16岁的比特币：拿到驾照并进入新时代

比特币的发展已经超越了“数字黄金”。 Trust Machines 的 Rena Shah 表示，如今，它已成为全球金融基础设施的基础部分。

As Bitcoin turns 16, we can observe its evolution beyond being merely a monetary asset. Today, it serves as a foundational piece of the global financial infrastructure. With the rise of Bitcoin Layer 2s, the entry of Ordinals, and the increasing institutional adoption, we stand at a critical juncture in Bitcoin's narrative.

随着比特币 16 岁生日，我们可以观察到它的演变，而不仅仅是一种货币资产。如今，它已成为全球金融基础设施的基础部分。随着比特币第 2 层的兴起、序数的进入以及机构采用的不断增加，我们正处于比特币叙事的关键时刻。

This year has seen the approval of Bitcoin ETFs by financial giants like BlackRock, Fidelity, and Invesco, marking a historic shift in the crypto landscape. As of mid-2024, these ETFs have collectively attracted over $1.5 billion in assets under management (AUM), bringing significant capital into the market. This institutional wave highlights a growing appetite for Bitcoin exposure through traditional financial vehicles. Notably, BlackRock alone manages trillions of dollars in assets, signaling that Bitcoin is no longer viewed as a fringe asset but a serious contender in the global financial arena.

今年，比特币 ETF 获得了贝莱德、富达和景顺等金融巨头的批准，标志着加密货币格局发生了历史性转变。截至 2024 年中期，这些 ETF 总共吸引了超过 15 亿美元的管理资产 (AUM)，为市场带来了大量资金。这一机构浪潮凸显了人们对通过传统金融工具投资比特币的兴趣日益增长。值得注意的是，仅贝莱德就管理着数万亿美元的资产，这表明比特币不再被视为边缘资产，而是全球金融舞台上的有力竞争者。

Now, the question arises: how can Bitcoin maintain its decentralized ethos while absorbing billions in institutional capital? For those of us building on Bitcoin, this is the challenge we must navigate: to keep Bitcoin permissionless and resilient, even as it enters the mainstream consciousness.

现在，问题出现了：比特币如何在吸收数十亿机构资本的同时保持其去中心化精神？对于我们这些以比特币为基础的人来说，这是我们必须应对的挑战：即使比特币进入主流意识，也要保持比特币的无需许可和弹性。

Layer 2 solutions like Lightning (now in its fifth year) have transformed how Bitcoin is used. In regions grappling with unstable currencies, Lightning has aided payments, but its adoption in developed markets has been slower than many anticipated.

像闪电网络这样的第 2 层解决方案（现已进入第五个年头）已经改变了比特币的使用方式。在货币不稳定的地区，闪电网络为支付提供了帮助，但其在发达市场的采用速度比许多人预期的要慢。

This slower-than-expected adoption should not be seen as a failure but rather as a reflection of Bitcoin's maturing role as a broader infrastructure layer. In fact, this shift from immediate use cases like payments to longer-term infrastructure development is arguably a positive sign.

这种比预期慢的采用不应被视为失败，而应视为比特币作为更广泛的基础设施层的成熟作用的反映。事实上，从支付等直接用例到长期基础设施开发的转变可以说是一个积极的信号。

For a majority of the world, we're in a new era where we've separated BTC, the asset, from Bitcoin, the rails. BTC will remain the most inflation-resistant Lindy asset. The rails where you now access BTC on chain will matter.

对于世界上大多数人来说，我们正处于一个新时代，我们将比特币（资产）与比特币（轨道）分开。 BTC 仍将是最具抗通胀能力的 Lindy 资产。您现在在链上访问 BTC 的方式将会很重要。

Transacting on the L1 may be considered a high-value, "luxury" settlement only where L2s offer a cheaper, faster, and better means of moving onchain.

只有当 L2 提供更便宜、更快、更好的链上移动方式时，L1 上的交易才可能被视为高价值、“豪华”的结算。

Take Stacks, a programmable layer for Bitcoin that began in 2018. The just-activated Nakamoto upgrade for Stacks represents a significant leap forward regarding Bitcoin liquidity and integration into both traditional and decentralized financial systems. With the sBTC protocol live as of two days ago, we're looking at an ecosystem where Bitcoin can be used more flexibly without sacrificing decentralization. Stacks' sBTC brings Bitcoin liquidity without requiring centralized exchanges, solving a long-standing problem in Bitcoin's integration into DeFi.

以 2018 年启动的比特币可编程层 Stacks 为例。中本聪刚刚启动的 Stacks 升级代表着比特币流动性以及与传统和去中心化金融系统集成方面的重大飞跃。随着 sBTC 协议于两天前上线，我们正在寻找一个可以在不牺牲去中心化的情况下更灵活地使用比特币的生态系统。 Stacks 的 sBTC 无需中心化交易所即可带来比特币流动性，解决了比特币融入 DeFi 中长期存在的问题。

Through projects like Granite, Stacks is providing tools for decentralized lending and borrowing without rehypothecation, keeping Bitcoin liquidity non-custodial and transparent. Stacks' native sBTC brings another layer of innovation, enabling users to move Bitcoin seamlessly across various applications without losing its decentralized qualities.

通过 Granite 等项目，Stacks 正在提供无需再抵押的去中心化借贷工具，保持比特币流动性的非托管和透明。 Stacks 的原生 sBTC 带来了另一层创新，使用户能够在各种应用程序之间无缝转移比特币，而不会失去其去中心化的品质。

People now realize their BTC has significant value and are looking for avenues to safely invest their BTC for yield, get liquidity against it, or acquire more BTC.

人们现在意识到他们的 BTC 具有巨大的价值，并正在寻找安全投资 BTC 以获得收益、获得流动性或购买更多 BTC 的途径。

It's less about spending BTC freely but more about managing risk not to lose your BTC and never to sell. That's why protocols like Granite exist, offering a transparent on-chain way to borrow against without selling.

与其说是自由消费比特币，不如说是管理风险，不要失去比特币，也不要出售比特币。这就是像 Granite 这样的协议存在的原因，它提供了一种透明的链上借贷方式，无需出售。

When you bridge/wrap BTC to another on-chain asset, you want it to feel like Bitcoin – the same network robustness, resilience, and decentralization. Technological innovations like BitVM, which introduces complex smart contracts to Bitcoin, and OP_Cat, which brings covenant-based programming, are opening new doors. These advancements enable more advanced governance models to be built on Bitcoin without compromising security. This pivot toward programmability marks a new chapter for Bitcoin.

当您将 BTC 桥接/包装到另一种链上资产时，您希望它感觉像比特币 – 相同的网络稳健性、弹性和去中心化。 BitVM（将复杂的智能合约引入比特币）和 OP_Cat（带来基于契约的编程）等技术创新正在打开新的大门。这些进步使得可以在比特币上构建更先进的治理模型，而不会影响安全性。这种向可编程性的转变标志着比特币的新篇章。

And by mid-2024, projects like Coinbase's cbBTC have tokenized Bitcoin for applications, with cbBTC acting as collateral in lending protocols, mirroring the success of Ethereum's wrapped assets — another indication of Bitcoin being used for more than just buying and holding strategies.

到 2024 年中期，像 Coinbase 的 cbBTC 这样的项目已经将比特币代币化以供应用，cbBTC 充当借贷协议中的抵押品，反映了以太坊包装资产的成功——这又表明比特币不仅仅用于购买和持有策略。

At 16, Bitcoin is maturing into more than just a monetary asset — it’s becoming the infrastructure for a decentralized world. With hundreds of Layer 2s launching, Bitcoin is becoming something far expansive than perhaps Satoshi ever intended. We’re now building a financial future where Bitcoin is now the rails for decentralized finance, digital identities and smart contracts. Bitcoin's programmability through technologies like Stacks and BitVM offers capabilities once thought to be better suited to other blockchains.

16 岁的比特币正在成熟，不仅仅是一种货币资产，它正在成为去中心化世界的基础设施。随着数百个 Layer 2 的推出，比特币正在变得比中本聪想象的要广泛得多。我们现在正在构建一个金融未来，比特币现在成为去中心化金融、数字身份和智能合约的轨道。比特币通过 Stacks 和 BitVM 等技术实现的可编程性提供了一度被认为更适合其他区块链的功能。

While institutional interest is a significant milestone, it raises concerns about how Bitcoin’s core values — decentralization, security, and permissionlessness — can be preserved. EFTs are great for massive awareness and adoption but leave less freely circulating BTC on-chain. With billions of capital flowing into Bitcoin ETFs, institutions will play a major role in Bitcoin's future. Therefore, Bitcoin builders must ensure that this doesn’t come at the expense of Bitcoin’s core principles. To put this in perspective, institutions like BlackRock are

虽然机构利​​益是一个重要的里程碑，但它引发了人们对如何维护比特币的核心价值——去中心化、安全性和无需许可——的担忧。电子转账非常适合大规模认知和采用，但链上自由流通的 BTC 却较少。随着数十亿资金流入比特币ETF，机构将在比特币的未来中发挥重要作用。因此，比特币构建者必须确保这不会以牺牲比特币的核心原则为代价。从长远来看，像贝莱德这样的机构