BTC錢包：存儲硬幣或生態系統入口的工具？

自比特幣出生以來，錢包一直站在“安全”和“便利”的相對側。

Is the BTC wallet a tool for storing coins or an entrance to the ecosystem?

BTC錢包是存儲硬幣還是生態系統入口的工具？

Since the birth of Bitcoin, wallets have always stood on the opposite side of "security" and "convenience". If you want absolute security, you must keep your private key yourself, even if it means you cannot get it back if you lose it; if you want more convenience, you have to rely on centralized custody, which means losing control of your assets. For ten years, this tug-of-war has never stopped.

自比特幣出生以來，錢包一直站在“安全”和“便利”的另一側。如果您想要絕對的安全性，則必須自己保留私鑰，即使這意味著如果您丟失了它，就無法將其拿回來；如果您想要更多的便利性，則必須依靠集中的監護權，這意味著失去對您的資產的控制。十年來，這次拔河從未停止過。

But the market has given a new answer. The number of cryptocurrency holders worldwide has exceeded 600 million, and the demand for asset management far exceeds simple "storage". CEX wallets still dominate traffic, but non-custodial wallets are growing rapidly, and new models such as MPC and smart contract wallets continue to emerge, trying to find the best solution between "security" and "experience". BTC wallets are no longer just a place to store coins, but have become the traffic entrance for the entire Bitcoin ecosystem.

但是市場給出了新的答案。全球的加密貨幣持有人的數量已超過6億，對資產管理的需求遠遠超過了簡單的“存儲”。 CEX錢包仍然占主導地位，但是非監測錢包正在迅速增長，MPC和Smart Contract Whalles等新模型繼續出現，試圖在“安全”和“體驗”之間找到最佳解決方案。 BTC錢包不再只是存儲硬幣的地方，而是整個比特幣生態系統的交通入口。

The battle for wallets has long gone beyond the competition for market share, and is now a game about rule-making. In this game of technology, capital, and regulation, whoever can find a balance between "security, compliance, and user experience" will be able to control the future direction of BTC.

為錢包爭取的戰鬥早已超越了市場份額的競爭，現在是關於規則制定的遊戲。在這種技術，資本和法規遊戲中，無論誰能在“安全，合規性和用戶體驗”之間找到平衡，將能夠控制BTC的未來方向。

Ten years ago, we were concerned about how to store BTC; today, the fight is about who BTC should belong to in the future.

十年前，我們擔心如何存儲BTC；今天，這場鬥爭是關於BTC將來應該屬於誰的。

1. BTC wallet market overview: explosive growth and ecological differentiation

1。BTC錢包市場概述：爆炸性增長和生態差異化

The BTC wallet market is not only expanding in scale, but also reshaping its functional boundaries. Bitcoin wallets, once simply seen as a “coin storage tool”, have now become the frontier battlefield of Bitcoin ecological competition. In the past few years, the market has undergone tremendous changes. Bitcoin ETF has accelerated the entry of institutional funds, Ordinals inscriptions have become popular, and the demand for on-chain transactions has skyrocketed. The market size of BTC wallets has doubled from US$8.42 billion to US$10.51 billion in just a few years.

BTC錢包市場不僅在規模上擴大，而且還重塑其功能界限。比特幣錢包曾經簡單地被視為“硬幣存儲工具”，現在已成為比特幣生態競爭的邊境戰場。在過去的幾年中，市場發生了巨大變化。比特幣ETF加速了機構資金的進入，序數銘文已經流行，對鏈交易的需求也飆升。 BTC錢包的市場規模已從短短幾年內翻了一番，增加到84.2億美元增加到105.1億美元。

The crazy growth of the market has not only brought an influx of funds and users, but also caused different types of wallets to start a “competition for the entrance” – CEX custody, hardware wallets, and emerging wallets, each scrambled for territory, trying to control the traffic entrance of the BTC ecosystem.

市場的瘋狂增長不僅帶來了大量資金和用戶的湧入，而且還引起了不同類型的錢包開始“入口競爭” - CEX託管，硬件錢包和新興的錢包，每個錢包都在領土上爭奪，試圖控制BTC生態系統的交通入口。

CEX custodial wallet: traffic hegemony and trust crisis

CEX託管錢包：交通霸權和信任危機

“The user’s first Bitcoin is most likely bought from an exchange.” This gives CEXs such as Binance and Coinbase a first-mover advantage in the wallet competition. Relying on ETF custody, Coinbase’s managed BTC assets soared to US$171 billion in Q1 2024, while Binance Web3 wallet quickly expanded to 6 public chains, trying to connect transactions and DeFi scenarios.

“用戶的第一個比特幣很可能是從交易所購買的。”這使CEXS（例如Binance and Coinbase）在錢包競爭中具有第一步優勢。 Coinbase的託管BTC資產依靠ETF監護權，在2024年第1季度飆升至1710億美元，而Binance Web3 Wallet迅速擴展到6個公共連鎖店，試圖連接交易和Fefi Spenarios。

But after the collapse of FTX, the trust crisis of CEX wallets was completely detonated. Users began to re-examine the risks of centralized custody, and hardware wallet sales soared 2.3 times in 2023, indicating that more and more people are looking for safer ways to manage assets. Faced with challenges, CEX wallets began to introduce MPC (multi-party computing) technology, trying to find a balance between compliant custody and user autonomy, but for many users, “decentralization” still means distrust of third-party custody.

但是，在FTX崩潰之後，CEX錢包的信任危機被完全引爆。用戶開始重新檢查集中託管的風險，而硬件錢包的銷售在2023年飆升了2.3倍，這表明越來越多的人正在尋找管理資產的更安全方法。面對挑戰，CEX錢包開始引入MPC（多方計算）技術，試圖在合規監管機構和用戶自主權之間找到平衡，但是對於許多用戶而言，“權力下放”仍然意味著對第三方監護權的不信任。

Hardware wallets: security barriers or ecological islands?

硬件錢包：安全障礙還是生態島？

As traditional non-custodial solutions, hardware wallets such as Ledger and Trezor have long held 60% of the global market share. However, as Ordinals empowers the BTC ecosystem, the demand for more interactions surges, and hardware wallets are gradually becoming “ecological islands” due to their closed systems. In order to not be left behind by the progress of the times, products such as Ledger Live and Trezor Suite have begun to try to support NFT and multi-chain asset management. But data shows that users are more willing to sacrifice 5% of security in exchange for 80% of convenience, and the market barriers of hardware wallets are gradually being weakened.

作為傳統的非監護解決方案，諸如Ledger和Trezor等硬件錢包長期以來一直佔全球市場份額的60％。但是，隨著序數賦予BTC生態系統的能力，由於其封閉的系統，對更多相互作用的需求以及硬件錢包逐漸成為“生態島嶼”。為了不被時代的進步拋棄，Ledger Live和Trezor Suite等產品已開始嘗試支持NFT和多鏈資產管理。但是數據表明，用戶更願意犧牲5％的安全性來換取80％的便利性，並且硬件錢包的市場障礙逐漸被削弱。

Emerging wallets: Dimensionality reduction strikes, reshaping user experience

新興錢包：降低維度的罷工，重塑用戶體驗

What really stirs up the market is a group of “anti-traditional” emerging players:

真正激起市場的是一群“反傳統”的新興參與者：

Fireblocks: Through MPC technology, 1,500 institutions such as Goldman Sachs can safely custody $200 billion in assets, impacting traditional custodians.

Fireblocks：通過MPC技術，高盛（Goldman Sachs）等1,500家機構可以安全地監護2000億美元的資產，從而影響傳統的託管人。

At this time, the competition among wallets is no longer just a competition for market share, but a competition for ecological dominance. However, in this war, wallets have not found the optimal solution, but are instead caught in multiple challenges of technology, security, and user experience. CEX, hardware wallets, and emerging wallets are each betting on different futures: the ideal of decentralization, the reality of user experience, and the bottom line of security. The

目前，錢包之間的競爭不再僅僅是爭取市場份額的競爭，而是生態統治的競爭。但是，在這場戰爭中，錢包尚未找到最佳解決方案，而是陷入了技術，安全和用戶體驗的多種挑戰。 CEX，硬件錢包和新興錢包各自押注不同的未來：權力下放的理想，用戶體驗的現實以及安全的底線。這