BTC钱包：存储硬币或生态系统入口的工具？

自比特币出生以来，钱包一直站在“安全”和“便利”的相对侧。

Is the BTC wallet a tool for storing coins or an entrance to the ecosystem?

BTC钱包是存储硬币还是生态系统入口的工具？

Since the birth of Bitcoin, wallets have always stood on the opposite side of "security" and "convenience". If you want absolute security, you must keep your private key yourself, even if it means you cannot get it back if you lose it; if you want more convenience, you have to rely on centralized custody, which means losing control of your assets. For ten years, this tug-of-war has never stopped.

自比特币出生以来，钱包一直站在“安全”和“便利”的另一侧。如果您想要绝对的安全性，则必须自己保留私钥，即使这意味着如果您丢失了它，就无法将其拿回来；如果您想要更多的便利性，则必须依靠集中的监护权，这意味着失去对您的资产的控制。十年来，这次拔河从未停止过。

But the market has given a new answer. The number of cryptocurrency holders worldwide has exceeded 600 million, and the demand for asset management far exceeds simple "storage". CEX wallets still dominate traffic, but non-custodial wallets are growing rapidly, and new models such as MPC and smart contract wallets continue to emerge, trying to find the best solution between "security" and "experience". BTC wallets are no longer just a place to store coins, but have become the traffic entrance for the entire Bitcoin ecosystem.

但是市场给出了新的答案。全球的加密货币持有人的数量已超过6亿，对资产管理的需求远远超过了简单的“存储”。 CEX钱包仍然占主导地位，但是非监测钱包正在迅速增长，MPC和Smart Contract Whalles等新模型继续出现，试图在“安全”和“体验”之间找到最佳解决方案。 BTC钱包不再只是存储硬币的地方，而是整个比特币生态系统的交通入口。

The battle for wallets has long gone beyond the competition for market share, and is now a game about rule-making. In this game of technology, capital, and regulation, whoever can find a balance between "security, compliance, and user experience" will be able to control the future direction of BTC.

为钱包争取的战斗早已超越了市场份额的竞争，现在是关于规则制定的游戏。在这种技术，资本和法规游戏中，无论谁能在“安全，合规性和用户体验”之间找到平衡，将能够控制BTC的未来方向。

Ten years ago, we were concerned about how to store BTC; today, the fight is about who BTC should belong to in the future.

十年前，我们担心如何存储BTC；今天，这场斗争是关于BTC将来应该属于谁的。

1. BTC wallet market overview: explosive growth and ecological differentiation

1。BTC钱包市场概述：爆炸性增长和生态差异化

The BTC wallet market is not only expanding in scale, but also reshaping its functional boundaries. Bitcoin wallets, once simply seen as a “coin storage tool”, have now become the frontier battlefield of Bitcoin ecological competition. In the past few years, the market has undergone tremendous changes. Bitcoin ETF has accelerated the entry of institutional funds, Ordinals inscriptions have become popular, and the demand for on-chain transactions has skyrocketed. The market size of BTC wallets has doubled from US$8.42 billion to US$10.51 billion in just a few years.

BTC钱包市场不仅在规模上扩大，而且还重塑其功能界限。比特币钱包曾经简单地被视为“硬币存储工具”，现在已成为比特币生态竞争的边境战场。在过去的几年中，市场发生了巨大变化。比特币ETF加速了机构资金的进入，序数铭文已经流行，对链交易的需求也飙升。 BTC钱包的市场规模已从短短几年内翻了一番，增加到84.2亿美元增加到105.1亿美元。

The crazy growth of the market has not only brought an influx of funds and users, but also caused different types of wallets to start a “competition for the entrance” – CEX custody, hardware wallets, and emerging wallets, each scrambled for territory, trying to control the traffic entrance of the BTC ecosystem.

市场的疯狂增长不仅带来了大量资金和用户的涌入，而且还引起了不同类型的钱包开始“入口竞争” - CEX托管，硬件钱包和新兴的钱包，每个钱包都在领土上争夺，试图控制BTC生态系统的交通入口。

CEX custodial wallet: traffic hegemony and trust crisis

CEX托管钱包：交通霸权和信任危机

“The user’s first Bitcoin is most likely bought from an exchange.” This gives CEXs such as Binance and Coinbase a first-mover advantage in the wallet competition. Relying on ETF custody, Coinbase’s managed BTC assets soared to US$171 billion in Q1 2024, while Binance Web3 wallet quickly expanded to 6 public chains, trying to connect transactions and DeFi scenarios.

“用户的第一个比特币很可能是从交易所购买的。”这使CEXS（例如Binance and Coinbase）在钱包竞争中具有第一步优势。 Coinbase的托管BTC资产依靠ETF监护权，在2024年第1季度飙升至1710亿美元，而Binance Web3 Wallet迅速扩展到6个公共连锁店，试图连接交易和Fefi Spenarios。

But after the collapse of FTX, the trust crisis of CEX wallets was completely detonated. Users began to re-examine the risks of centralized custody, and hardware wallet sales soared 2.3 times in 2023, indicating that more and more people are looking for safer ways to manage assets. Faced with challenges, CEX wallets began to introduce MPC (multi-party computing) technology, trying to find a balance between compliant custody and user autonomy, but for many users, “decentralization” still means distrust of third-party custody.

但是，在FTX崩溃之后，CEX钱包的信任危机被完全引爆。用户开始重新检查集中托管的风险，而硬件钱包的销售在2023年飙升了2.3倍，这表明越来越多的人正在寻找管理资产的更安全方法。面对挑战，CEX钱包开始引入MPC（多方计算）技术，试图在合规监管机构和用户自主权之间找到平衡，但是对于许多用户而言，“权力下放”仍然意味着对第三方监护权的不信任。

Hardware wallets: security barriers or ecological islands?

硬件钱包：安全障碍还是生态岛？

As traditional non-custodial solutions, hardware wallets such as Ledger and Trezor have long held 60% of the global market share. However, as Ordinals empowers the BTC ecosystem, the demand for more interactions surges, and hardware wallets are gradually becoming “ecological islands” due to their closed systems. In order to not be left behind by the progress of the times, products such as Ledger Live and Trezor Suite have begun to try to support NFT and multi-chain asset management. But data shows that users are more willing to sacrifice 5% of security in exchange for 80% of convenience, and the market barriers of hardware wallets are gradually being weakened.

作为传统的非监护解决方案，诸如Ledger和Trezor等硬件钱包长期以来一直占全球市场份额的60％。但是，随着序数赋予BTC生态系统的能力，由于其封闭的系统，对更多相互作用的需求以及硬件钱包逐渐成为“生态岛屿”。为了不被时代的进步抛弃，Ledger Live和Trezor Suite等产品已开始尝试支持NFT和多链资产管理。但是数据表明，用户更愿意牺牲5％的安全性来换取80％的便利性，并且硬件钱包的市场障碍逐渐被削弱。

Emerging wallets: Dimensionality reduction strikes, reshaping user experience

新兴钱包：降低维度的罢工，重塑用户体验

What really stirs up the market is a group of “anti-traditional” emerging players:

真正激起市场的是一群“反传统”的新兴参与者：

Fireblocks: Through MPC technology, 1,500 institutions such as Goldman Sachs can safely custody $200 billion in assets, impacting traditional custodians.

Fireblocks：通过MPC技术，高盛（Goldman Sachs）等1,500家机构可以安全地监护2000亿美元的资产，从而影响传统的托管人。

At this time, the competition among wallets is no longer just a competition for market share, but a competition for ecological dominance. However, in this war, wallets have not found the optimal solution, but are instead caught in multiple challenges of technology, security, and user experience. CEX, hardware wallets, and emerging wallets are each betting on different futures: the ideal of decentralization, the reality of user experience, and the bottom line of security. The

目前，钱包之间的竞争不再仅仅是争取市场份额的竞争，而是生态统治的竞争。但是，在这场战争中，钱包尚未找到最佳解决方案，而是陷入了技术，安全和用户体验的多种挑战。 CEX，硬件钱包和新兴钱包各自押注不同的未来：权力下放的理想，用户体验的现实以及安全的底线。这