比特币与2025年的以太坊：两个加密货币，两个不同的工作

最近观看加密货币的任何人都注意到了一些奇怪的事情。比特币似乎再次找到自己的脚，在一年中摇摇欲坠的开始后，比特币朝90,000美元推向了90,000美元。

Anyone following crypto closely lately has probably noticed something interesting. Bitcoin is slowly but surely finding its feet again, pushing towards the $90,000 mark after a shaky start to the year.

最近关注加密货币的任何人都可能注意到一些有趣的东西。比特币正在缓慢但肯定会再次找到脚，这是一年来的摇摇欲坠后推向90,000美元的大关。

But Ethereum? It's kind of... stuck. Languishing around the $1,600 level, ETH seems sluggish compared to its big brother, and the ETH/BTC ratio has even dipped to lows we haven't seen since 2020. So, what's the deal with the top two cryptos?

但是以太坊？有点……卡住。与其大兄弟相比，ETH在1,600美元的水平上闲逛，ETH/BTC的比率甚至降低到我们自2020年以来从未见过的低点。那么，对于前两个加密货币来说，这有什么关系？

People often compare BTC and ETH – they're the giants, the market movers. But to really understand them, it helps to remember they were built for totally different jobs.

人们经常比较BTC和ETH - 他们是巨人，市场推动者。但是要真正理解它们，记住它们是为完全不同的工作而建造的。

Bitcoin was the first attempt at digital gold, born out of the 2008 mess when people lost faith in banks and the financial system. It was designed to be a peer-to-peer electronic cash system, and over time, because of its limited supply (21 million BTC) and durability (over 15 years on the market), people began using it more as a store of value.

比特币是人们对数字黄金的首次尝试，当时人们对银行和金融体系失去信心而出生于2008年的混乱中。它被设计为对等电子现金系统，并且随着时间的流逝，由于其供应有限（2100万BTC）和耐用性（在市场上超过15年），人们开始将其更多地用作价值存储。

Its main role became simply being scarce, durable, and secure, like a hedge against inflation or geopolitical uncertainty.

它的主要作用变得简单地变得稀缺，耐用和安全，例如抵抗通货膨胀或地缘政治不确定性的对冲。

Ethereum came later, with a broader vision. The founders envisioned a global computer that anyone could use to build and deploy applications using smart contracts. Decentralized finance (DeFi), NFTs, and Web3 are all built on Ethereum, and it's constantly evolving with new upgrades and use cases.

以太坊后来以更广泛的愿景来了。创始人设想了一台全球计算机，任何人都可以使用智能合约来构建和部署应用程序。分散的金融（DEFI），NFTS和WEB3都是基于以太坊的，并且随着新的升级和用例而不断发展。

Where They Came From Matters

他们来自事物的地方

Satoshi Nakamoto, the mysterious creator of Bitcoin, aimed to create an electronic payment system based on cryptographic principles.

比特币的神秘创造者Satoshi Nakamoto旨在基于加密原理创建电子支付系统。

The goal was to develop a payment network that can process transactions efficiently, securely, and without the need for a central authority.

目标是开发一个可以有效，安全地处理交易的支付网络，而无需中央当局。

On the other hand, Vitalik Buterin, a young programmer with a passion for cryptography and decentralized technologies, created Ethereum.

另一方面，对密码学和分散技术充满热情的年轻程序员维塔克·布特林（Vitalik Buterin）创造了以太坊。

His goal was to build a platform that would enable developers to create and deploy decentralized applications (DApps) and smart contracts, which are small programs that can execute autonomously on the blockchain.

他的目标是建立一个平台，该平台将使开发人员能够创建和部署分散的应用程序（DAPP）和智能合约，这些应用程序是可以在区块链上自主执行的小程序。

Under the Hood: Chalk and Cheese

引擎盖下：粉笔和奶酪

The technical differences between Bitcoin and Ethereum are significant and reflect their distinct use cases and functionalities.

比特币和以太坊之间的技术差异很大，反映了它们不同的用例和功能。

Bitcoin uses the PoW consensus mechanism, which involves miners competing to solve complex mathematical problems to add new blocks to the blockchain.

比特币使用POW共识机制，涉及矿工竞争以解决复杂的数学问题，以在区块链中添加新的区块。

This process consumes a considerable amount of energy but provides a high level of security for the network. Bitcoin is also a single-chain cryptocurrency, meaning that all transactions are processed on the same chain.

该过程消耗了相当多的能量，但为网络提供了很高的安全性。比特币也是单链加密货币，这意味着所有交易均在同一链上处理。

In contrast, Ethereum uses the PoS consensus mechanism, which is more energy-efficient and scalable.

相比之下，以太坊使用POS共识机制，这是更节能和可扩展的。

Instead of miners, validators on the network process transactions and maintain the blockchain. Ethereum is a multi-chain cryptocurrency, with multiple chains operating in parallel to enhance scalability and introduce new functionalities.

在网络过程交易中验证器并维护区块链，而不是矿工。以太坊是一种多链加密货币，其多个链条并联以增强可扩展性并引入新功能。

The 2025 Vibe: ETFs, Upgrades, and Regulation

2025年的氛围：ETF，升级和调节

The 2024 Bitcoin ETF approvals were a hot topic, driving BTC to new highs before a slight cooldown in early 2025.

2024年的比特币ETF批准是一个热门话题，在2025年初有轻微冷却之前，将BTC推向了新的高点。

As of late April, Bitcoin was trading around $88,000, while Ethereum was around $1,600.

截至4月下旬，比特币的交易约为88,000美元，而以太坊的交易约为1,600美元。

At the same time, the price of BTC had fallen by about 30% from its all-time high (ATH) of $127,000, which it had reached in August 2024.

同时，BTC的价格从2024年8月达到的127,000美元（ATH）降低了约30％。

Who’s Actually Using This Stuff?

谁实际上在使用这些东西？

While crypto adoption is increasing, there were still more people using traditional payment platforms like Visa.

尽管采用加密货币率正在增加，但还有更多的人使用诸如Visa之类的传统支付平台。

According to a 2025 report by the payment processing company, about 3.5 billion people used Visa products each year, compared to the 1.8 billion active wallets on the blockchain.

根据付款处理公司2025年的报告，每年约有35亿人使用签证产品，而区块链上有18亿个活动钱包。

What Keeps Investors Up at Night?

是什么让投资者在晚上起床？

When asked what factor would keep them up at night in terms of crypto investments, investors cited macroeconomic uncertainty as a major concern.

当被问及哪个因素将它们在夜间在加密货币投资方面保持不变时，投资者将宏观经济不确定性视为主要问题。

This was closely followed by issues related to crypto regulation and the potential for a market crash.

紧随其后的是与加密法规有关的问题以及市场崩溃的可能性。

Different Paths, Different Bets

不同的路径，不同的下注

So, Bitcoin and Ethereum started the year close to each other but are walking very different paths in 2025.

因此，比特币和以太坊彼此接近一年，但在2025年走了截然不同的道路。

Bitcoin is leaning hard into being digital gold – stable, secure, and increasingly integrated with traditional finance.

比特币正在努力成为数字黄金 - 稳定，安全，并越来越多地与传统金融融为一体。

On the other hand, Ethereum is the fast-moving, ever-changing platform trying to become the decentralized backbone for a new kind of internet.

另一方面，以太坊是一个快速移动的，不断变化的平台，试图成为一种新型互联网的分散式骨干。

Both are likely to remain hugely important, but they offer different things to users and investors. One is a bet on a new form of money, the other a bet on a new computing platform.

两者都可能仍然非常重要，但它们为用户和投资者提供了不同的东西。一个是对新的货币形式的赌注，另一种是在新的计算平台上押注。

Understanding that difference, and the specific hurdles each one faces today, is key to figuring out where they might go next.

了解这种差异以及当今每个人面临的特定障碍是弄清楚下一个可能去向的关键。