Ethereum Q&A: Does Ethereum compete against Bitcoin?

Ethereum Q&A: Does Ethereum compete against Bitcoin?


[AUDIENCE] What do you think about Ethereum? [ANDREAS] You know, I have never been
asked that question in Brazil yet. [Laughter] It only comes up at every meeting…
I am very interested in Ethereum. I have watched the developments
closely from the very beginning. I have written smart contracts,
and I continue to work in Ethereum. I think Ethereum is a fascinating technology.
It shows how diverse the ecosystem of… blockchains and cryptocurrencies can be. It is important to understand that it [addresses]
different problems than what Bitcoin solves. It coexists, and in fact works best in coexistence
with Bitcoin, which provides robust security… as a reserve currency and trusted ledger with
very strong immutability and unforgeability. It achieves that by being simple in its construction,
which means it can’t do smart contracts. Ethereum is more complex in its construction,
which means it can do smart contracts, but it also loses the robustness that Bitcoin has. They work very well together and can coexist.
We will see some very interesting things. Bitcoin is still an experiment at seven years old;
Ethereum is even more an experiment at one year old. We will see a lot of change over time, as we try to learn
what it means to build smart contracts on blockchains.

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