如今,你只要打开CNBC频道或阅读《bet9游戏平台》,就会看到比特币(BTC)出现在头条新闻中. The usual headline reads, “比特币 Surges” or, “比特币 Plummets.“这些文章往往会引起很多人的兴趣,并成为一个伟大的故事, one that does not seem likely to end any time soon. 但这就引出了一个问题,比特币到底是什么,为什么会如此令人兴奋?
比特币, a digital currency without the need for a central bank, was created in 2009 by the mysterious pseudonym Satoshi Nakamoto1. 与比特币相关的没有实物硬币,而是保存在公共分类账上的余额,每个人都可以透明地访问. 比特币s are not backed by any bank or government; in other words, they are the antithesis of a fiat currency (e.g. 美国.S. dollar, the Euro, or the Japanese yen). 比特币的供应量被限制在2100万比特币,最后一个比特币将在2140年发行. 截至2021年2月,流通中的比特币约为18,624,350枚,占总供应量的89%.
The most plausible use case for 比特币 is for payment.
比特币可以从一个人转移到另一个人进行支付,比电汇(钱从一家银行发送到另一家银行)更容易、更有效。. A typical wire transfer fee from a bank is roughly $302, but a wire transfer for $500,000,000 is much more expensive. Typical transfer fees for wires over $10,000 can be 1%3 总电线的长度. 如果你通过比特币网络转账,费用是最低的. In 2019, 转账金额为450美元,000,从一个不知名的钱包到另一个不知名的钱包,价值5000美元的比特币,转账费用仅为440美元4.
To create a 比特币, you must “mine” it with a computer.
比特币挖矿涉及使用计算能力来解决比特币网络上的复杂问题. Whoever solves the problem first is awarded a block. That block contains a certain number of 比特币. The current amount of 比特币 per block is 6.25 比特币s, but that number is halved, roughly every 4 years. In the media you will hear talks about the “halvening” as an inflexion point; the reduction in the amount of 比特币 mined by 50% is what it is referring to.
The price of 比特币 recently rose above $50,000 USD/比特币. You may be wondering how something that isn’t tangible, is not controlled by a central government, and can’t really be used to broadly purchase goods has any value.
The value of 比特币 is derived from a few sources. The most obvious is supply and demand. Its limited supply (21,000,000 比特币) creates a demand issue. The more that companies and people adopt 比特币, the more the price will be driven up due to the limited supply. From a BTC investment “language” perspective, you will hear both bullish proponents cite the “stock to flow” valuation model to justify and/or project the price of 比特币; “stock to flow” is another way of saying supply and demand. 从投资组合的角度来看, 许多投资者都在问一个正确的问题:比特币属于我的投资组合吗? For the bullish proponents of the digital currency, 答案是肯定的, 而著名的熊, like gold enthusiast Peter Schiff, 假设资产只不过是一个泡沫,因为“当一项金融资产的价格与其潜在的现值或对其未来价值的合理预期没有关系时,它就处于泡沫中。, 投资者对价格升值的信心很高,对损失的恐惧很低. At $50k bitcoin is the biggest bubble of them all.5” Prior to making the previous statement, Mr. 希夫说:“暂时涨到10万美元是可能的,永久降到零是不可避免的.6”
就像生活中的大多数事情一样, 和投资, 答案比一个简单的非黑即白的解释/答案更微妙.
使用比特币最具流动性和易于访问的工具之一作为比特币的代理, 灰度比特币信托基金7, 比特币有一些有趣的分散属性,从投资组合构建和资产配置的角度来看,在真空中可能具有吸引力. 然而, 就像那句老话说的, there is no such thing as a free lunch, 还有比特币, 这些有价值的多样化属性和诱人的回报伴随着巨大的波动性(以标准差衡量)。. 这一点在2月23日15%的回调中表现得最为明显rd 此前埃隆·马斯克发表了评论8 在这篇文章中,他认为这种加密货币在1万亿美元的市值中被高估了. Mr. 马斯克发表上述言论之际,美国财政部长珍妮特·耶伦(Janet Yellen)也认为比特币“效率极低”.”9 下图显示了比特币在过去44天内的几次大幅波动.