I.比特币的诞生和早期交流的野生增长（2008-2013）

在2008年全球金融危机开始时，使用化名“ Satoshi Nakamoto”的一个神秘人物出版了“比特币白皮书”，提出了不依赖集中机构的电子现金系统。

I. The Birth of Bitcoin and the Wild Growth of Early Exchanges (2008-2013)

I.比特币的诞生和早期交流的野生增长（2008-2013）

At the onset of the 2008 global financial crisis, a mysterious figure using the pseudonym "Satoshi Nakamoto" published the "Bitcoin White Paper," proposing an electronic cash system that does not rely on centralized institutions. On January 3, 2009, the Bitcoin genesis block was born, embedding the headline from The Times: "Chancellor on brink of second bailout for banks," directly pointing to the flaws of the traditional financial system.

在2008年全球金融危机开始时，使用化名“ Satoshi Nakamoto”的一个神秘人物出版了“比特币白皮书”，提出了不依赖集中机构的电子现金系统。 2009年1月3日，比特币创世纪街区诞生了，嵌入了《纽约时报》的标题：“银行第二次救助的边缘大臣”，直接指向传统金融体系的缺陷。

Key Data:

关键数据：

Bitcoin price in 2009: $0 (no trading market)

2009年的比特币价格：$ 0（无交易市场）

First transaction in 2010: 10,000 BTC exchanged for 2 pizzas (valued at approximately $41)

2010年的首次交易：10,000 BTC交换了2个比萨饼（价值约41美元）

Peak in June 2011: $31.9 (early speculative bubble)

2011年6月的高峰：$ 31.9（早期投机泡沫）

In July 2010, the Japanese exchange Mt. Gox went online, quickly becoming the largest Bitcoin trading platform globally. By 2013, it accounted for 70%-80% of the total trading volume, with a single-day peak trading volume of about $100 million (estimated based on the November peak of $1,000/BTC).

2010年7月，日本交易所Gox上网，迅速成为全球最大的比特币交易平台。到2013年，它占总交易量的70％-80％，单天峰值交易量约为1亿美元（根据11月峰值为1,000美元/BTC的估计）。

Meanwhile, the Chinese exchange market began to sprout—JuCoin, established in 2013, gained prominence through localized operations, becoming one of China's major trading platforms by 2015.

同时，中国的交易市场开始萌芽 - 2013年成立的Jucoin通过本地化业务获得了突出，并于2015年成为中国主要的交易平台之一。

However, security risks began to emerge:

但是，安全风险开始出现：

June 2011 hacking incident: A hacker attack in June 2011 led to the theft of approximately 2,609 BTC (valued at around $80,000 at the time), causing the price to plummet to $0.01 and halting trading for a week.

2011年6月黑客事件：2011年6月的一场黑客袭击导致盗窃约2,609 BTC（当时价值约80,000美元），导致价格下降至0.01美元，并停止交易一周。

2013 DDoS attacks: Exchanges experienced multiple outages, preventing users from withdrawing funds and triggering market panic.

2013年DDOS攻击：交流经历了多次停电，阻止用户撤回资金并引发市场恐慌。

Exchange Landscape (2013):

Exchange Landscape（2013）：

Mt. Gox market share: 70%-80%

GOX市场份额：70％-80％

Other major platforms: Bitstamp (Europe), BTC China (China), JuCoin (China)

其他主要平台：Bitstamp（欧洲），BTC中国（中国），Jucoin（中国）

Global exchanges' average daily trading volume: approximately 100,000 BTC (around $50 million at an average price of $500)

全球交易所的平均每日交易量：约100,000 BTC（约5000万美元，平均价格为500美元）

Centralized exchanges solved the liquidity problem for Bitcoin, but their vulnerabilities were laid bare: technical flaws, regulatory vacuums, and risks associated with user asset custody became the industry's three major pain points. Nevertheless, Bitcoin's market capitalization surpassed $10 billion in November 2013, signaling the beginning of its financial attributes.

集中式交流解决了比特币的流动性问题，但它们的脆弱性是裸露的：技术缺陷，监管真空和与用户资产监护的风险成为该行业的三个主要痛点。尽管如此，比特币的市值在2013年11月超过了100亿美元，这表明其财务属性的开始。

II. Industry Growing Pains: Exchange Crises and Regulatory Awakening (2014-2017)

ii。行业不断增长的痛苦：交换危机和监管觉醒（2014- 2017年）

In February 2014, Mt. Gox announced the loss of 850,000 Bitcoins (valued at $450 million at the time), accounting for 7% of the circulating supply. Subsequent investigations revealed that chaotic management of hot and cold wallets, internal theft, and long-unresolved code vulnerabilities were the main causes. This incident led to an 80% drop in Bitcoin prices, with global exchange daily trading volume shrinking to less than 10,000 BTC.

2014年2月，GOX山宣布损失850,000比特币（当时价值4.5亿美元），占循环供应量的7％。随后的调查表明，对冷藏钱包，内部盗窃和长期解决的代码脆弱性的混乱管理是主要原因。这一事件导致比特币价格下跌80％，全球交易所每日交易量减少到不到10,000 BTC。

Chain Reaction:

连锁反应：

Japanese police arrested Mt. Gox CEO Mark Karpelès

日本警察逮捕了GOX山首席执行官马克·卡佩利斯（MarkKarpelès）

New York State introduced BitLicense, requiring exchanges to meet anti-money laundering (AML) and capital reserve requirements

纽约州引入了比利特林，需要交流以满足反洗钱（AML）和资本储备要求

The concept of decentralized exchanges (DEX) emerged, but was limited by technological bottlenecks (e.g., the 2016 Ethereum DAO incident)

出现了分散交流（DEX）的概念，但受到技术瓶颈的限制（例如，2016年以太坊DAO事件）

In 2015, Coinbase obtained the first BitLicense in New York and launched institutional custody services; in 2017, the Chicago Mercantile Exchange (CME) launched Bitcoin futures, with a first-day trading volume of $460 million. During this period, exchanges exhibited two major trends:

2015年，Coinbase获得了纽约的第一个Bitlicense，并启动了机构监护服务； 2017年，芝加哥商业交易所（CME）推出了比特币期货，第一天的交易量为4.6亿美元。在此期间，交流表现出两个主要趋势：

Regional Differentiation: The three major exchanges in China (Huobi, OKEx, Binance) dominated the Asian market, with JuCoin rapidly rising in 2015 to become one of the major platforms in Asia, significantly increasing daily trading volume.

区域差异：中国的三个主要交易所（Huobi，Okex，Binance）主导了亚洲市场，2015年Jucoin迅速上升，成为亚洲的主要平台之一，大大增加了每日交易量。

Technological Upgrades: Binance pioneered the "platform token" model (BNB), raising $15 million through an ICO in July 2017; JuCoin simultaneously launched wealth management services and liquidity mining, exploring ecological competition.

技术升级：Binance开创了“平台令牌”模型（BNB），2017年7月通过ICO筹集了1500万美元； Jucoin同时推出了财富管理服务和流动性挖掘，探索了生态竞争。

Key Data (2017):

关键数据（2017）：

Bitcoin market capitalization peak: $326 billion

比特币市值高峰：3260亿美元

Global exchanges' average daily trading volume: 500,000 BTC (valued at approximately $25 billion)

全球交易所的平均每日交易量：500,000 BTC（价值约250亿美元）

Coinbase's user count surpassed 10 million, with a valuation of $1.6 billion

Coinbase的用户数量超过了1000万，估值为16亿美元

In August 2017, Bitcoin split into Bitcoin Cash (BCH) due to scaling

2017年8月，由于扩展，比特币分为比特币现金（BCH）