC bet instead of the super fast ETH? It doesn't make sense to suggest BTC if the ETH suits all the requirements better than anything else. Just my 2 cents.

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.

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

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.

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.

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. 

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 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

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.

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

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

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.

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.

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 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.

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!

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.

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

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

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.