ETH最終會翻轉BTC嗎？

2017-2018 年，爭論的焦點是 Tron 是否會超越以太坊升至第二位。但是，看看事情是如何演變的，爭論已經解決了。

In 2017-2018, the discussion was whether Tron would slide into second place after Ethereum. But, judging by how things have played out, that debate has been put to rest.

2017-2018年，討論的是Tron是否會跌至以太坊之後的第二位。但是，從事情的進展來看，這場爭論已經平息了。

Ethereum is the dominant smart contracts platform. But, this hasn’t stopped analysts from comparing Bitcoin and the world’s no.1 altcoin.

以太坊是主導的智慧合約平台。但是，這並沒有阻止分析師將比特幣和世界第一的山寨幣進行比較。

Will ETH Finally Flip BTC?

ETH最終會翻轉BTC嗎？

On X, one user claims that Ethereum only needs time to flip Bitcoin as the no.1 crypto. Citing several factors, the analyst said Ethereum is better positioned to take over from the first cryptocurrency, highlighting the larger user base and the benefits smart contracts bring to the equation, among others.

在 X 上，一位用戶聲稱以太幣只需要時間就能取代比特幣成為第一加密貨幣。這位分析師引用了幾個因素表示，以太坊更有能力取代第一種加密貨幣，強調了更大的用戶群以及智慧合約帶來的好處等。

Judging by CoinMarketCap data, Bitcoin has a market cap of over $1.3 trillion, with each coin trading for over $68,000 at spot rates as of May 28. Meanwhile, Ethereum is perched at second.

根據 CoinMarketCap 數據判斷，截至 5 月 28 日，比特幣的市值超過 1.3 兆美元，以即期匯率計算，每枚比特幣的交易價格超過 68,000 美元。

Although it has been one of the top performers in the last week, extending gains versus Bitcoin, each coin is changing hands for over $3,800. It has a market cap of over $465 billion at this level.

儘管它是上週表現最好的加密貨幣之一，相對於比特幣擴大了漲幅，但每枚加密貨幣的轉手價格都超過 3,800 美元。目前該公司的市值超過 4,650 億美元。

Comparing the two, Bitcoin is roughly three times more valuable than Ethereum. But, even with the larger market cap, stemming from its first mover advantage, one analyst believes Ethereum is superior.

兩者相比，比特幣的價值大約是以太幣的三倍。但是，即使市值較大，但由於其先發優勢，一位分析師認為以太坊更勝一籌。

For example, the observer said Ethereum has a substantially larger user base than Bitcoin. The broader user base is because developers can launch protocols on the platform. Some of the most popular ones, like Uniswap and Aave, generate more daily fees than Bitcoin.

例如，觀察家表示，以太坊的用戶群比比特幣大得多。更廣泛的用戶群是因為開發者可以在平台上啟動協定。一些最受歡迎的交易，如 Uniswap 和 Aave，產生的每日費用比比特幣還要高。

Besides this, the analyst said Ethereum serves as a store of value and a medium of exchange. These features give it more edge than Bitcoin, which purely exists as a transactional layer for moving value trustlessly and cheaply across borders.

除此之外，分析師表示，以太坊還可以作為價值儲存手段和交換媒介。這些功能賦予它比比特幣更多的優勢，比特幣純粹作為交易層存在，用於以不信任的方式、廉價地跨境轉移價值。

From an infrastructure perspective, the analyst argues that being an Ethereum validator is easier than running a Bitcoin mining rig. Over 1.9 million Ethereum validators have staked at least 32 ETH for a chance to validate a block of transactions and earn rewards. On the other hand, Bitcoin mining necessitates specialized hardware. Mining rigs are typically expensive and difficult to come by.

從基礎設施的角度來看，分析師認為，成為以太坊驗證者比運行比特幣挖礦設備更容易。超過 190 萬以太坊驗證者已質押至少 32 ETH，以獲得驗證交易區塊並賺取獎勵的機會。另一方面，比特幣挖礦需要專門的硬體。採礦設備通常價格昂貴且難以取得。

Spot Ethereum ETF Listings Approval And The Security Question

現貨以太坊 ETF 上市批准與安全問題

While the United States Securities and Exchange Commission’s (SEC) decision to approve spot Ethereum exchange-traded fund (ETF) listing is bullish, whether ETH is a security or a commodity remains to be clarified. Bitcoin, in comparison, enjoys a clearer designation as a commodity.

雖然美國證券交易委員會（SEC）批准以太坊交易所交易基金（ETF）現貨上市的決定是看漲的，但 ETH 是證券還是商品仍有待澄清。相較之下，比特幣作為一種商品享有更明確的定位。

The United States SEC has not explicitly declared ETH a security. However, ConsenSys recently sued the agency, alleging that they internally considered ETH a security. There is a clash because the Commodity Futures Trading Commission (CFTC), a sister agency to the SEC, categorizes ETH as a commodity.

美國 SEC 尚未明確宣布 ETH 為證券。然而，ConsenSys 最近起訴該機構，聲稱他們內部認為 ETH 是一種證券。之所以會發生衝突，是因為 SEC 的姊妹機構商品期貨交易委員會 (CFTC) 將 ETH 歸類為商品。

But, as the debate continues, analysts are suggesting that the commission would be endorsing ETH as a commodity if it approves form S-1 for registration.

但是，隨著爭論的繼續，分析師表示，如果委員會批准 S-1 表格註冊，那麼委員會將認可 ETH 作為商品。