比特幣與以太幣：數位黃金與數位石油

比特幣創建於 2009 年，是一種「點對點數位貨幣系統」。 Vitalik Buterin 延長了比特幣的發展，並於 2015 年推出了以太坊，這是一個「去中心化軟體平台」。

Created in 2009 by Tim Lowe of Attestant, bitcoin is a “Peer-to-Peer Digital Money System”. Vitalik Buterin prolonged bitcoin and launched Ethereum in 2015, a “Decentralised Software program Platform”.

比特幣由 Attestant 的 Tim Lowe 於 2009 年創建，是一種「點對點數位貨幣系統」。 Vitalik Buterin 擴展了比特幣，並於 2015 年推出了以太坊，這是一個「去中心化軟體平台」。

ETH and BTC are the tokens used to pay transaction charges and to reward these working blockchain software program. Bitcoin is taken into account an inflation hedge or digital gold. Ether might be digital oil, vitality that powers Digital Apps (dApps). Ethereum dApps allow tokenisation, monetary infrastructure, video games and even social media networks. Functions additionally allow Ethereum’s use as a spine for blockchains often known as Layer 2s. These are designed round particular necessities like velocity, then use Ethereum as a safe, settlement layer between chains and establishments.

ETH 和 BTC 是用於支付交易費用和獎勵這些正在運行的區塊鏈軟體程式的代幣。比特幣被視為通膨對沖工具或數位黃金。以太幣可能是數位石油，是為數位應用程式（dApps）提供動力的能量。以太坊 dApp 允許代幣化、貨幣基礎設施、視頻遊戲甚至社交媒體網路。此外，功能還允許以太坊用作區塊鏈（通常稱為第 2 層）的骨幹。這些是圍繞速度等特定需求而設計的，然後使用以太坊作為鍊和機構之間的安全結算層。

The market capitalisation of cryptocurrencies has grown over the past 5 years, nonetheless they’re nonetheless risky. Bitcoin might be thought-about digital gold… for the courageous. Bodily gold nonetheless has considerably decrease volatility. Regardless of the variations within the blockchains, they’re nonetheless extremely correlated by way of worth. Adjustments in BTC worth presently drive the crypto market as a complete.

過去五年來，加密貨幣的市值有所增長，但它們仍然存在風險。對於勇敢的人來說，比特幣可能被認為是數位黃金。儘管如此，實體黃金的波動性仍大大降低。儘管區塊鏈內部存在差異，但它們在價值方面仍然高度相關。比特幣價格的調整目前正在推動加密貨幣市場的整體發展。

Issuance of latest tokens is one space of distinction and is outlined within the software program of every blockchain somewhat than by committees. Bitcoin points a set variety of BTC “rewards” each block paid to “miners” working the community. Initially 50 BTC per block, the software program enforces a 50 per cent discount each 210,000 blocks (~4 years). From July 2024, the reward was 3.125 BTC and can halve once more in 2028.

最新代幣的發行是一個區別領域，並且在每個區塊鏈的軟體程式中而不是由委員會進行概述。比特幣指向每個區塊支付給在社區工作的「礦工」的一系列比特幣「獎勵」。最初每個區塊 50 BTC，該軟體程式每 210,000 個區塊（約 4 年）強制執行 50% 的折扣。從2024年7月開始，獎勵為3.125 BTC，2028年可能再減半。

Ethereum requires “Validators” to supply an ETH “Stake”. Rewards are issued in proportion to the stake. Ethereum additionally removes a portion of transaction charges from circulation. Block rewards improve new ETH, transactions take away ETH from circulation. Since 2022 the availability of ETH has lowered by 335k ETH.

以太坊需要「驗證者」來提供 ETH「權益」。獎勵依持股比例發放。以太坊也從流通中去除了部分交易費用。區塊獎勵提高了新的 ETH，交易使 ETH 不再流通。自 2022 年以來，ETH 的可用性減少了 335k ETH。

Validators working the Ethereum software program earn rewards (~3.071 per cent) nonetheless that is advanced and has created a brand new trade the place technical service suppliers run the software program on behalf of holders in return for a small proportion of the rewards. This offers a possibility for all ETH holders to earn yield.

使用以太坊軟體的驗證者可以獲得獎勵（約 3.071％），但這很先進，並創造了一種新的行業，技術服務提供商代表持有者運行軟體，以換取一小部分獎勵。這為所有 ETH 持有者提供了賺取收益的可能性。

Long term, staking perhaps a differentiator between ETH ETFs. The US issuers initially had this as a part of their merchandise however for now, it has been eliminated.

從長遠來看，質押可能是 ETH ETF 之間的區別。美國發行人最初將其作為其產品的一部分，但目前已被取消。

There are huge variations in vitality utilization throughout blockchains. Ethereum depends on the Validators ETH Stake as a safety assure, however bitcoin Miners can solely course of transactions in the event that they commit computation to the community. Computation makes it costly for a malicious actor to disrupt the community. For each blockchains, a considerable financial funding is required by the Software program Operators. With Ethereum, the funding is ETH, with bitcoin it’s in computation which requires vitality.

整個區塊鏈的活力利用率存在巨大差異。以太坊依靠驗證者 ETH 權益作為安全保證，但比特幣礦工只有在向社群提交計算時才能進行交易。運算使得惡意行為者破壞社群的代價高昂。對於每個區塊鏈，軟體營運商都需要大量資金。以太坊的資金是 ETH，比特幣的資金是計算，需要活力。

Gold doesn’t want new performance to ensure that it to be thought-about useful. Many bitcoin builders consider the identical – bitcoin does one factor effectively and no extra, however that’s the point. In distinction, Ethereum has a roadmap with releases introducing new performance each six months.

黃金不需要新的表現來確保它被認為有用。許多比特幣開發者都認為是一樣的——比特幣只有效地做了一件事情，沒有額外的事情，但這就是重點。不同的是，以太坊有一個路線圖，每六個月發布一次新的性能。

The success and adoption of blockchains is pushed by the software program ecosystem. An annual report printed by Electrical Capital discovered over 16,000 Ethereum builders, greater than another Blockchain by a really massive margin. Bitcoin was discovered to have only one,853 builders.

區塊鏈的成功和採用是由軟體程式生態系統推動的。 Electrical Capital 發布的年度報告發現，以太坊開發者數量超過 16,000 個，遠遠多於其他區塊鏈。比特幣被發現只有 1,853 名建造者。

Accounts holding greater than USD100 have grown throughout each blockchains with a pointy uptick in current months. Ethereum transactions are steadily rising and account for round 4 occasions that of bitcoin. If Ethereum “Layer 2” blockchains are included, the transaction rely is way greater and rising.

每個區塊鏈上持有 100 美元以上的帳戶都在成長，並且在最近幾個月急劇上升。以太坊交易量穩定上升，是比特幣交易量的四倍。如果包括以太坊「第 2 層」區塊鏈，則交易依賴會更大且不斷上升。

As the expansion and adoption of cryptocurrencies continues, we’re seeing governments world wide take a large spectrum of regulatory actions. El Salvador turned the primary nation to undertake bitcoin as a authorized tender; they’ve since been adopted by different international locations. In distinction, cryptocurrencies are topic to various kinds of bans. Because the property change into extra broadly adopted and understood, hopefully regulation will observe.

隨著加密貨幣的不斷擴展和採用，我們看到世界各地的政府採取了廣泛的監管行動。薩爾瓦多成為第一個接受比特幣作為法定貨幣的國家；此後，它們已被不同的國際地點採用。不同的是，加密貨幣受到各種禁令的影響。由於該屬性已被更廣泛地採用和理解，因此希望監管能夠遵守。

A extra mundane danger is the displacement of ETH and BTC because the dominant cryptocurrencies. Given how embedded bitcoin is within the public consciousness, this perhaps extra of a problem for Ethereum. Nonetheless, Ethereum is effectively established as a platform for dApps and has by far the most important ecosystem. This mixed with the character of software program allows Ethereum to incorporate the most effective improvements present in competing platforms.

另一個更常見的風險是 ETH 和 BTC 取代主流加密貨幣。考慮到比特幣在公眾意識中的嵌入程度，這對以太坊來說可能是一個更大的問題。儘管如此，以太坊實際上已成為 dApp 的平台，並且擁有迄今為止最重要的生態系統。這與軟體的特性相結合，使以太坊能夠整合競爭平台中存在的最有效的改進。

Cryptocurrencies are software program and so there may be at all times the danger of defects. There are nonetheless mechanisms in place to scale back this danger, for instance Ethereum is run utilizing a number of variations of the software program developed by completely different groups.

加密貨幣是軟體，因此始終存在缺陷的風險。儘管如此，仍有一些機制可以減少這種風險，例如以太坊是使用由不同團隊開發的軟體的多種變體來運作的。

On the floor bitcoin and Ether are very comparable property presently with a excessive diploma of worth correlation. There are nonetheless distinct variations which

目前，比特幣和以太坊是非常相似的資產，具有高度的價值相關性。儘管如此，仍然存在明顯的變化