16歲的比特幣：拿到駕照進入新時代

比特幣的發展已經超越了「數位黃金」。 Trust Machines 的 Rena Shah 表示，如今，它已成為全球金融基礎設施的基礎部分。

As Bitcoin turns 16, we can observe its evolution beyond being merely a monetary asset. Today, it serves as a foundational piece of the global financial infrastructure. With the rise of Bitcoin Layer 2s, the entry of Ordinals, and the increasing institutional adoption, we stand at a critical juncture in Bitcoin's narrative.

隨著比特幣 16 歲生日，我們可以觀察到它的演變，而不僅僅是一種貨幣資產。如今，它已成為全球金融基礎設施的基礎部分。隨著比特幣第 2 層的興起、序數的進入以及機構採用的不斷增加，我們正處於比特幣敘事的關鍵時刻。

This year has seen the approval of Bitcoin ETFs by financial giants like BlackRock, Fidelity, and Invesco, marking a historic shift in the crypto landscape. As of mid-2024, these ETFs have collectively attracted over $1.5 billion in assets under management (AUM), bringing significant capital into the market. This institutional wave highlights a growing appetite for Bitcoin exposure through traditional financial vehicles. Notably, BlackRock alone manages trillions of dollars in assets, signaling that Bitcoin is no longer viewed as a fringe asset but a serious contender in the global financial arena.

今年，比特幣 ETF 獲得了貝萊德、富達和景順等金融巨頭的批准，標誌著加密貨幣格局發生了歷史性轉變。截至 2024 年中期，這些 ETF 總共吸引了超過 15 億美元的管理資產 (AUM)，為市場帶來了大量資金。這一機構浪潮凸顯了人們對透過傳統金融工具投資比特幣的興趣日益增長。值得注意的是，光是貝萊德就管理著數兆美元的資產，這表明比特幣不再被視為邊緣資產，而是全球金融舞台上的有力競爭者。

Now, the question arises: how can Bitcoin maintain its decentralized ethos while absorbing billions in institutional capital? For those of us building on Bitcoin, this is the challenge we must navigate: to keep Bitcoin permissionless and resilient, even as it enters the mainstream consciousness.

現在，問題出現了：比特幣如何在吸收數十億機構資本的同時保持其去中心化的精神？對於我們這些以比特幣為基礎的人來說，這是我們必須應對的挑戰：即使比特幣進入主流意識，也要保持比特幣的無需許可和彈性。

Layer 2 solutions like Lightning (now in its fifth year) have transformed how Bitcoin is used. In regions grappling with unstable currencies, Lightning has aided payments, but its adoption in developed markets has been slower than many anticipated.

像閃電網路這樣的第 2 層解決方案（現已進入第五年）已經改變了比特幣的使用方式。在貨幣不穩定的地區，閃電網路為支付提供了幫助，但其在已開發市場的採用速度比許多人預期的要慢。

This slower-than-expected adoption should not be seen as a failure but rather as a reflection of Bitcoin's maturing role as a broader infrastructure layer. In fact, this shift from immediate use cases like payments to longer-term infrastructure development is arguably a positive sign.

這種比預期慢的採用不應被視為失敗，而應視為比特幣作為更廣泛的基礎設施層的成熟作用的反映。事實上，從支付等直接用例到長期基礎設施開發的轉變可以說是一個正面的訊號。

For a majority of the world, we're in a new era where we've separated BTC, the asset, from Bitcoin, the rails. BTC will remain the most inflation-resistant Lindy asset. The rails where you now access BTC on chain will matter.

對於世界上大多數人來說，我們正處於一個新時代，我們將比特幣（資產）與比特幣（軌道）分開。 BTC 仍將是最具抗通膨能力的 Lindy 資產。您現在在鏈上存取 BTC 的方式將會很重要。

Transacting on the L1 may be considered a high-value, "luxury" settlement only where L2s offer a cheaper, faster, and better means of moving onchain.

只有當 L2 提供更便宜、更快、更好的鏈上移動方式時，L1 上的交易才可能被視為高價值、「豪華」的結算。

Take Stacks, a programmable layer for Bitcoin that began in 2018. The just-activated Nakamoto upgrade for Stacks represents a significant leap forward regarding Bitcoin liquidity and integration into both traditional and decentralized financial systems. With the sBTC protocol live as of two days ago, we're looking at an ecosystem where Bitcoin can be used more flexibly without sacrificing decentralization. Stacks' sBTC brings Bitcoin liquidity without requiring centralized exchanges, solving a long-standing problem in Bitcoin's integration into DeFi.

以 2018 年啟動的比特幣可編程層 Stacks 為例。隨著 sBTC 協議於兩天前上線，我們正在尋找一個可以在不犧牲去中心化的情況下更靈活地使用比特幣的生態系統。 Stacks 的 sBTC 無需中心化交易所即可帶來比特幣流動性，解決了比特幣融入 DeFi 中長期存在的問題。

Through projects like Granite, Stacks is providing tools for decentralized lending and borrowing without rehypothecation, keeping Bitcoin liquidity non-custodial and transparent. Stacks' native sBTC brings another layer of innovation, enabling users to move Bitcoin seamlessly across various applications without losing its decentralized qualities.

透過 Granite 等項目，Stacks 正在提供無需再抵押的去中心化借貸工具，保持比特幣流動性的非託管和透明。 Stacks 的原生 sBTC 帶來了另一層創新，使用戶能夠在各種應用程式之間無縫轉移比特幣，而不會失去其去中心化的品質。

People now realize their BTC has significant value and are looking for avenues to safely invest their BTC for yield, get liquidity against it, or acquire more BTC.

人們現在意識到他們的 BTC 具有巨大的價值，並正在尋找安全投資 BTC 以獲得收益、獲得流動性或購買更多 BTC 的途徑。

It's less about spending BTC freely but more about managing risk not to lose your BTC and never to sell. That's why protocols like Granite exist, offering a transparent on-chain way to borrow against without selling.

與其說是自由消費比特幣，不如說是管理風險，不要失去比特幣，也不要賣比特幣。這就是像 Granite 這樣的協議存在的原因，它提供了一種透明的鏈上借貸方式，無需出售。

When you bridge/wrap BTC to another on-chain asset, you want it to feel like Bitcoin – the same network robustness, resilience, and decentralization. Technological innovations like BitVM, which introduces complex smart contracts to Bitcoin, and OP_Cat, which brings covenant-based programming, are opening new doors. These advancements enable more advanced governance models to be built on Bitcoin without compromising security. This pivot toward programmability marks a new chapter for Bitcoin.

當您將 BTC 橋接/包裝到另一種鏈上資產時，您希望它感覺像比特幣 – 相同的網路穩健性、彈性和去中心化。 BitVM（將複雜的智能合約引入比特幣）和 OP_Cat（帶來基於契約的程式設計）等技術創新正在打開新的大門。這些進步使得可以在比特幣上建立更先進的治理模型，而不會影響安全性。這種向可編程性的轉變標誌著比特幣的新篇章。

And by mid-2024, projects like Coinbase's cbBTC have tokenized Bitcoin for applications, with cbBTC acting as collateral in lending protocols, mirroring the success of Ethereum's wrapped assets — another indication of Bitcoin being used for more than just buying and holding strategies.

到2024 年中期，像Coinbase 的cbBTC 這樣的項目已經將比特幣代幣化以供應用，cbBTC 充當借貸協議中的抵押品，反映了以太坊包裝資產的成功——這又表明比特幣不僅僅用於購買和持有策略。

At 16, Bitcoin is maturing into more than just a monetary asset — it’s becoming the infrastructure for a decentralized world. With hundreds of Layer 2s launching, Bitcoin is becoming something far expansive than perhaps Satoshi ever intended. We’re now building a financial future where Bitcoin is now the rails for decentralized finance, digital identities and smart contracts. Bitcoin's programmability through technologies like Stacks and BitVM offers capabilities once thought to be better suited to other blockchains.

16 歲的比特幣正在成熟，不僅僅是一種貨幣資產，它正在成為去中心化世界的基礎設施。隨著數百個 Layer 2 的推出，比特幣正在變得比中本聰想像的要廣泛得多。我們現在正在建立一個金融未來，比特幣現在成為去中心化金融、數位身分和智慧合約的軌道。比特幣透過 Stacks 和 BitVM 等技術實現的可編程性提供了一度被認為更適合其他區塊鏈的功能。

While institutional interest is a significant milestone, it raises concerns about how Bitcoin’s core values — decentralization, security, and permissionlessness — can be preserved. EFTs are great for massive awareness and adoption but leave less freely circulating BTC on-chain. With billions of capital flowing into Bitcoin ETFs, institutions will play a major role in Bitcoin's future. Therefore, Bitcoin builders must ensure that this doesn’t come at the expense of Bitcoin’s core principles. To put this in perspective, institutions like BlackRock are

雖然機構利益是一個重要的里程碑，但它引發了人們對如何維護比特幣的核心價值——去中心化、安全性和無需許可——的擔憂。電子轉帳非常適合大規模認知和採用，但鏈上自由流通的 BTC 卻較少。隨著數十億資金流入比特幣ETF，機構將在比特幣的未來中發揮重要作用。因此，比特幣建構者必須確保這不會以犧牲比特幣的核心原則為代價。從長遠來看，像貝萊德這樣的機構