比特币和以太坊的演变：投资者的旅程

2016年初，经验丰富的股市投资者马克（Mark）在纽约的一次金融会议上偶然发现了关于比特币的讨论。

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，股票市场经验丰富的投资者马克（Mark）在纽约举行的金融会议上讨论了比特币。当时，比特币的交易价格约为每枚硬币400美元，以太坊仍然是加密货币现场的新手。

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.

马克（Mark）紧随股票市场的跌宕起伏之后，马克（Mark）以健康的怀疑态度抓住了新的投资机会。但是，会议上的讨论激发了他的好奇心。

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.

会议结束后，马克决定将其一部分投资组合分配给比特币和以太坊，在每种加密货币上投资5,000美元。他认为，如果这个新资产类别为零，他会一小笔钱，这是他满意的。

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.

当时，投资加密货币并不像今天那么主流。马克的大多数同行都集中在股票，债券和房地产上。当马克告诉他的一些朋友他决定投资比特币和以太坊的决定时，他们持怀疑态度。

“Isn’t that risky?” they asked.

“这不是冒险吗？”他们问。

“Isn’t it a scam?”

“不是骗局吗？”

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.

但是马克做了他的研究，对这项投资感到满意。他已经阅读了有关比特币和以太坊的技术，他了解了这些加密货币破坏金融体系的潜力。

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.

马克还认为加密货币是对当时酿造的经济不确定性的对冲。随着历史最低低点的利率和通货膨胀威胁到接收的利率，马克认为传统投资没有提供与以往相同的增长机会。

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.

当然，投资加密货币也有很高的风险。众所周知，加密货币市场是波动的，加密货币的价值可能会在短时间内的成员中大幅波动。

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，加密货币仍然是一个相对较新的资产类别，并且不能保证未来的回报。尽管有风险，马克认为潜在的奖励超过了缺点。

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.

多年来，马克勤奋地监视了他的加密货币投资，惊叹于他们的增长。随着比特币的价值上升，它引起了机构投资者，对冲基金，甚至是主权财富基金的关注，他们正在将比特币添加到资产负债表中，以抗冲经济衰退。

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.

埃尔·萨尔瓦多（El Salvador）决定在2021年采用比特币作为法定货币的决定是另一个重要的里程碑，为其他国家探索类似的举动铺平了道路。

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.

同时，引入比特币交易所交易基金（ETF）使零售投资者在没有自我库的复杂性的情况下更容易获得对比特币的风险。作为“数字黄金”的对比特币的越来越多的信任表明，它将继续是长期财富保存的首选资产。

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，以太坊的生态系统迅速扩展，这是由蓬勃发展的分散融资（DEFI）部门驱动的，在那里，用户可以在没有中介机构的情况下借贷，借用和贸易资产。由于其技术能力和成熟的分散应用（DAPP），大多数DEFI活动都是在以太坊网络上建立的。

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.

不可杀菌令牌（NFTS）的快速增长将以太坊推向了主流艺术和娱乐业，进一步扩大了其范围之外的覆盖范围。

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.

过渡到验证证明（POS）共识机制也有助于减少以太坊的环境足迹并提高网络的效率，从而使企业和开发商更具吸引力。

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.

经过七年的投资旅程，马克见证了可观的收益。他对比特币的最初5,000美元投资已增长到200,000美元以上，比特币交易的价格超过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于5,000美元的同等投资，由于DEFI和智能合约的增长，进一步扩大了。目前，一枚Eth Coin的价值超过1,912美元，这证明了以太坊生态系统的快速发展。

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

尽管有惊人的数字，马克仍在考虑是否应该优先考虑比特币还是以太坊进行持续投资。

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

马克想：“比特币的表现肯定表现出色，提供了稳定性和一致的价值升值。”

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

“随着传统市场越来越波动，比特币一直是寻求多样化投资组合的投资者的天堂，这已经不是什么秘密了。”

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.

马克观察到，机构投资者，尤其是在经济不确定性时期，更喜欢投资具有清晰记录和稳定历史的资产。

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.

在这方面，比特币具有长期的存在和韧性，自然而然地吸引了他们，而不是以太坊，这仍然是相对较新且迅速发展的。

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

马克补充说：“但是，考虑到更广泛的技术进步以及它们解锁的未来潜力，我认为以太坊带来了更具吸引力的机会。”

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.

马克一直在遵循Web3应用程序的快速开发，并对以太坊如何成为这种新的分散互联网的基础印象深刻。

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

从分散交流到贷款方案和NFT市场，充满活力