以太坊是比特幣的真實願景

比特幣是作為對機構失敗的回應，一個從腐敗的集中財務中分散的逃生艙口和自我主權的北極星的回應。

Bitcoin was born as a response to institutional failure, a decentralized escape hatch from corruptible centralized finance and a north star of self sovereignty. Bitcoin’s true vision was a peer-to-peer electronic cash system. That phrase is right there in the Bitcoin white paper’s title from Satoshi himself.

比特幣是作為對機構失敗的回應，一個從腐敗的集中財務中分散的逃生艙口和自我主權的北極星的回應。比特幣的真實視野是對等電子現金系統。這句話就在Satoshi本人的比特幣白皮書標題中就在那裡。

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Today, Bitcoin is many things:

今天，比特幣是很多事情：

But Bitcoin is not electronic cash. It is too volatile for daily use, too slow to scale and too rigid to adapt as a cash equivalent. Somewhere along the way, Bitcoin gave up on being the system, and instead became the signal.

但是比特幣不是電子現金。它太揮發了，無法進行日常使用，縮放速度太慢，太僵硬而無法適應現金等效。一路上的某個地方，比特幣放棄了成為系統，而是成為信號。

Ethereum, by contrast, might be the one actually delivering on Bitcoin’s original promise.

相比之下，以太坊可能是實際兌現比特幣原始承諾的人。

Thanks to Ethereum’s programmability, we now have stablecoins, arguably the most successful crypto use case to date. Dollar-backed tokens like USDC and USDT settle trillions in peer-to-peer value across borders 24/7 with no bank intermediaries. Stablecoins are Bitcoin’s white paper come to life, minus the volatility.

多虧以太坊的可編程性，我們現在擁有穩定的穩定性，可以說是迄今為止最成功的加密用例。美元支持的代幣，例如USDC和USDT，在沒有銀行中介機構的24/7範圍內，跨越邊境的對等價值。穩定的是比特幣的白皮書栩栩如生，減去波動。

Ethereum’s scale can be shown through on-chain data.

以太坊的量表可以通過鏈上數據顯示。

Stablecoins on Ethereum and its Layer 2s now rival the transaction volume of major credit and debit card networks. In markets where local currencies are unstable or financial access is limited, stablecoins have become lifelines. They are used for remittances, payroll, savings and even commerce.

現在，以太坊及其第2層的穩定幣與主要信用卡和借記卡網絡的交易量相媲美。在當地貨幣不穩定或財務通道有限的市場中，穩定幣已成為生命線。它們用於匯款，工資，儲蓄甚至商業。

The irony is that Bitcoin wanted to replace fiat, but it’s Ethereum that has quietly made fiat better. It gave the dollar superpowers like composability, programmability and global mobility. And it’s doing it without centralized permission.

具有諷刺意味的是，比特幣想取代菲亞特，但以太坊悄悄地使菲亞特變得更好。它為美元超級大國提供了合成性，可編程性和全球移動性。它在沒有集中許可的情況下進行。

Here’s the kicker: Ethereum’s evolution doesn’t stop at payments. Once you understand the technology, you realize ETH does everything BTC can do, and so much more.

這是踢球者：以太坊的進化並沒有停止付款。一旦您了解了這項技術，您就會意識到ETH可以做到BTC可以做的一切，還有更多。

Where Bitcoin remains focused on scarcity, Ethereum is building infrastructure. The rise of real-world asset tokenization (RWAs) is a perfect example. Treasury bills, private credit and fund shares are now being issued on Ethereum, bringing regulated assets into composable finance. BlackRock (BLK), Franklin Templeton and other legacy giants aren’t launching on Bitcoin; they’re building on Ethereum.

在比特幣仍然專注於稀缺性的地方，以太坊正在建設基礎設施。實際資產令牌化（RWAS）的興起就是一個完美的例子。現在正在以太坊發行國庫賬單，私人信貸和基金股票，將監管資產納入可組成的財務。貝萊德（BLK），富蘭克林·鄧普頓（Franklin Templeton）和其他傳統巨頭沒有在比特幣上發射；他們是在以太坊建立的。

Additionally, unlike Bitcoin’s inert capital, Ethereum enables native yield through staking, allowing participants to secure the network while earning predictable returns — an increasingly attractive feature for institutions seeking on-chain cash flow.

此外，與比特幣的惰性資本不同，以太坊可以通過堆放來實現本地產量，從而使參與者能夠在獲得可預測的回報的同時獲得網絡，這是尋求鏈上現金流的機構越來越有吸引力的功能。

This isn’t to say Bitcoin has failed. It serves a different role: a monetary anchor in the digital world. But its utility is limited. Ethereum, on the other hand, is becoming the global settlement layer for on-chain assets.

這並不是說比特幣失敗了。它發揮了不同的作用：數字世界中的貨幣錨。但是它的效用是有限的。另一方面，以太坊正在成為鏈資產的全球結算層。

While Bitcoin adoption has captured mainstream headlines, Ethereum’s fundamentals quietly continue to grow as the platform gains institutional market share. Some metrics to back up Ethereum’s growing influence and usage include:

儘管採用比特幣已經佔據了主流頭條，但隨著平台獲得機構市場份額的增長，以太坊的基本面悄然增長。一些指標支持以太坊不斷增長的影響力和用法包括：

Ethereum isn’t replacing Bitcoin. But it’s fulfilling what Bitcoin started: a decentralized, global financial system with open access and programmable trust — in short, digital cash. Bitcoin sparked the movement. But Ethereum is scaling it.

以太坊不會取代比特幣。但這正在實現比特幣的開始：一個分散的全球金融系統，具有開放式訪問和可編程信任 - 簡短，數字現金。比特幣激發了運動。但是以太坊正在擴展它。