停止将比特币称为“数字黄金”，比特币杂志

将比特币标记为“数字黄金”是对这种革命性货币形式的误解。该声明将比特币简化为仅具有存储价值的功能的资产，从而掩盖了其更深层次的技术优势和财务潜力。

Original article: Isaiah Austin , Bitcoin Magazine

原始文章：以赛亚·奥斯汀（Isaiah Austin），比特币杂志

Compiled by: Yuliya, PANews

汇编：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.

将比特币标记为“数字黄金”是对这种革命性货币形式的误解。该声明将比特币简化为仅具有存储价值的功能的资产，从而掩盖了其更深层次的技术优势和财务潜力。

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.”

类比是人类理解新事物的常见方法。面对前所未有的比特币概念，人们自然倾向于寻找参考模型。在公众对比特币的潜在机制有深刻的了解之前，“数字黄金”无疑是一个直观且易于吸引的类比。比特币是稀缺的，普遍使用的，并且具有存储功能，因此自然称为“数字黄金”。

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.”

这种叙述导致了在机构和主权层面的采用，甚至被写入特朗普总统在建立战略比特币储备方面的行政命令的第一段中：“比特币由于其稀缺和安全而被称为'数字黄金'。”

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

这是一个不可否认的成就。但是，如果比特币要实现其真正的潜力，则必须更新此叙述。

Bitcoin is not “digital gold”.

比特币不是“数字黄金”。

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.

将其等同于黄金就是贬低一项完全破坏传统金融体系的货币创新。比特币的基本财产使黄金的骄傲品质过时了，而与法定货币相比，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.

黄金长期以来一直是价值存储的关键原因是它的稀缺性。在过去的一个世纪中，每年的黄金产量仅增长了约1％至2％。探索的困难以及高劳动力，设备和环境成本的高度，使生产的大规模扩大不经济。

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年以来，这种自然发生的供应限制已赋予了黄金货币状况：在古罗马，高端长袍的成本与量身定制的西装一样多，如今的成本将表现出稳定的价值。

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，在比特币时代，使用波动供应的资产作为价值的衡量。比特币不是稀缺，而是“有限的”。它的总供应永远锁定在2100万，由于技术突破或宇宙开采而不会增加。

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.

通过数学和技术，人类首次拥有固定的可交易货币数量，其意义远远超出了“数字黄金”所能覆盖的意义。

Differentiability

可怜性

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.

尽管可以削减黄金，但几乎没有“高度可区分”。仅通过锯，激光设备和精确尺度实现此属性。因此，黄金适合大型交易，但难以用于日常付款。

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.

以目前的市场价格，1克黄金的价值约为108美元。如果您为带有黄金的三明治付费，则必须刮掉一角钱，这在现实中显然是不可行的。

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

从历史上看，人类通过发出具有定义的金属含量的金币来减轻这个问题。但是，这也打开了货币贬低的大门。

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硬币在Lydia（现代土耳其）发行，最初在Electrum（金和银色的合金）中击中，金含量约为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年征服波斯帝国之后，金币逐渐用铜等铜金属掺假，以减少黄金含量。这种做法导致硬币的实际价值下降，到公元前5世纪末，它们的黄金含量仅为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.

黄金不能作为资产来区分，并且这种缺陷使其在历史上很长一段时间都无法有效使用。为了进行小型交易，公民通常向政府捐赠黄金，以换取1：1硬币。但是，由于精英操纵权力，这种机制通常会导致货币稀释和社会信任的崩溃。

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.

在历史上，没有基于黄金的货币制度最终避免贬值。对微交易的实际需求迫使公众依靠国家发行的纸币和小额货币，从而失去了对财富的控制权。

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.

在这方面，比特币取得了根本的突破。它最小的单位“ satoshi”等于11亿比特币。目前，1个Satoshi的价值约为0.001美元，其差异功率超过了美元。比特币交易不需要任何机构或政府中介机构的帮助，用户始终可以直接使用最小的帐户单位进行贸易，从而使其成为真正的非货币货币系统。

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

因此，就可划分性和帐户单位而言，将黄金与比特币进行比较几乎是个玩笑。

Auditability

可审核性

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

美国政府上次正式审核其黄金储备是1