比特币面临停滞危险：适应和货币演变至关重要

比特币作为“价值存储”的地位受到稳定币、比特币 ETF 和僵化等新兴竞争对手的威胁，引发了社区内部的争论。虽然一些人主张维持比特币的现状，但另一些人则强调需要不断发展并提高其作为交换媒介的采用率。文章认为，比特币的未来取决于其适应和融入日常交易的能力，避免渡渡鸟因无法飞行而灭绝的命运。

Bitcoin: Navigating the Perils of Stagnation and Embracing Monetary Evolution

比特币：应对停滞的危险并拥抱货币进化

In a thought-provoking article, Bitcoin Magazine CFO Di Lewis draws a compelling analogy between Bitcoin and the ill-fated dodo bird, warning that complacency and resistance to adaptation could lead to the cryptocurrency's obsolescence. Lewis argues that while Bitcoin has established itself as a reliable "store of value," it must embrace its full potential as true money, fulfilling the crucial functions of a medium of exchange and unit of account. Failure to do so exposes Bitcoin to significant threats that could undermine its long-term viability.

在一篇发人深省的文章中，比特币杂志首席财务官 Di Lewis 在比特币和命运多舛的渡渡鸟之间进行了令人信服的类比，警告称自满和抵制适应可能会导致加密货币的过时。刘易斯认为，虽然比特币已经成为一种可靠的“价值储存手段”，但它必须充分发挥其作为真正货币的潜力，履行交换媒介和记账单位的关键功能。如果不这样做，比特币就会面临重大威胁，从而损害其长期生存能力。

Stablecoins: A Threat to Bitcoin's Dominance as a Medium of Exchange

稳定币：对比特币作为交易媒介的主导地位的威胁

Stablecoins, digital currencies pegged to traditional currencies such as the U.S. dollar, have emerged as formidable competitors to Bitcoin in the realm of everyday transactions. Their stability and convenience make them attractive for practical use, potentially relegating Bitcoin to the sidelines in this vital role. Lewis contends that stablecoins, often issued on blockchains other than Bitcoin, represent a "gateway to fiat money" and a reversion to the centralized control that Bitcoin was designed to escape.

稳定币是与美元等传统货币挂钩的数字货币，在日常交易领域已成为比特币的强大竞争对手。它们的稳定性和便利性使它们在实际应用中具有吸引力，从而可能使比特币在这一重要角色中处于边缘地位。刘易斯认为，稳定币通常在比特币以外的区块链上发行，代表着“法定货币的门户”，也是对比特币旨在逃避的集中控制的回归。

He warns that the widespread adoption of stablecoins could lead to tighter regulations and a loss of Bitcoin's decentralization. Governments, keen to maintain control over the monetary landscape, are likely to exert their influence over stablecoin issuers, potentially introducing rigid regulations that undermine the core principles of Bitcoin. This scenario could erode trust in Bitcoin as a reliable alternative to fiat currencies and further hinder its integration into daily commerce.

他警告说，稳定币的广泛采用可能会导致监管更加严格，并导致比特币去中心化的丧失。渴望保持对货币格局的控制的政府可能会对稳定币发行人施加影响，从而可能引入破坏比特币核心原则的严格监管。这种情况可能会削弱人们对比特币作为法定货币可靠替代品的信任，并进一步阻碍其融入日常商业。

Bitcoin ETFs: A Double-Edged Sword with Potential Risks to Self-Custody

比特币 ETF：一把双刃剑，存在自我托管的潜在风险

The recent surge in Bitcoin Exchange-Traded Funds (ETFs) has been hailed as a sign of mainstream adoption, enabling investors to access Bitcoin through traditional financial institutions. However, Lewis cautions that this convenience comes with significant trade-offs. ETFs concentrate ownership of Bitcoin in the hands of institutions, reducing self-custody and potentially marginalizing the core Bitcoin user base that values financial sovereignty.

最近比特币交易所交易基金（ETF）的激增被誉为主流采用的标志，使投资者能够通过传统金融机构获取比特币。然而，刘易斯警告说，这种便利伴随着重大的权衡。 ETF 将比特币的所有权集中在机构手中，减少了自我托管，并可能使重视金融主权的核心比特币用户群边缘化。

Institutional ownership could lead to a shift in the power dynamics of Bitcoin, as financial institutions have vested interests in maintaining control over access to the cryptocurrency. This could undermine Bitcoin's resistance to future regulations or attacks, as these institutions are less likely to prioritize the protection of Bitcoin's decentralized nature. Ultimately, the widespread adoption of Bitcoin through ETFs could result in a loss of independence and a diminished ability to safeguard against external threats.

机构所有权可能会导致比特币权力动态的转变，因为金融机构在维持对加密货币访问的控制方面拥有既得利益。这可能会削弱比特币对未来监管或攻击的抵抗力，因为这些机构不太可能优先考虑保护比特币的去中心化性质。最终，通过 ETF 广泛采用比特币可能会导致独立性的丧失以及抵御外部威胁的能力下降。

Ossification vs. Evolution: The Importance of Adapting to Changing Circumstances

僵化与进化：适应不断变化的环境的重要性

Lewis emphasizes the importance of continual evolution for Bitcoin to remain relevant in the face of emerging technologies and changing market dynamics. He criticizes the notion of "ossification," where Bitcoin's blockchain network becomes resistant to change due to a belief that it should remain untouched. Such a mindset stifles innovation and adaptability, hindering Bitcoin's ability to respond to evolving needs and challenges.

刘易斯强调了比特币不断发展的重要性，以使其在面对新兴技术和不断变化的市场动态时保持相关性。他批评了“僵化”的概念，即比特币的区块链网络由于相信它应该保持不变而变得抵制变化。这种心态扼杀了创新和适应性，阻碍了比特币应对不断变化的需求和挑战的能力。

Lewis argues that Bitcoin's success hinges on its ability to embrace new use cases and technological advancements, while maintaining its core principles. He highlights the ongoing debate surrounding the use of Bitcoin for purposes beyond financial transactions, such as the recent emergence of "ordinals," which have sparked discussions about expanding Bitcoin's capabilities. By fostering an environment of open discussion and embracing innovation, Bitcoin can unlock its full potential and adapt to the ever-changing crypto landscape.

刘易斯认为，比特币的成功取决于其接受新用例和技术进步的能力，同时保持其核心原则。他强调了围绕比特币用于金融交易之外的目的的持续争论，例如最近出现的“序数”，这引发了关于扩展比特币功能的讨论。通过营造开放讨论和拥抱创新的环境，比特币可以释放其全部潜力并适应不断变化的加密货币格局。

Holding and Spending: Encouraging Transactions for Widespread Adoption

持有和支出：鼓励交易以实现广泛采用

Lewis challenges the common narrative within the Bitcoin community that encourages users to "hold" their Bitcoin indefinitely, avoiding spending it. He asserts that this approach undermines Bitcoin's status as real money, further hindering its adoption as a medium of exchange. A lack of everyday use reduces the incentive for businesses to integrate Bitcoin and cryptocurrencies as payment options, creating a self-reinforcing cycle that perpetuates Bitcoin's limited practical utility.

刘易斯挑战了比特币社区内鼓励用户无限期“持有”比特币、避免消费的普遍说法。他声称，这种做法破坏了比特币作为真实货币的地位，进一步阻碍了其作为交换媒介的采用。缺乏日常使用会降低企业将比特币和加密货币整合为支付选项的动力，从而形成一个自我强化的循环，使比特币有限的实际效用永久化。

Lewis emphasizes that Bitcoin's true value lies in its use as a currency, enabling transactions and facilitating commerce. By encouraging widespread spending and adoption, Bitcoin can establish itself as a viable alternative to fiat currencies and fulfill its potential as a transformative force in the financial world.

刘易斯强调，比特币的真正价值在于其作为货币的用途，支持交易并促进商业。通过鼓励广泛的消费和采用，比特币可以成为法定货币的可行替代品，并发挥其作为金融世界变革力量的潜力。

Conclusion: The Imperative for Adaptation and Innovation

结论：适应和创新势在必行

Lewis concludes by stressing that Bitcoin's future is not predetermined and that its success depends on its ability to adapt and evolve. The cryptocurrency faces significant challenges from stablecoins, Bitcoin ETFs, ossification, and a lack of widespread spending. By addressing these threats, embracing innovation, and fulfilling its role as a true medium of exchange, Bitcoin can secure its long-term viability and continue to drive transformative change in the global financial ecosystem.

刘易斯最后强调，比特币的未来不是预先确定的，其成功取决于其适应和发展的能力。这种加密货币面临着来自稳定币、比特币 ETF、僵化和缺乏广泛支出的重大挑战。通过应对这些威胁、拥抱创新并发挥其作为真正交换媒介的作用，比特币可以确保其长期生存能力，并继续推动全球金融生态系统的变革。

In the race for monetary supremacy, stagnation is the greatest threat to Bitcoin's dominance. By avoiding the fate of the dodo bird, Bitcoin must embrace its adaptability and evolution, proving its resilience and enduring relevance in an ever-evolving technological landscape.

在货币霸权的争夺中，停滞是对比特币统治地位的最大威胁。为了避免渡渡鸟的命运，比特币必须拥抱它的适应性和进化，在不断发展的技术环境中证明它的弹性和持久的相关性。