比特币作为技术性很强的神奇发明，从一文不值到数字黄金，在发展过程中不仅为金融范式转变奠定了基础，改变了人们感知和交易价值的方式，也为无数数字资产开辟了一条可追随的道路。
Bitcoin, as a technologically powerful invention, from nothing to digital gold, has not only laid the foundation for a financial paradigm shift, changed the way people perceived and traded their value, but also opened a path to follow for countless digital assets.
比特币之所以复杂，是因为技术属性、金融属性和货币属性三重属性交织在一起，成功的核心在于其去中心化和安全的特性，通过利用区块链技术，消除了中央机构的需要，赋予个人财务自主权。这种去中心化的方法经受住了时间的考验，提供了许多其他加密货币努力效仿的保护级别。
Bitcoin is complicated by the fact that the three-fold attributes of technical, financial and monetary attributes are interwoven, and the core of success lies in its decentralised and secure character, overcoming the needs of central institutions and granting individual financial autonomy through the use of block chain technology. This decentralized approach has stood the test of time, providing a level of protection that many other encoded currencies are trying to emulate.
尽管这一过程并非一帆风顺，但随着市场创立、资源汇聚，比特币就便开始展现多种可能性，市场也随之进一步发育成熟。回顾比特币的发展历程，便可感受到加密市场强大的生命力。
Although the process was not easy, with the creation of markets and the pooling of resources, Bitcoin began to show a variety of possibilities, and the market matured further. Looking back at Bitcoin’s development, the powerful vitality of the encryption market can be felt.
诞生之初，比特币基本无人问津，价格基本为零。2010年7月左右，日本的比特币交易所Mt.Gox建立，交易量突然上涨，比特币才有了价格。
At the beginning of its life, Bitcoin was largely unattractive and its price was almost zero. Around July 2010, the Bitcoin Exchange of Japan, Mt.Gox, was set up, and the volume of transactions suddenly rose and Bitcoin became the price.
而比特币的价格上涨引起媒体曝光，从小众媒体到主流媒体，曝光率一路飙升，甚至《时代周刊》《福布斯》这样的大牌媒体也加入进来。这样一来，比特币彻底“出圈”，进入公众视线，其价格也自然水涨船高，成为数字货币领域事实上的领导者。
And the price increases in Bitcoin have led to media exposure, ranging from small to mainstream media, and to the inclusion of big media like Times Weekly, Forbes. As a result, Bitcoin has gone out completely, into public view, and its prices have naturally gone up, becoming a de facto leader in digital money.
随着媒体的持续曝光，比特币走出了交易所，开始被很多实体机构接受。例如，非营利组织“电子前线基金会”和维基解密分别在2011年开始接受比特币捐赠，比特币支付服务商比特支付（BitPay）于2011年5月成立，这是一家替商户做比特币第三方支付的中间服务商，地位堪称比特币世界的PayPal，至今仍在运营。在2011到2013年这段时间内，很多商业机构也开始接受比特币，特斯拉也是较早接受比特币的企业之一。
With continued media exposure, Bitcoin has moved out of the exchange and has become accepted by many entities. For example, the non-profit organization Electronic Front Line Foundation and WikiLeaks began to receive Bitcoin donations in 2011, and Bitpay, a BitPay payment service provider, was established in May 2011 as an intermediary for a substitute for a Bitcoin third-party, and is still in operation as PayPal in the Bitcoin world.
供给侧的“挖矿”逐步实现商业化，成为比特币走向繁荣的催化剂。以前“挖矿”多是个人行为，到2013年出现了“矿池”和“矿机”两个概念。“矿机”的发展需要借助资本的力量，本质是一种算力的竞赛，因此这是市场逻辑的体现。
The “mining” on the supply side is gradually being commercialized as a catalyst for bitcoin’s prosperity. Previously, “mining” was a personal act, and by 2013 the concepts of “pools” and “mine machines” had emerged.
随着加密货币技术的不断进步和创新，政府和金融机构不得不适应不断变化的环境，制定规则和指南以确保市场更加安全和合规。作为领先的加密货币，比特币既是全球监管框架的催化剂，也是试金石。
As cryptographic currency technology advances and innovates, governments and financial institutions have to adapt to changing circumstances and develop rules and guidelines to ensure more security and compliance in the market. As the leading cryptographic currency, Bitcoin is both a catalyst for the global regulatory framework and a litmus test.
2013年，央行联合五部委下发《关于防范比特币风险的通知》，宣布比特币非货币，不能且不应作为货币流通，并禁止所有金融机构参与比特币业务。比特币价格经历了一次历史性大跳水。2014年开年的黑天鹅事件更给整个币圈笼罩了一层阴影，当时世界最大规模的比特币交易所Mt.Gox，比特币几乎全部不翼而飞，史称“门头沟事件”，比特币进入黑暗时期。
In 2013, the Central Bank joined forces with five ministries to issue a Notice on Protection against Bitcoin Risk, declaring that Bitcoin is not a currency and cannot and should not circulate as a currency, and prohibiting all financial institutions from participating in bitcoin operations. Bitcoin prices went through a historic leap.
不过到了2016年，比特币市场迎来巨大变化，内部变化是年产量开始第二次减半，外部变化是受英国脱欧、美国大选特朗普当选总统、印度“废钞行动”、亚洲投资者激增等事件影响，越来越多的投资者在动荡不明的政治经济局势下，倾向于将数字货币作为资产避险的重要手段，揭开了“2017年大牛市”的帷幕。
By 2016, however, the Bitcoin market was undergoing dramatic changes, with internal changes beginning to halve production for the second time in a year. External changes were influenced by events such as the elections in the United Kingdom, the election of President Trump in the United States, the “lost money” operation in India, and the surge in Asian investors. A growing number of investors, in a volatile political and economic situation, tended to use digital currency as an important asset shield, opening the curtain of the Great Bull City of 2017.
为了在牛市中抓住机会，人们纷纷从比特币转向其他竞争币，更多人选择了更快捷低廉的以太币和莱特币，2017年3月以太币、莱特币分别暴涨，而比特币的市场份额快速下降。以太坊的暴涨和比特币的相对衰落，打破了比特币的神话，带动了牛市的第二波行情，不断创造出百倍币、千倍币、万倍币等ICO神话。
In order to seize the opportunity in the cattle market, people have moved from bitcoin to other competing currencies, with more people choosing faster and cheaper Ethier and Leitcoin, which rose sharply in March 2017, while Bitcoin’s market share fell rapidly. By the rise in the Tails and the relative decline of Bitcoin, the myth of Bitcoin was broken, driving the second wave of the cow market, creating the ICO myths of hundreds, thousands, thousands, thousands, etc.
2017年9月4日，央行、网信办等七部门联合发布《关于防范代币发行融资风险的公告》，将ICO定性为未经批准非法公开融资的行为，要求清理整顿ICO平台并组织清退ICO代币，比特币从19000、15000一路跌直3000左右。
On 4 September 2017, the Central Bank, the Network Office and other seven departments jointly issued a Circular on Protection against the Risk of Money Issue Financing, characterizing the ICO as an unauthorized act of illegal public financing, demanding the clean-up of the ICO platform and the organization of the withdrawal of the ICO token, which fell from about 19,000 to 15,000 to about 3,000.
2018年入秋，人们才开始普遍认同熊市寒冬来临，尽管挂名区块链的资金盘和传销币还在民间传播，但交易所已经几乎没了交易量，大部分的资金都集中了在几个主流币种上，整个行业已经开始了维权、裁员和倒闭潮，ICO也慢慢淡出了视野，不再被人追随。
In the fall of 2018, it became generally accepted that the cold winter of Bear City was coming and that, despite the popular circulation of the chain of funds and currency distribution, the exchange had virtually disappeared, most of the money had been concentrated on several major currencies, the entire industry had begun to assert its rights, layoffs and collapses, and the ICO had slowly lost sight of itself and was no longer followed.
2019年的币圈又开始复苏，受伊朗和美国的紧张局势，全球股市下行，以及多国货币暴跌等不稳定因素影响，比特币的避险属性已经越来越明显。特斯拉和 MicroStrategy 等公司的高调背书和投资进一步巩固了比特币的地位，其价格在 2020-2021 年的牛市中达到 67000 美元以上，成为全球头条新闻。
The currency circle began to recover again in 2019, and has become increasingly evident in Bitcoin’s risk-averse attributes, influenced by such destabilizing factors as tensions between Iran and the United States, global stock markets, and the collapse of multinational currencies. High-profile endorsements and investments by companies like Tesla and MicroStrategy have further consolidated Bitcoin’s position, with prices exceeding $67,000 in the 2020-2021 cattle market, making it a global headline.
2022 年，以 Luna/UST 的崩溃为起点，监管大棒夹击连带宏观经济不断加息的流动性缩紧，加密市场开启了漫长的低谷期。目前美国的通胀情况令人担心，随着银行业危机加深，比特币避险属性重现，价格一度突破30000美元。
In 2022, following the collapse of Luna/UST, the tight liquidity of the surveillance stick against the rising interest rates associated with the macroeconomy, the cryptomarket opened a long period of depredation. The current inflation situation in the United States is worrying, as the banking crisis deepens, with the re-emergence of the Bitcoin hedged attributes, at a price of over $30,000.
伴随着牛市熊市的不断变换,加密世界中始终不曾褪色的“减半”叙事逐步临近——当前区块高度距离比特币剩余减半时间已不足一年，现在或许已处于牛市来临的前夕。
With the constant transformation of the Cow City Bear City, the “50-per-cent” narrative in the encrypt world has come closer — the current block, which is less than one year away from the remaining half of Bitcoin, is probably on the eve of a cow market.
总结
Summary
通过回顾比特币的发展历史，可以看到一个新生事物与新生市场共同成长的过程。通过回溯这一过程，对加密市场的潜在力量有了更深的体会。
By looking back at the history of Bitcoin, one can see a process in which new things grow together with the new market. By going back, the potential strength of the cryptomarket is felt more deeply.
对于整个货币史而言，比特币的存在和不断演化会一直影响着社会组织、政府组织形态，甚至是地缘政治乃至国际关系，而这一趋势值得我们好好观察与细细体会。
For the monetary history as a whole, the existence and evolution of Bitcoin will always affect the form of social, governmental, even geopolitical, and even international relations, a trend that deserves our careful observation and scrutiny.
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