<p><strong>比特币</strong>(BTC -8.13%) 和 <strong>以太坊</strong>(ETH -11.74%) 是全球两种最有价值的加密货币，它们都让早期投资者成为百万富翁甚至亿万富翁。2010 年比特币首次公开交易时的 1000 美元投资，今天的价值约为 400 亿美元。</p>
<p>同样在 2015 年以太坊首次交易时的 1000 美元投资，今天的价值接近 600 万美元。但是，这两种蓝筹加密货币中的任何一种能否在未来二十年内将新的 1000 美元投资转变为超过 100 万美元？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5OTgvYS12aXN1YWxpemF0aW9uLW9mLWEtYmxvY2tjaGFpbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5OTgvYS12aXN1YWxpemF0aW9uLW9mLWEtYmxvY2tjaGFpbi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>比特币与以太坊的区别</h2>
<p>比特币是通过一种能源密集型的工作量证明（PoW）机制进行挖矿的，矿工需要通过解决复杂的密码学难题来验证交易。他们通过强大的计算机系统破解这些难题后获得奖励，这些奖励以比特币的形式支付。</p>
<p>比特币曾经是使用 CPU 和 GPU 的计算机进行挖矿，但每四年一次的减半会将其挖矿奖励减半。这种不断上升的难度使得挖矿比特币的盈利变得更加困难，如今只能使用强大的专用集成电路（ASIC）进行挖矿。</p>
<p>比特币的最大供应量为 2100 万枚，目前已有 1990 万枚被挖掘出来。最后一枚比特币预计将在 2140 年被挖掘出来。这种稀缺性使其更可与黄金、白银及其他硬商品相提并论。</p>
<p>以太币是以太坊区块链的原生加密货币。它曾经像比特币一样通过 PoW 机制进行挖矿，但在 2022 年转变为一种更节能的权益证明（PoS）代币。作为 PoS 区块链，这些币不再被挖掘，而只能在以太坊的区块链上进行质押或锁定，以获得类似利息的奖励。该区块链用于支持智能合约，可以用于开发去中心化应用（dApps）、非同质化代币（NFTs）和其他加密资产。以太坊在该领域的先发优势使其成为最大的、最活跃的 dApps 开发平台。</p>
<p>以太坊的流通供应量为 1.207 亿枚，但每笔交易都会作为燃气（用户）费用燃烧（永久性移除流通）。因此，如果其网络活动增加，供应量可能会减少，因为燃烧的币比发行的币更多。但如果其网络活动减少，供应量则会增加，因为发行的币比燃烧的币更多。因此，以太坊通常是根据其开发者生态系统的规模而非稀缺性来评估的。</p>
<p>证券交易委员会去年批准了首个比特币和以太坊的现货交易所交易基金（ETFs）。这些新的 ETF 应该会吸引更多的零售和机构投资者，同时增强它们作为最安全的蓝筹代币的声誉。</p>
<h2>即将到来的催化剂和挑战</h2>
<p>随着越来越多的公司、机构投资者甚至国家将比特币作为对抗通货膨胀的对冲工具，比特币可能会获得进一步的动力。它也可以用于更主流的支付和跨境交易。其严格控制的供应量可能使其成为黄金和其他传统安全资产的有力替代品。</p>
<p>以太坊的第一层（L1）区块链面临来自更快、更便宜的 PoS 区块链（如 <strong>Solana</strong>(SOL -14.44%)）的激烈竞争，但其第二层（L2）网络——建立在其 L1 区块链之上——可以以更快、更便宜的速度处理这些交易。至于其 L1 区块链，计划中的网络升级——The Verge、The Purge 和 The Splurge——应该会提升其可扩展性，减少拥堵和燃气费用，并改善整体效率。</p>
<p>看涨者相信比特币和以太坊仍有很大的上涨空间。Ark Invest 的 Cathie Wood 预计比特币的价格将在 2030 年前飙升约 1900%，达到 240 万美元，而以太坊的价格将在 2032 年前飙升超过 3600%，达到 166,000 美元。我们应该对这些乐观的估计持保留态度，但它们表明比特币和以太坊在未来五到七年内可能将新的 1000 美元投资分别转变为 2 万美元和 3.7 万美元。</p>
<h2>但哪种代币更有可能成为百万富翁制造者？</h2>
<p>即使比特币和以太坊达到了 Wood 的高价目标，它们也无法接近复制过去制造百万富翁的表现。但它们仍可能在未来几十年内将更大的投资（如 10000 美元或更多）转变为 100 万美元。</p>
<p>很难准确预测比特币和以太坊在遥远的未来将会如何发展。但如果我必须在两者中选择一个作为潜在的百万富翁制造者，我会选择以太坊——因为它的市值不到比特币的四分之一，预计在未来十年内将进行一些重大网络升级，并将直接受益于新兴的 dApp 市场的增长。</p>
<p>比特币的价值在长期内也应该会继续攀升，但由于其更频繁地被作为对抗通货膨胀的对冲工具，可能会使其涨幅最终放缓，变得更像黄金和其他贵金属。</p>

ETHE

GBTC

<p>比特币和以太坊让早期投资者成为百万富翁，比特币的价值从 2010 年的 1,000 美元投资飙升至 400 亿美元，而以太坊则从 2015 年的投资接近 600 万美元。比特币采用工作量证明机制，供应量有限，而以太坊则转向权益证明，专注于智能合约和去中心化应用。分析师预测这两种加密货币的价格将大幅上涨，以太坊由于市值较低和即将进行的升级，可能会超越比特币。然而，预计两者都不会复制过去让人致富的回报</p>

<p><strong>Bitcoin</strong>(BTC -8.13%) and <strong>Ethereum</strong>(ETH -11.74%), the world's two most valuable cryptocurrencies, both turned their early investors into millionaires and even billionaires. A $1,000 investment in Bitcoin's first publicly recorded trade in 2010 would be worth about $40 billion today.</p>
<div class="lb-trans"><p><strong>比特币</strong>(BTC -8.13%) 和 <strong>以太坊</strong>(ETH -11.74%) 是全球两种最有价值的加密货币，它们都让早期投资者成为百万富翁甚至亿万富翁。2010 年比特币首次公开交易时的 1000 美元投资，今天的价值约为 400 亿美元。</p>
</div><p>That same investment in Ethereum's first trade in 2015 would be worth nearly $6 million. But could either of these blue chip cryptocurrencies churn a fresh $1,000 investment into more than $1 million within the next two decades?</p>
<div class="lb-trans"><p>同样在 2015 年以太坊首次交易时的 1000 美元投资，今天的价值接近 600 万美元。但是，这两种蓝筹加密货币中的任何一种能否在未来二十年内将新的 1000 美元投资转变为超过 100 万美元？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY5OTgvYS12aXN1YWxpemF0aW9uLW9mLWEtYmxvY2tjaGFpbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836998%2Fa-visualization-of-a-blockchain.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The differences between Bitcoin and Ethereum</h2>
<div class="lb-trans"><h2>比特币与以太坊的区别</h2>
</div><p>Bitcoin is mined with an energy-intensive proof-of-work (PoW) mechanism that requires miners to validate transactions by solving complex cryptographic puzzles. They earn rewards, which are paid out in Bitcoin, for cracking those puzzles with powerful computer systems.</p>
<div class="lb-trans"><p>比特币是通过一种能源密集型的工作量证明（PoW）机制进行挖矿的，矿工需要通过解决复杂的密码学难题来验证交易。他们通过强大的计算机系统破解这些难题后获得奖励，这些奖励以比特币的形式支付。</p>
</div><p>Bitcoin was once mined with computers using CPUs and GPUs, but every four years a scheduled halving cuts its mining rewards in half. That rising difficulty makes it harder to mine Bitcoin for a profit, and it can only be mined with powerful application specific integrated chips (ASICs) today.</p>
<div class="lb-trans"><p>比特币曾经是使用 CPU 和 GPU 的计算机进行挖矿，但每四年一次的减半会将其挖矿奖励减半。这种不断上升的难度使得挖矿比特币的盈利变得更加困难，如今只能使用强大的专用集成电路（ASIC）进行挖矿。</p>
</div><p>Bitcoin has a maximum supply of 21 million coins, and 19.9 million of them have already been mined. The final Bitcoin is expected to be mined in 2140. That scarcity makes it more comparable to gold, silver, and other hard commodities.</p>
<div class="lb-trans"><p>比特币的最大供应量为 2100 万枚，目前已有 1990 万枚被挖掘出来。最后一枚比特币预计将在 2140 年被挖掘出来。这种稀缺性使其更可与黄金、白银及其他硬商品相提并论。</p>
</div><p>Ether is the native cryptocurrency of the Ethereum blockchain. It was once mined with the PoW mechanism like Bitcoin, but it transitioned into a more energy-efficient proof-of-stake (PoS) token in 2022. As a PoS blockchain, the coins are no longer mined. Instead, they can only be staked, or locked up, on Ethereum's blockchain to earn interest-like rewards. The blockchain is used to support smart contracts, which can be used to develop decentralized apps (dApps), non-fungible tokens (NFTs), and other crypto assets. Ethereum's early mover advantage in that sector turned it into the biggest and most active developer platform for dApps.</p>
<div class="lb-trans"><p>以太币是以太坊区块链的原生加密货币。它曾经像比特币一样通过 PoW 机制进行挖矿，但在 2022 年转变为一种更节能的权益证明（PoS）代币。作为 PoS 区块链，这些币不再被挖掘，而只能在以太坊的区块链上进行质押或锁定，以获得类似利息的奖励。该区块链用于支持智能合约，可以用于开发去中心化应用（dApps）、非同质化代币（NFTs）和其他加密资产。以太坊在该领域的先发优势使其成为最大的、最活跃的 dApps 开发平台。</p>
</div><p>Ethereum has a circulating supply of 120.7 million coins, but some of that is burned off (permanently removed from circulation) with each transaction as a gas (user) fee. So if its network activity increases, the supply can shrink as more coins are burned than issued. But if its network activity decreases, the supply increases as more coins are issued than burned. Therefore, Ethereum is usually valued by the size of its developer ecosystem than its scarcity.</p>
<div class="lb-trans"><p>以太坊的流通供应量为 1.207 亿枚，但每笔交易都会作为燃气（用户）费用燃烧（永久性移除流通）。因此，如果其网络活动增加，供应量可能会减少，因为燃烧的币比发行的币更多。但如果其网络活动减少，供应量则会增加，因为发行的币比燃烧的币更多。因此，以太坊通常是根据其开发者生态系统的规模而非稀缺性来评估的。</p>
</div><p>The Securities and Exchange Commission approved the first spot price exchange-traded funds (ETFs) for Bitcoin and Ethereum last year. Those new ETFs should draw in more retail and institutional investors while reinforcing their reputations as the safest blue chip tokens.</p>
<div class="lb-trans"><p>证券交易委员会去年批准了首个比特币和以太坊的现货交易所交易基金（ETFs）。这些新的 ETF 应该会吸引更多的零售和机构投资者，同时增强它们作为最安全的蓝筹代币的声誉。</p>
</div><h2>The upcoming catalysts and challenges</h2>
<div class="lb-trans"><h2>即将到来的催化剂和挑战</h2>
</div><p>Bitcoin could gain further momentum as it's adopted by more companies, institutional investors, and even countries as a hedge against inflation. It could also be used for more mainstream payments and cross-border transactions. Its tightly controlled supply could make it a compelling alternative to gold and other traditional safe assets.</p>
<div class="lb-trans"><p>随着越来越多的公司、机构投资者甚至国家将比特币作为对抗通货膨胀的对冲工具，比特币可能会获得进一步的动力。它也可以用于更主流的支付和跨境交易。其严格控制的供应量可能使其成为黄金和其他传统安全资产的有力替代品。</p>
</div><p>Ethereum's Layer-1 (L1) blockchain faces intense competition from faster and cheaper PoS blockchains like <strong>Solana</strong>(SOL -14.44%), but its Layer-2 (L2) networks -- which are built on top of its L1 blockchain -- can process those transactions at faster and cheaper rates. As for its L1 blockchain, its planned network upgrades -- The Verge, The Purge, and The Splurge -- should boost its scalability, reduce its congestion and gas fees, and improve its overall efficiency.</p>
<div class="lb-trans"><p>以太坊的第一层（L1）区块链面临来自更快、更便宜的 PoS 区块链（如 <strong>Solana</strong>(SOL -14.44%)）的激烈竞争，但其第二层（L2）网络——建立在其 L1 区块链之上——可以以更快、更便宜的速度处理这些交易。至于其 L1 区块链，计划中的网络升级——The Verge、The Purge 和 The Splurge——应该会提升其可扩展性，减少拥堵和燃气费用，并改善整体效率。</p>
</div><p>The bulls believe Bitcoin and Ethereum still have plenty of room to run. Ark Invest's Cathie Wood expects Bitcoin's price to surge about 1,900% to $2.4 million by 2030, and for Ethereum's price to surge more than 3,600% to $166,000 by 2032. We should take those rosy estimates with a grain of salt, but they suggest that Bitcoin and Ethereum could potentially turn a fresh $1,000 investment into $20,000 and $37,000, respectively, during the next five to seven years.</p>
<div class="lb-trans"><p>看涨者相信比特币和以太坊仍有很大的上涨空间。Ark Invest 的 Cathie Wood 预计比特币的价格将在 2030 年前飙升约 1900%，达到 240 万美元，而以太坊的价格将在 2032 年前飙升超过 3600%，达到 166,000 美元。我们应该对这些乐观的估计持保留态度，但它们表明比特币和以太坊在未来五到七年内可能将新的 1000 美元投资分别转变为 2 万美元和 3.7 万美元。</p>
</div><h2>But which token is more likely to be a millionaire-maker?</h2>
<div class="lb-trans"><h2>但哪种代币更有可能成为百万富翁制造者？</h2>
</div><p>Even if Bitcoin and Ethereum hit Wood's lofty price targets, they won't come anywhere close to replicating their past millionaire-making runs. But they might still turn bigger investments of $10,000 or more into $1 million during the next few decades.</p>
<div class="lb-trans"><p>即使比特币和以太坊达到了 Wood 的高价目标，它们也无法接近复制过去制造百万富翁的表现。但它们仍可能在未来几十年内将更大的投资（如 10000 美元或更多）转变为 100 万美元。</p>
</div><p>It's impossible to tell exactly where Bitcoin and Ethereum will end up in the distant future. But if I had to choose one as a potential millionaire-maker over the other, I'd pick Ethereum -- since it trades at less than a quarter of Bitcoin's market cap, is scheduled for some major network upgrades during the next decade, and will directly benefit from the growth of the nascent dApp market.</p>
<div class="lb-trans"><p>很难准确预测比特币和以太坊在遥远的未来将会如何发展。但如果我必须在两者中选择一个作为潜在的百万富翁制造者，我会选择以太坊——因为它的市值不到比特币的四分之一，预计在未来十年内将进行一些重大网络升级，并将直接受益于新兴的 dApp 市场的增长。</p>
</div><p>Bitcoin's value should also keep climbing over the long term, but its gains could eventually slow as it's more frequently bought as a hedge against inflation and becomes more similar to gold and other precious metals.</p>
<div class="lb-trans"><p>比特币的价值在长期内也应该会继续攀升，但由于其更频繁地被作为对抗通货膨胀的对冲工具，可能会使其涨幅最终放缓，变得更像黄金和其他贵金属。</p>
</div>

比特币或以太坊哪个更有可能成为百万富翁的创造者？