比特幣和以太坊的演變：投資者的旅程

2016年初，經驗豐富的股市投資者馬克（Mark）在紐約的一次金融會議上偶然發現了關於比特幣的討論。

In the early days of 2016, Mark, a seasoned investor in the stock market, happened upon a discussion about Bitcoin at a financial conference in New York. At the time, Bitcoin was trading at around $400 per coin, and Ethereum was still a newcomer to the cryptocurrency scene.

在2016年初，股票市場經驗豐富的投資者馬克（Mark）在紐約舉行的金融會議上討論了比特幣。當時，比特幣的交易價格約為每枚硬幣400美元，以太坊仍然是加密貨幣現場的新手。

Having closely followed the ups and downs of the stock market for many years, Mark approached new investment opportunities with a healthy dose of skepticism. However, the discussion at the conference sparked some curiosity in him.

馬克（Mark）緊隨股票市場的跌宕起伏之後，馬克（Mark）以健康的懷疑態度抓住了新的投資機會。但是，會議上的討論激發了他的好奇心。

After the conference, Mark decided to allocate a portion of his investment portfolio to both Bitcoin and Ethereum, investing $5,000 in each cryptocurrency. He figured that if this new asset class went to zero, he would be out a small sum, an amount he was comfortable with.

會議結束後，馬克決定將其一部分投資組合分配給比特幣和以太坊，在每種加密貨幣上投資5,000美元。他認為，如果這個新資產類別為零，他會一小筆錢，這是他滿意的。

At the time, investing in cryptocurrencies was not as mainstream as it is today. Most of Mark’s peers were focused on stocks, bonds, and real estate. When Mark told some of his friends about his decision to invest in Bitcoin and Ethereum, they were skeptical.

當時，投資加密貨幣並不像今天那麼主流。馬克的大多數同行都集中在股票，債券和房地產上。當馬克告訴他的一些朋友他決定投資比特幣和以太坊的決定時，他們持懷疑態度。

“Isn’t that risky?” they asked.

“這不是冒險嗎？”他們問。

“Isn’t it a scam?”

“不是騙局嗎？”

But Mark had done his research and felt comfortable with the investment. He had read about the technology underlying Bitcoin and Ethereum, and he understood the potential of these cryptocurrencies to disrupt the financial system.

但是馬克做了他的研究，對這項投資感到滿意。他已經閱讀了有關比特幣和以太坊的技術，他了解了這些加密貨幣破壞金融體系的潛力。

Mark also saw cryptocurrencies as a hedge against the economic uncertainty that was brewing at the time. With interest rates at all-time lows and inflation threatening to pick up, Mark felt that traditional investments were not offering the same opportunities for growth as they once had.

馬克還認為加密貨幣是對當時釀造的經濟不確定性的對沖。隨著歷史最低低點的利率和通貨膨脹威脅到接收的利率，馬克認為傳統投資沒有提供與以往相同的增長機會。

Of course, investing in cryptocurrencies also comes with a high degree of risk. The cryptocurrency market is notoriously volatile, and the value of cryptocurrencies can fluctuate wildly in a short period of members.

當然，投資加密貨幣也有很高的風險。眾所周知，加密貨幣市場是波動的，加密貨幣的價值可能會在短時間內的成員中大幅波動。

Moreover, cryptocurrency is still a relatively new asset class, and there is no guarantee of future returns. Despite the risks, Mark felt that the potential rewards outweighed the downsides.

此外，加密貨幣仍然是一個相對較新的資產類別，並且不能保證未來的回報。儘管有風險，馬克認為潛在的獎勵超過了缺點。

Over the years, Mark diligently monitored his cryptocurrency investments, marveling at their growth. As Bitcoin rose in value, it drew attention from institutional investors, hedge funds, and even sovereign wealth funds, who were adding Bitcoin to their balance sheets as a hedge against economic downturn.

多年來，馬克勤奮地監視了他的加密貨幣投資，驚嘆於他們的增長。隨著比特幣的價值上升，它引起了機構投資者，對沖基金，甚至是主權財富基金的關注，他們正在將比特幣添加到資產負債表中，以抗衝經濟衰退。

El Salvador’s decision to adopt Bitcoin as legal tender in 2021 was another significant milestone, paving the way for other nations to explore similar moves.

埃爾·薩爾瓦多（El Salvador）決定在2021年採用比特幣作為法定貨幣的決定是另一個重要的里程碑，為其他國家探索類似的舉動鋪平了道路。

Meanwhile, the introduction of Bitcoin exchange-traded funds (ETFs) made it easier for retail investors to gain exposure to Bitcoin without the complexities of self-custody. The growing trust in Bitcoin as “digital gold” suggested that it would continue to be a preferred asset for long-term wealth preservation.

同時，引入比特幣交易所交易基金（ETF）使零售投資者在沒有自我庫的複雜性的情況下更容易獲得對比特幣的風險。作為“數字黃金”的對比特幣的越來越多的信任表明，它將繼續是長期財富保存的首選資產。

On the other hand, Ethereum’s ecosystem expanded rapidly, driven by the booming decentralized finance (DeFi) sector, where users could lend, borrow, and trade assets without intermediaries. Most of the DeFi activity was built on Ethereum’s network due to its technological capabilities and mature decentralized applications (dApps).

另一方面，以太坊的生態系統迅速擴展，這是由蓬勃發展的分散融資（DEFI）部門驅動的，在那裡，用戶可以在沒有中介機構的情況下借貸，借用和貿易資產。由於其技術能力和成熟的分散應用（DAPP），大多數DEFI活動都是在以太坊網絡上建立的。

The rapid growth of non-fungible tokens (NFTs) propelled Ethereum into the mainstream art and entertainment industries, further expanding its reach beyond the cryptocurrency domain.

不可殺菌令牌（NFTS）的快速增長將以太坊推向了主流藝術和娛樂業，進一步擴大了其範圍之外的覆蓋範圍。

Transitioning to a proof-of-stake (PoS) consensus mechanism also helped reduce Ethereum’s environmental footprint and increased the network’s efficiency, making it more appealing for businesses and developers to build on.

過渡到驗證證明（POS）共識機制也有助於減少以太坊的環境足跡並提高網絡的效率，從而使企業和開發商更具吸引力。

After a seven-year investment journey, Mark had witnessed substantial gains. His initial $5,000 investment in Bitcoin had grown to over $200,000 with Bitcoin trading at over $81,700.

經過七年的投資旅程，馬克見證了可觀的收益。他對比特幣的最初5,000美元投資已增長到200,000美元以上，比特幣交易的價格超過81,700美元。

Moreover, his Ethereum holdings, which began with an equal investment of $5,000, had expanded even further due to the growth of DeFi and smart contracts. At present, one ETH coin was valued at over $1,912, a testament to the rapid development of the Ethereum ecosystem.

此外，他的以太坊持有量始於5,000美元的同等投資，由於DEFI和智能合約的增長，進一步擴大了。目前，一枚Eth Coin的價值超過1,912美元，這證明了以太坊生態系統的快速發展。

Despite the staggering figures, Mark was contemplating whether he should prioritize Bitcoin or Ethereum for continued investment.

儘管有驚人的數字，馬克仍在考慮是否應該優先考慮比特幣還是以太坊進行持續投資。

“Bitcoin has certainly performed exceptionally well, offering stability and consistent value appreciation,” Mark mused.

馬克想：“比特幣的表現肯定表現出色，提供了穩定性和一致的價值升值。”

“It’s no secret that Bitcoin has been a haven for investors seeking to diversify their portfolios as traditional markets become increasingly volatile.”

“隨著傳統市場越來越波動，比特幣一直是尋求多樣化投資組合的投資者的天堂，這已經不是什麼秘密了。”

Mark had observed that institutional investors, particularly in times of economic uncertainty, prefer to invest in assets with a clear track record and a history of stability.

馬克觀察到，機構投資者，尤其是在經濟不確定性時期，更喜歡投資具有清晰記錄和穩定歷史的資產。

In this regard, Bitcoin, with its long-standing presence and resilience, naturally appealed to them more than Ethereum, which is still relatively new and rapidly evolving.

在這方面，比特幣具有長期的存在和韌性，自然而然地吸引了他們，而不是以太坊，這仍然是相對較新且迅速發展的。

“However, considering the broader technological advancements and the future potential that they unlock, I think Ethereum presents an even more compelling opportunity,” Mark added.

馬克補充說：“但是，考慮到更廣泛的技術進步以及它們解鎖的未來潛力，我認為以太坊帶來了更具吸引力的機會。”

Mark had been following the rapid development of Web3 applications and was impressed by how Ethereum served as the foundation for this new decentralized internet.

馬克一直在遵循Web3應用程序的快速開發，並對以太坊如何成為這種新的分散互聯網的基礎印象深刻。

From decentralized exchanges to lending protocols and NFT marketplaces, a vibrant

從分散交流到貸款方案和NFT市場，充滿活力