理解比特幣的本質：數位貨幣還是數位黃金？

正如其創造者中本聰所設想的那樣，比特幣旨在充當「電子點對點現金」。然而，鑑於比特幣在高峰使用期間的交易量和費用方面的限制，持續不斷的爭論對比特幣作為貨幣的適用性提出了質疑。與黃金類似，比特幣作為一種數位資產越來越被採用，這引發了這樣的爭論：其主要用途在於財產或資本，而不是貨幣。

Bitcoin: A Path to Understanding Its Essence

比特幣：理解其本質的途徑

In the seminal white paper authored by Satoshi Nakamoto in 2008, the concept of Bitcoin as "Electronic Peer-to-Peer Cash" stands prominently at its core. This notion has resonated with a fervent contingent within the Bitcoin community, advocating for its unwavering adherence to its intended purpose as a digital currency.

在中本聰 2008 年撰寫的開創性白皮書中，比特幣作為「電子點對點現金」的概念佔據了其核心地位。這個概念引起了比特幣社群內狂熱分子的共鳴，他們主張堅定不移地堅持其作為數位貨幣的預期目的。

However, the trajectory of Bitcoin has been met with challenges and contentious debates, particularly during periods of increased transaction volume, resulting in protracted transaction times and exorbitant fees. This has fueled discussions about how to reconcile Bitcoin's potential as a digital currency with its perceived shift towards becoming a digital gold, a store of value.

然而，比特幣的發展軌跡遇到了挑戰和有爭議的爭論，特別是在交易量增加的時期，導致交易時間延長和費用過高。這引發了關於如何協調比特幣作為數位貨幣的潛力與比特幣轉變為數位黃金（一種價值儲存手段）的討論。

The Bitcoin community has been deeply divided over the issue of block size, with one faction proposing an expansion of the block size limit, arguing that it aligns with Satoshi Nakamoto's purported intentions. The opposing faction strongly resisted such modifications, emphasizing the need to maintain Bitcoin's integrity at the protocol level. Amidst these debates, conferences such as "Scaling Bitcoin" emerged, fostering exploration into alternative solutions to enhance Bitcoin's scalability without compromising its core principles.

比特幣社群在區塊大小問題上存在嚴重分歧，其中一個派別提議擴大區塊大小限制，認為這符合中本聰所謂的意圖。反對派強烈抵制此類修改，強調需要在協議層面維護比特幣的完整性。在這些辯論中，出現了「擴展比特幣」等會議，促進了對替代解決方案的探索，以在不損害其核心原則的情況下增強比特幣的可擴展性。

The advent of layer-two solutions, exemplified by the Lightning Network, offered a glimmer of hope for scaling Bitcoin without altering its fundamental architecture. However, the pursuit of Bitcoin as a digital currency has proven arduous, often encountering resistance due to its association with illicit activities and murky origins.

以閃電網路為代表的第二層解決方案的出現，為在不改變其基本架構的情況下擴展比特幣帶來了一線希望。然而，事實證明，將比特幣作為一種數位貨幣的追求是艱鉅的，由於其與非法活動的聯繫和模糊的起源而經常遇到阻力。

In contrast, when Bitcoin is presented as a digital asset, an intangible property, this resistance tends to dissipate. This shift in perspective emphasizes Bitcoin's inherent value as a store of wealth, distancing it from the stigma associated with its monetary function.

相較之下，當比特幣被呈現為數位資產、一種無形財產時，這種阻力往往會消失。這種觀點的轉變強調了比特幣作為財富儲存手段的內在價值，使其遠離了與其貨幣功能相關的恥辱。

Recognizing the existential threat posed by governments with vast resources and military power, proponents of Bitcoin as a property argue that its classification as such would shield it from potential bans in countries that uphold property rights. This argument acknowledges that the risk of a societal shift towards communism remains an ever-present concern, not inherently linked to Bitcoin's existence.

由於意識到擁有大量資源和軍事力量的政府所構成的生存威脅，比特幣作為一種財產的支持者認為，將其分類將使其免受維護財產權國家的潛在禁令。這個論點承認，社會轉向共產主義的風險仍然是一個始終存在的擔憂，與比特幣的存在沒有內在關聯。

Furthermore, a significant portion of the world's wealth is not held in liquid currency but rather in various forms of assets, such as real estate, precious metals, and collectible items. The modern middle class often diversifies its wealth through investment in stock indices, a practice that has been commonplace for decades.

此外，世界財富的很大一部分不是以流動貨幣形式持有，而是以各種形式的資產形式持有，例如房地產、貴金屬和收藏品。現代中產階級經常透過投資股票指數來實現財富多元化，這種做法幾十年來一直很常見。

Capital accumulation has demonstrated a preference for assets over currency, underscoring the inherent value of Bitcoin as a store of value, a digital property.

資本累積表現出對資產而非貨幣的偏好，凸顯了比特幣作為價值儲存手段和數位財產的內在價值。

Bitcoin as Property

比特幣作為財產

A fundamental question in the realm of Bitcoin is whether it should be classified as a security or a commodity. The Securities and Exchange Commission (SEC) has declared Bitcoin to be a commodity, an asset devoid of an issuer. This distinction implies that no entity, be it an individual, corporation, government, or any other group, can exert undue influence over Bitcoin's future development.

比特幣領域的一個基本問題是它應該被歸類為證券還是商品。美國證券交易委員會（SEC）宣布比特幣是一種商品，一種沒有發行人的資產。這種區別意味著任何實體，無論是個人、公司、政府或任何其他團體，都不能對比特幣的未來發展施加不當影響。

Bitcoin possesses attributes akin to physical property. Transactions on the Bitcoin network mirror the functionality of digital deeds, replicating essential aspects of real estate transactions, such as recording and title assurance. In fact, Bitcoin offers certain advantages over traditional property ownership.

比特幣擁有類似物理財產的屬性。比特幣網路上的交易反映了數位契約的功能，複製了房地產交易的基本方面，例如記錄和所有權保證。事實上，比特幣比傳統財產所有權具有某些優勢。

Unlike real estate deeds, which are registered in centralized public records offices, the Bitcoin protocol itself serves as a decentralized public registry. Transactions are validated and recorded within the Bitcoin mining layer, creating an immutable transaction history.

與在中央公共記錄辦公室登記的房地產契約不同，比特幣協議本身就是一個去中心化的公共登記處。交易在比特幣挖礦層中進行驗證和記錄，創建不可變的交易歷史。

In the case of competing transactions within a single block, Bitcoin miners determine which one is valid and broadcast it publicly, preventing double-spending and ensuring the integrity of the immutable ledger.

在單一區塊內存在競爭交易的情況下，比特幣礦工會確定哪一個是有效的並將其公開廣播，從而防止雙重支出並確保不可變帳本的完整性。

These mechanisms enable the establishment and maintenance of property rights in a decentralized manner, free from the oversight of any central authority. Miners essentially act as timekeepers, adding validated transactions to the blockchain, a distributed and immutable public ledger.

這些機制能夠以分散的方式建立和維護產權，不受任何中央機構的監督。礦工本質上充當計時器，將經過驗證的交易添加到區塊鏈（分散且不可變的公共分類帳）中。

Bitcoin's decentralized nature and its autonomous operation outside of existing legal frameworks render it a unique and valuable form of property.

比特幣的去中心化性質及其在現有法律框架之外的自主運作使其成為一種獨特且有價值的財產形式。

Institutional Adoption

機構採用

Institutional adoption of Bitcoin has gained significant momentum, particularly since the approval of Bitcoin ETFs (Exchange-Traded Funds) in January 2024. This has ignited a surge in interest in Bitcoin as a digital asset, akin to a fervent digital gold rush.

比特幣的機構採用勢頭強勁，特別是自 2024 年 1 月比特幣 ETF（交易所交易基金）獲得批准以來。

As of November 2034, an estimated 99% of all bitcoins have been mined. The remaining 1% will be gradually released over the following century. Currently, 94% of all bitcoins have been mined, with miners continuing to sell their bitcoins to cover operational expenses.

截至 2034 年 11 月，估計 99% 的比特幣已被開採。剩下的1%將在下個世紀逐步釋放。目前，94% 的比特幣已被開採，礦工們繼續出售比特幣來支付營運費用。

Upon the exhaustion of the initial supply, miners will solely rely on transaction fees for compensation. This finite supply, coupled with the increasing awareness of Bitcoin's value proposition, will likely drive institutional investors to consider allocating a portion of their treasury reserves to Bitcoin.

當初始供應耗盡後，礦工將僅依靠交易費進行補償。這種有限的供應，加上人們對比​​特幣價值主張的認識不斷增強，可能會促使機構投資者考慮將其部分儲備金分配給比特幣。

In time, these institutions will recognize the inherent limitations of cash, its susceptibility to devaluation over time, and ultimately conclude that Bitcoin offers a compelling alternative, as demonstrated by the pioneering actions of MicroStrategy.

隨著時間的推移，這些機構將認識到現金的固有局限性及其隨著時間推移貶值的可能性，並最終得出結論：比特幣提供了一種令人信服的替代方案，正如MicroStrategy 的開創性行動所證明的那樣。

Bitcoin's Rise to Prominence

比特幣的崛起

Bitcoin has emerged as a superior form of capital, poised to become the world's most sought-after asset. Its transparent and accessible market operates continuously, 24 hours a day, 365 days a year, with unparalleled stability. The finite supply of 21 million bitcoins instills confidence in its future value, unlike any other asset.

比特幣已成為一種優越的資本形式，有望成為世界上最受歡迎的資產。其透明且可訪問的市場全年 365 天、每天 24 小時連續運行，具有無與倫比的穩定性。與其他資產不同，2,100 萬枚比特幣的有限供應讓人對其未來價值充滿信心。

Unlike real estate, which is subject to government regulations, taxation, and potential expropriation, Bitcoin transcends geopolitical boundaries,不受任何特定司法管辖区的约束。

Unlike real estate, which is subject to government regulations, taxation, and potential expropriation, Bitcoin transcends geopolitical boundaries,不受任何特定司法管轄區的約束。

Beyond its monetary value, Bitcoin represents a profound technological breakthrough, a mathematically sound economic protocol. Its enduring resilience against numerous attempts to replicate its success, coupled with its formidable security, attests to its enduring strength.

除了貨幣價值之外，比特幣還代表著一項意義深遠的技術突破，是數學上合理的經濟協議。它對無數次複製其成功的嘗試的持久彈性，加上其強大的安全性，證明了其持久的實力。

Bitcoin's legacy will endure far beyond the enigmatic figure of Satoshi Nakamoto and ourselves. It will continue to shape the future of finance and economics, as a transformative force in the digital realm.

比特幣的遺產將遠遠超越中本聰和我們這個神秘人物。作為數位領域的變革力量，它將繼續塑造金融和經濟的未來。

Kadan Stadelmann

卡丹·施塔德曼

Kadan Stadelmann is the Chief Technology Officer of Komodo Platform, a renowned blockchain developer, and an expert in operations security. His extensive experience encompasses government operations security, technology startup ventures, application development, and cryptography. Stadelmann's involvement with blockchain technology dates back to 2011, and he joined the Komodo team in 2016.

Kadan Stadelmann 是 Komodo Platform 的技術長、著名的區塊鏈開發商、營運安全專家。他的豐富經驗涵蓋政府營運安全、技術新創公司、應用程式開發和密碼學。 Stadelmann 涉足區塊鏈技術可以追溯到 2011 年，並於 2016 年加入 Komodo 團隊。