比特幣的第二層：對投資者來說是一把雙面刃

儘管比特幣在交易速度和高額費用方面存在局限性，但閃電網路等第 2 層解決方案旨在增強交易的可擴展性和多功能性。投資者正在更廣泛的比特幣生態系統中探索投資機會，包括 Layer 2 平台、「建構者」解決方案以及 Liquid 等整個平台。然而，由於這些項目的發展階段、潛在的陷阱以及不利的風險回報平衡，建議謹慎行事。這些副項目直接投資的替代方案包括投資比特幣相關公司的公開股票、從自我託管的比特幣中產生收益以及投資建設比特幣基礎設施的私人公司。

Bitcoin Layer 2: A Double-Edged Sword for Investors

比特幣第 2 層：投資者的雙面刃

Amidst the growing excitement surrounding Bitcoin and its potential for mainstream adoption, investors are eagerly seeking opportunities to capitalize on its meteoric rise. However, as the ecosystem expands, it begets a proliferation of Layer 2 solutions and associated governance tokens, promising to enhance Bitcoin's capabilities and unlock new avenues for investment. While these side projects may appear alluring, investors must tread cautiously before venturing into this uncharted territory.

隨著比特幣及其被主流採用的潛力日益令人興奮，投資者正急切地尋找利用其迅速崛起的機會。然而，隨著生態系統的擴展，第 2 層解決方案和相關治理代幣的激增，有望增強比特幣的功能並開闢新的投資途徑。雖然這些副業項目看起來很誘人，但投資者在冒險進入這個未知領域之前必須謹慎行事。

The Promise and Perils of Layer 2

Layer 2 的前景與危險

Layer 2 solutions, such as the Lightning Network, were conceived to address Bitcoin's inherent limitations, namely its low transaction throughput and high fees. By operating as supplementary networks, they offload transaction processing from the main blockchain, thereby increasing scalability and reducing costs.

第 2 層解決方案（例如閃電網路）旨在解決比特幣的固有局限性，即交易吞吐量低且費用高。透過作為補充網路運行，它們從主區塊鏈上卸載了交易處理，從而提高了可擴展性並降低了成本。

The Lightning Network: A Mixed Blessing

閃電網路：喜憂參半

Introduced in 2018, the Lightning Network has garnered significant attention for its ability to transform Bitcoin from a "digital gold" into a viable medium for microtransactions. Its growing adoption by merchants and payment processors has catalyzed its integration into the Bitcoin ecosystem, reducing routing fees to less than $1. However, concerns persist regarding its scalability limitations and the potential for congestion during periods of high demand.

閃電網路於 2018 年推出，因其能夠將比特幣從「數位黃金」轉變為可行的微交易媒介而受到廣泛關注。它越來越多地被商家和支付處理商採用，促進了它融入比特幣生態系統，將路由費用降低到不到 1 美元。然而，人們仍然擔心其可擴展性限制以及高需求期間可能出現的擁塞。

Liquid Network: Blurring the Lines

行動網路：模糊界限

Liquid Network, another Layer 2 solution, offers a unique proposition: L-BTC, a stablecoin pegged to underlying Bitcoin assets. By providing faster and more private transactions, Liquid Network aims to facilitate inter-exchange trading and institutional involvement. However, its true potential remains contingent upon wider adoption and the development of a robust ecosystem of decentralized applications.

Liquid Network 是另一個 Layer 2 解決方案，提供了一個獨特的主張：L-BTC，一種與基礎比特幣資產掛鉤的穩定幣。透過提供更快、更私密的交易，Liquid Network 旨在促進交易所間交易和機構參與。然而，它的真正潛力仍然取決於更廣泛的採用和強大的去中心化應用生態系統的發展。

BRC-20 Tokens: A Memecoin Craze

BRC-20 代幣：Memecoin 熱潮

The emergence of BRC-20 tokens has sparked a flurry of activity within the Bitcoin ecosystem, echoing the ICO boom of 2017-2018. These tokens, similar to Ethereum's ERC-20 standard, promise to bring smart contract functionality to Bitcoin. However, the vast majority of BRC-20 tokens suffer from low market caps, limited utility, and dubious value propositions. Investors should exercise extreme caution when investing in these speculative assets, as their value is often driven by hype rather than substance.

BRC-20 代幣的出現引發了比特幣生態系統內的一系列活動，與 2017-2018 年的 ICO 熱潮相呼應。這些代幣類似以太坊的 ERC-20 標準，承諾為比特幣帶來智慧合約功能。然而，絕大多數 BRC-20 代幣的市值較低、效用有限且價值主張可疑。投資者在投資這些投機資產時應格外謹慎，因為它們的價值往往是由炒作而非實質內容驅動的。

Stacks: A Long-Term Gamble

堆疊：一場長期賭博

Stacks, a Layer 2 solution launched in 2017, has seen a significant surge in its STX token price, boasting a 30x return on investment since December 2019. It offers yield in Bitcoin for staking its token and aims to integrate with the Bitcoin Layer 1 through its Nakamato update. However, Stacks' integration with Bitcoin remains incomplete, and its long-term viability hinges on the success of its ambitious plans.

Stacks 是 2017 年推出的 Layer 2 解決方案，其 STX 代幣價格大幅上漲，自 2019 年 12 月以來投資回報率高達 30 倍。它為質押其代幣提供比特幣收益，旨在透過它的中本更新。然而，Stacks 與比特幣的整合仍然不完整，其長期生存能力取決於其雄心勃勃的計劃的成功。

Risks and Red Flags

風險和危險訊號

Despite the promise of Layer 2 solutions, investors must remain vigilant in navigating this evolving landscape. The developmental stage of these networks presents inherent risks, and governance tokens associated with them may be susceptible to manipulation and volatility. The recent investigation by Forbes classifying Stacks as a "zombie blockchain" further underscores the need for caution.

儘管 Layer 2 解決方案前景廣闊，但投資者在應對這一不斷變化的格局時必須保持警惕。這些網絡的發展階段存在固有風險，與之相關的治理代幣可能容易受到操縱和波動。 《福布斯》最近的調查將 Stacks 歸類為“殭屍區塊鏈”，進一步強調了謹慎的必要性。

Alternative Investment Avenues

另類投資途徑

For investors seeking exposure to Bitcoin's growth potential, alternative options may prove more prudent. Investing in publicly traded shares of Bitcoin mining and treasury companies offers a less volatile and more established means of profiting from Bitcoin's rise. Similarly, self-custodied Bitcoin loans and yields provide alternative sources of income while maintaining control over one's assets.

對於尋求比特幣成長潛力的投資者來說，其他選擇可能更為謹慎。投資比特幣礦業和財務公司的公開交易股票提供了一種波動性較小、更成熟的從比特幣上漲中獲利的方式。同樣，自我託管的比特幣貸款和收益率提供了替代收入來源，同時保持對資產的控制。

Conclusion

結論

While Layer 2 solutions hold the promise of enhancing Bitcoin's capabilities and expanding its use cases, investors must proceed with extreme caution. The risks associated with these side projects, combined with the speculative nature of governance tokens, make them a perilous investment for the uninitiated. By exploring alternative investment strategies, investors can gain exposure to Bitcoin's growth potential without compromising their financial well-being. It is essential to conduct thorough due diligence, seek professional advice, and exercise patience before venturing into this rapidly evolving market.

雖然 Layer 2 解決方案有望增強比特幣的功能並擴大其用例，但投資者必須極為謹慎。與這些副項目相關的風險，加上治理代幣的投機性質，使得它們對外行人來說是一種危險的投資。透過探索另類投資策略，投資者可以在不損害其財務狀況的情況下獲得比特幣的成長潛力。在冒險進入這個快速發展的市場之前，進行徹底的盡職調查、尋求專業建議並保持耐心至關重要。