比特幣與2025年的以太坊：兩個加密貨幣，兩個不同的工作

最近觀看加密貨幣的任何人都注意到了一些奇怪的事情。比特幣似乎再次找到自己的腳，在一年中搖搖欲墜的開始後，比特幣朝90,000美元推向了90,000美元。

Anyone following crypto closely lately has probably noticed something interesting. Bitcoin is slowly but surely finding its feet again, pushing towards the $90,000 mark after a shaky start to the year.

最近關注加密貨幣的任何人都可能注意到一些有趣的東西。比特幣正在緩慢但肯定會再次找到腳，這是一年來的搖搖欲墜後推向90,000美元的大關。

But Ethereum? It's kind of... stuck. Languishing around the $1,600 level, ETH seems sluggish compared to its big brother, and the ETH/BTC ratio has even dipped to lows we haven't seen since 2020. So, what's the deal with the top two cryptos?

但是以太坊？有點……卡住。與其大兄弟相比，ETH在1,600美元的水平上閒逛，ETH/BTC的比率甚至降低到我們自2020年以來從未見過的低點。那麼，對於前兩個加密貨幣來說，這有什麼關係？

People often compare BTC and ETH – they're the giants, the market movers. But to really understand them, it helps to remember they were built for totally different jobs.

人們經常比較BTC和ETH - 他們是巨人，市場推動者。但是要真正理解它們，記住它們是為完全不同的工作而建造的。

Bitcoin was the first attempt at digital gold, born out of the 2008 mess when people lost faith in banks and the financial system. It was designed to be a peer-to-peer electronic cash system, and over time, because of its limited supply (21 million BTC) and durability (over 15 years on the market), people began using it more as a store of value.

比特幣是人們對數字黃金的首次嘗試，當時人們對銀行和金融體系失去信心而出生於2008年的混亂中。它被設計為對等電子現金系統，並且隨著時間的流逝，由於其供應有限（2100萬BTC）和耐用性（在市場上超過15年），人們開始將其更多地用作價值存儲。

Its main role became simply being scarce, durable, and secure, like a hedge against inflation or geopolitical uncertainty.

它的主要作用變得簡單地變得稀缺，耐用和安全，例如抵抗通貨膨脹或地緣政治不確定性的對沖。

Ethereum came later, with a broader vision. The founders envisioned a global computer that anyone could use to build and deploy applications using smart contracts. Decentralized finance (DeFi), NFTs, and Web3 are all built on Ethereum, and it's constantly evolving with new upgrades and use cases.

以太坊後來以更廣泛的願景來了。創始人設想了一台全球計算機，任何人都可以使用智能合約來構建和部署應用程序。分散的金融（DEFI），NFTS和WEB3都是基於以太坊的，並且隨著新的升級和用例而不斷發展。

Where They Came From Matters

他們來自事物的地方

Satoshi Nakamoto, the mysterious creator of Bitcoin, aimed to create an electronic payment system based on cryptographic principles.

比特幣的神秘創造者Satoshi Nakamoto旨在基於加密原理創建電子支付系統。

The goal was to develop a payment network that can process transactions efficiently, securely, and without the need for a central authority.

目標是開發一個可以有效，安全地處理交易的支付網絡，而無需中央當局。

On the other hand, Vitalik Buterin, a young programmer with a passion for cryptography and decentralized technologies, created Ethereum.

另一方面，對密碼學和分散技術充滿熱情的年輕程序員維塔克·布特林（Vitalik Buterin）創造了以太坊。

His goal was to build a platform that would enable developers to create and deploy decentralized applications (DApps) and smart contracts, which are small programs that can execute autonomously on the blockchain.

他的目標是建立一個平台，該平台將使開發人員能夠創建和部署分散的應用程序（DAPP）和智能合約，這些應用程序是可以在區塊鏈上自主執行的小程序。

Under the Hood: Chalk and Cheese

引擎蓋下：粉筆和奶酪

The technical differences between Bitcoin and Ethereum are significant and reflect their distinct use cases and functionalities.

比特幣和以太坊之間的技術差異很大，反映了它們不同的用例和功能。

Bitcoin uses the PoW consensus mechanism, which involves miners competing to solve complex mathematical problems to add new blocks to the blockchain.

比特幣使用POW共識機制，涉及礦工競爭以解決複雜的數學問題，以在區塊鏈中添加新的區塊。

This process consumes a considerable amount of energy but provides a high level of security for the network. Bitcoin is also a single-chain cryptocurrency, meaning that all transactions are processed on the same chain.

該過程消耗了相當多的能量，但為網絡提供了很高的安全性。比特幣也是單鏈加密貨幣，這意味著所有交易均在同一鏈上處理。

In contrast, Ethereum uses the PoS consensus mechanism, which is more energy-efficient and scalable.

相比之下，以太坊使用POS共識機制，這是更節能和可擴展的。

Instead of miners, validators on the network process transactions and maintain the blockchain. Ethereum is a multi-chain cryptocurrency, with multiple chains operating in parallel to enhance scalability and introduce new functionalities.

在網絡過程交易中驗證器並維護區塊鏈，而不是礦工。以太坊是一種多鏈加密貨幣，其多個鏈條並聯以增強可擴展性並引入新功能。

The 2025 Vibe: ETFs, Upgrades, and Regulation

2025年的氛圍：ETF，升級和調節

The 2024 Bitcoin ETF approvals were a hot topic, driving BTC to new highs before a slight cooldown in early 2025.

2024年的比特幣ETF批准是一個熱門話題，在2025年初有輕微冷卻之前，將BTC推向了新的高點。

As of late April, Bitcoin was trading around $88,000, while Ethereum was around $1,600.

截至4月下旬，比特幣的交易約為88,000美元，而以太坊的交易約為1,600美元。

At the same time, the price of BTC had fallen by about 30% from its all-time high (ATH) of $127,000, which it had reached in August 2024.

同時，BTC的價格從2024年8月達到的127,000美元（ATH）降低了約30％。

Who’s Actually Using This Stuff?

誰實際上在使用這些東西？

While crypto adoption is increasing, there were still more people using traditional payment platforms like Visa.

儘管採用加密貨幣率正在增加，但還有更多的人使用諸如Visa之類的傳統支付平台。

According to a 2025 report by the payment processing company, about 3.5 billion people used Visa products each year, compared to the 1.8 billion active wallets on the blockchain.

根據付款處理公司2025年的報告，每年約有35億人使用簽證產品，而區塊鏈上有18億個活動錢包。

What Keeps Investors Up at Night?

是什麼讓投資者在晚上起床？

When asked what factor would keep them up at night in terms of crypto investments, investors cited macroeconomic uncertainty as a major concern.

當被問及哪個因素將它們在夜間在加密貨幣投資方面保持不變時，投資者將宏觀經濟不確定性視為主要問題。

This was closely followed by issues related to crypto regulation and the potential for a market crash.

緊隨其後的是與加密法規有關的問題以及市場崩潰的可能性。

Different Paths, Different Bets

不同的路徑，不同的下注

So, Bitcoin and Ethereum started the year close to each other but are walking very different paths in 2025.

因此，比特幣和以太坊彼此接近一年，但在2025年走了截然不同的道路。

Bitcoin is leaning hard into being digital gold – stable, secure, and increasingly integrated with traditional finance.

比特幣正在努力成為數字黃金 - 穩定，安全，並越來越多地與傳統金融融為一體。

On the other hand, Ethereum is the fast-moving, ever-changing platform trying to become the decentralized backbone for a new kind of internet.

另一方面，以太坊是一個快速移動的，不斷變化的平台，試圖成為一種新型互聯網的分散式骨幹。

Both are likely to remain hugely important, but they offer different things to users and investors. One is a bet on a new form of money, the other a bet on a new computing platform.

兩者都可能仍然非常重要，但它們為用戶和投資者提供了不同的東西。一個是對新的貨幣形式的賭注，另一種是在新的計算平台上押注。

Understanding that difference, and the specific hurdles each one faces today, is key to figuring out where they might go next.

了解這種差異以及當今每個人面臨的特定障礙是弄清楚下一個可能去向的關鍵。