停止將比特幣稱為“數字黃金”，比特幣雜誌

將比特幣標記為“數字黃金”是對這種革命性貨幣形式的誤解。該聲明將比特幣簡化為僅具有存儲價值的功能的資產，從而掩蓋了其更深層次的技術優勢和財務潛力。

Original article: Isaiah Austin , Bitcoin Magazine

原始文章：以賽亞·奧斯汀（Isaiah Austin），比特幣雜誌

Compiled by: Yuliya, PANews

彙編：Yuliya，Panews

Labeling Bitcoin as “digital gold” is a misunderstanding of this revolutionary form of currency. This statement simplifies Bitcoin into an asset with only the function of storing value, obscuring its deeper technological advantages and financial potential.

將比特幣標記為“數字黃金”是對這種革命性貨幣形式的誤解。該聲明將比特幣簡化為僅具有存儲價值的功能的資產，從而掩蓋了其更深層次的技術優勢和財務潛力。

Analogy is a common way for humans to understand new things. Faced with the unprecedented concept of Bitcoin, people naturally tend to look for a reference model. Before the general public has a deep understanding of the underlying mechanism of Bitcoin, “digital gold” is undoubtedly an intuitive and easy-to-accept analogy. Bitcoin is scarce, universally used, and has a storage function, so it seems natural to be called “digital gold.”

類比是人類理解新事物的常見方法。面對前所未有的比特幣概念，人們自然傾向於尋找參考模型。在公眾對比特幣的潛在機制有深刻的了解之前，“數字黃金”無疑是一個直觀且易於吸引的類比。比特幣是稀缺的，普遍使用的，並且具有存儲功能，因此自然稱為“數字黃金”。

This narrative has driven adoption at the institutional and sovereign level, and was even written into the first paragraph of President Trump’s executive order on the establishment of a strategic Bitcoin reserve: “Bitcoin is often referred to as ‘digital gold’ due to its scarcity and security.”

這種敘述導致了在機構和主權層面的採用，甚至被寫入特朗普總統在建立戰略比特幣儲備方面的行政命令的第一段中：“比特幣由於其稀缺和安全而被稱為'數字黃金'。”

This is an undeniable achievement. However, if Bitcoin is to realize its true potential, this narrative must be updated.

這是一個不可否認的成就。但是，如果比特幣要實現其真正的潛力，則必須更新此敘述。

Bitcoin is not “digital gold”.

比特幣不是“數字黃金”。

To equate it with gold is to belittle a monetary innovation that has completely disrupted the traditional financial system. Bitcoin’s fundamental properties make gold’s proud qualities obsolete, while at the same time, it is faster, safer, and more decentralized than fiat currencies.

將其等同於黃金就是貶低一項完全破壞傳統金融體系的貨幣創新。比特幣的基本財產使黃金的驕傲品質過時了，而與法定貨幣相比，它更快，更安全，更加分散。

Scarcity and finiteness

稀缺和有限

The key reason why gold has long been a store of value is its scarcity. Over the past century, annual gold production has only increased by about 1% to 2%. The difficulty of exploration, coupled with high labor, equipment and environmental costs, makes large-scale expansion of production uneconomical.

黃金長期以來一直是價值存儲的關鍵原因是它的稀缺性。在過去的一個世紀中，每年的黃金產量僅增長了約1％至2％。探索的困難以及高勞動力，設備和環境成本的高度，使生產的大規模擴大不經濟。

This naturally occurring supply constraint has given gold currency status since 3000 BC: in ancient Rome, a high-end robe cost as much gold as a tailored suit would cost today, demonstrating its stable value.

自公元前3000年以來，這種自然發生的供應限制已賦予了黃金貨幣狀況：在古羅馬，高端長袍的成本與量身定制的西裝一樣多，如今的成本將表現出穩定的價值。

However, in the era of Bitcoin, it is inappropriate to use assets with fluctuating supply as a measure of value. Bitcoin is not scarce, but “limited”. Its total supply is forever locked at 21 million and will not increase due to technological breakthroughs or cosmic mining.

但是，在比特幣時代，使用波動供應的資產作為價值的衡量。比特幣不是稀缺，而是“有限的”。它的總供應永遠鎖定在2100萬，由於技術突破或宇宙開採而不會增加。

Through mathematics and technology, for the first time, humans have a fixed total amount of tradable currency, the significance of which goes far beyond what “digital gold” can cover.

通過數學和技術，人類首次擁有固定的可交易貨幣數量，其意義遠遠超出了“數字黃金”所能覆蓋的意義。

Differentiability

可憐性

Although gold can be cut, it is hardly “highly differentiable.” This property is only achieved with saws, laser equipment, and precision scales. Therefore, gold is suitable for large transactions but difficult to use for daily payments.

儘管可以削減黃金，但幾乎沒有“高度可區分”。僅通過鋸，激光設備和精確尺度實現此屬性。因此，黃金適合大型交易，但難以用於日常付款。

At current market prices, 1 gram of gold is worth about $108. If you pay for a sandwich with gold, you have to scrape off a dime, which is obviously not feasible in reality.

以目前的市場價格，1克黃金的價值約為108美元。如果您為帶有黃金的三明治付費，則必須刮掉一角錢，這在現實中顯然是不可行的。

Historically, humans have mitigated this problem by issuing gold coins with a defined metal content. However, this also opens the door to currency debasement.

從歷史上看，人類通過發出具有定義的金屬含量的金幣來減輕這個問題。但是，這也打開了貨幣貶低的大門。

For example, the Lydian stater coins of 600 BC were issued in Lydia (modern-day Turkey) and were originally struck in electrum (an alloy of gold and silver) with a gold content of about 55%.

例如，公元前600年的Lydian Stater硬幣在Lydia（現代土耳其）發行，最初在Electrum（金和銀色的合金）中擊中，金含量約為55％。

After the conquest of the Persian Empire in 546 BC, gold coins were gradually adulterated with base metals such as copper to reduce the gold content. This practice led to a decrease in the actual value of the coins, and by the end of the 5th century BC, their gold content was only 30%-40%.

公元前546年征服波斯帝國之後，金幣逐漸用銅等銅金屬摻假，以減少黃金含量。這種做法導致硬幣的實際價值下降，到公元前5世紀末，它們的黃金含量僅為30％-40％。

Gold cannot be differentiated as an asset, and this defect has prevented it from being effectively used for a long time in history. In order to conduct small transactions, citizens usually give gold to the government in exchange for 1:1 coins. However, this mechanism often leads to currency dilution and the collapse of social trust due to the manipulation of power by the elite.

黃金不能作為資產來區分，並且這種缺陷使其在歷史上很長一段時間都無法有效使用。為了進行小型交易，公民通常向政府捐贈黃金，以換取1：1硬幣。但是，由於精英操縱權力，這種機制通常會導致貨幣稀釋和社會信任的崩潰。

In history, no monetary system based on gold has been able to avoid devaluation in the end. The actual demand for micro-transactions has forced the public to rely on paper money and small currencies issued by the state, thus losing control over wealth.

在歷史上，沒有基於黃金的貨幣制度最終避免貶值。對微交易的實際需求迫使公眾依靠國家發行的紙幣和小額貨幣，從而失去了對財富的控制權。

Bitcoin has achieved a fundamental breakthrough in this regard. Its smallest unit, "satoshi", is equal to 1/100 million of a bitcoin. Currently, 1 satoshi is worth about $0.001, and its differential power has surpassed that of the US dollar. Bitcoin transactions do not require the help of any institution or government intermediary, and users can always directly use the smallest unit of account to trade, making it a truly non-intermediary currency system.

在這方面，比特幣取得了根本的突破。它最小的單位“ satoshi”等於11億比特幣。目前，1個Satoshi的價值約為0.001美元，其差異功率超過了美元。比特幣交易不需要任何機構或政府中介機構的幫助，用戶始終可以直接使用最小的帳戶單位進行貿易，從而使其成為真正的非貨幣貨幣系統。

Therefore, in terms of divisibility and unit of account, it is almost a joke to compare gold with Bitcoin.

因此，就可劃分性和帳戶單位而言，將黃金與比特幣進行比較幾乎是個玩笑。

Auditability

可審核性

The last time the U.S. government formally audited its gold reserves was in 1

美國政府上次正式審核其黃金儲備是1