理解比特币的本质：数字货币还是数字黄金？

正如其创造者中本聪所设想的那样，比特币旨在充当“电子点对点现金”。然而，鉴于比特币在高峰使用期间的交易量和费用方面的限制，持续不断的争论对比特币作为货币的适用性提出了质疑。与黄金类似，比特币作为一种数字资产越来越被采用，这引发了这样的争论：其主要用途在于财产或资本，而不是货币。

Bitcoin: A Path to Understanding Its Essence

比特币：理解其本质的途径

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.

在中本聪 2008 年撰写的开创性白皮书中，比特币作为“电子点对点现金”的概念占据了其核心地位。这一概念引起了比特币社区内狂热分子的共鸣，他们主张坚定不移地坚持其作为数字货币的预期目的。

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，比特币的发展轨迹遇到了挑战和有争议的争论，特别是在交易量增加的时期，导致交易时间延长和费用过高。这引发了关于如何协调比特币作为数字货币的潜力与比特币向数字黄金（一种价值储存手段）转变的讨论。

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.

比特币社区在区块大小问题上存在严重分歧，其中一个派别提议扩大区块大小限制，认为这符合中本聪所谓的意图。反对派强烈抵制此类修改，强调需要在协议层面维护比特币的完整性。在这些辩论中，出现了“扩展比特币”等会议，促进了对替代解决方案的探索，以在不损害其核心原则的情况下增强比特币的可扩展性。

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.

以闪电网络为代表的第二层解决方案的出现，为在不改变其基本架构的情况下扩展比特币带来了一线希望。然而，事实证明，将比特币作为一种数字货币的追求是艰巨的，由于其与非法活动的联系和模糊的起源而经常遇到阻力。

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.

相比之下，当比特币作为一种数字资产、一种无形财产呈现时，这种阻力往往会消失。这种观点的转变强调了比特币作为财富储存手段的内在价值，使其远离了与其货币功能相关的耻辱。

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.

认识到拥有大量资源和军事力量的政府所构成的生存威胁，比特币作为一种财产的支持者认为，将其分类将使其免受维护财产权国家的潜在禁令。这一论点承认，社会转向共产主义的风险仍然是一个始终存在的担忧，与比特币的存在没有内在联系。

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，世界财富的很大一部分不是以流动货币形式持有，而是以各种形式的资产形式持有，例如房地产、贵金属和收藏品。现代中产阶级经常通过投资股票指数来实现财富多元化，这种做法几十年来一直很常见。

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

资本积累表现出对资产而非货币的偏好，凸显了比特币作为价值储存手段和数字财产的内在价值。

Bitcoin as Property

比特币作为财产

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.

比特币领域的一个基本问题是它应该被归类为证券还是商品。美国证券交易委员会（SEC）宣布比特币是一种商品，一种没有发行人的资产。这种区别意味着任何实体，无论是个人、公司、政府还是任何其他团体，都不能对比特币的未来发展施加不当影响。

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.

比特币拥有类似于物理财产的属性。比特币网络上的交易反映了数字契约的功能，复制了房地产交易的基本方面，例如记录和所有权保证。事实上，比特币比传统财产所有权具有某些优势。

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.

与在中央公共记录办公室登记的房地产契约不同，比特币协议本身就是一个去中心化的公共登记处。交易在比特币挖掘层中进行验证和记录，创建不可变的交易历史。

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.

在单个区块内存在竞争交易的情况下，比特币矿工会确定哪一个是有效的并将其公开广播，从而防止双重支出并确保不可变账本的完整性。

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.

这些机制能够以分散的方式建立和维护产权，不受任何中央机构的监督。矿工本质上充当计时器，将经过验证的交易添加到区块链（分布式且不可变的公共分类账）中。

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

比特币的去中心化性质及其在现有法律框架之外的自主运作使其成为一种独特且有价值的财产形式。

Institutional Adoption

机构采用

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.

比特币的机构采用势头强劲，特别是自 2024 年 1 月比特币 ETF（交易所交易基金）获得批准以来。这引发了人们对比特币作为数字资产的兴趣激增，类似于狂热的数字淘金热。

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，估计 99% 的比特币已被开采。剩下的1%将在下个世纪逐步释放。目前，94% 的比特币已被开采，矿工们继续出售比特币来支付运营费用。

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.

当初始供应耗尽后，矿工将仅依靠交易费进行补偿。这种有限的供应，加上人们对比特币价值主张的认识不断增强，可能会促使机构投资者考虑将其部分储备金分配给比特币。

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.

随着时间的推移，这些机构将认识到现金的固有局限性及其随着时间推移贬值的可能性，并最终得出结论：比特币提供了一种令人信服的替代方案，正如 MicroStrategy 的开创性行动所证明的那样。

Bitcoin's Rise to Prominence

比特币的崛起

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.

比特币已成为一种优越的资本形式，有望成为世界上最受欢迎的资产。其透明且可访问的市场全年 365 天、每天 24 小时连续运行，具有无与伦比的稳定性。与任何其他资产不同，2100 万枚比特币的有限供应让人对其未来价值充满信心。

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辖区的约束。

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.

除了其货币价值之外，比特币还代表着一项意义深远的技术突破，是一种数学上合理的经济协议。它对无数次复制其成功的尝试的持久弹性，加上其强大的安全性，证明了其持久的实力。

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.

比特币的遗产将远远超越中本聪和我们这个神秘人物。作为数字领域的变革力量，它将继续塑造金融和经济的未来。

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 的首席技术官、著名的区块链开发商、运营安全专家。他的丰富经验涵盖政府运营安全、技术初创企业、应用程序开发和密码学。 Stadelmann 涉足区块链技术可以追溯到 2011 年，并于 2016 年加入 Komodo 团队。