比特币正以全新的姿态活跃在全球资本市场。
Bitcoin is active in the global capital market in a completely new posture.
今年11月以来，比特币价格连创历史新高，距2万美金仅有一步之遥。与年初相比，比特币价格涨幅超170%；与3月份低点相比，其涨幅更是超过惊人的400%，完胜一众传统投资产品。
Since November of this year, Bitcoin’s prices have been historically high, just one step away from $20,000. Bitcoin’s prices have risen by more than 170% compared to the beginning of the year; they have risen by more than 400% compared to the March low, winning a traditional investment product.
毫无疑问，比特币已成为现阶段最具潜力的另类投资产品。对于不少投资者而言，在全球基准利率接近、等于甚至低于零的背景下，不配置比特币的机会成本越来越高，尝试认识、了解甚至投资比特币成为不少投资者的刚需。
There is no doubt that Bitcoin has become the most potentially alternative investment product at this stage. For many investors, the opportunity cost of not configuring bitcoin is increasing in a context where global benchmark interest rates are close to, equal to, or even below zero, and trying to recognize, understand, and even invest bitcoin as a need for investors.
根据灰度投资最新发布的《比特币投资者研究报告》显示，投资者对比特币的兴趣正在上升，超过一半的美国投资者有兴趣在2020年投资比特币，而在参与投资比特币的受访者群体中，有83%的人在过去一年中进行了加密货币投资。
According to the recently published Bitcoin Investor Study on Grayscale Investments, investor interest in Bitcoin is increasing, with more than half of United States investors interested in investing in bitcoin by 2020, while 83 per cent of respondents involved in Bitcoin invested in encrypted currency investments over the past year.
国内投资者对比特币的关注度如何呢？OKEx Research近日随机调研了部分国内投资者，试图了解他们对比特币的认知程度和投资意向。结果显示，近八成投资者听说过比特币，15%的受访对象非常有兴趣投资比特币。
What about the attention of domestic investors in Bitcoin? OKEx Research recently randomly researched some domestic investors in an attempt to understand their degree of awareness and investment intentions. The results show that nearly 80% of investors have heard of bitcoin, and 15% of respondents are very interested in investing bitcoin.
来源：OKEx Research
来源：OKEx Research虽然本次调研样本范围较小，却在一定程度上反映出当前公众对比特币的兴趣。不过，对于大部分投资者而言，比特币仍属于新物种，如何正确理解和投资比特币并非易事。OKEx Research为此收集了受访对象最想了解的10个问题，并进行一一解答。
Although the sample is small, it reflects to some extent the current public interest in bitcoin. However, for most investors, bitcoin is still a new species, and it is not easy to understand and invest bitcoin properly.
Q1． 比特币是什么？合法吗？有没有国家的担保和监管？
What's a bitcoin? Is it legal? Is there a state guarantee and regulation?
2008年11月1日，一个叫中本聪的人发布了比特币白皮书《比特币：一种点对点的电子现金系统》，旨在让在线支付能够直接由一方发起并支付给另外一方，中间不需要通过任何的金融机构。次年1月3日，比特币正式诞生。
On 1 November 2008, a man called Ben-in-law published the Bitcoin White Paper, Bitcoin: An Electronic Cash System for Point-to-Point, which aims to enable online payments to be initiated and paid directly by one party to the other, without the need to pass through any financial institution. On 3 January of the following year, Bitcoin was officially born.
与现在通用的货币不同，比特币不依靠特定货币机构发行，它依据特定算法，通过大量的计算产生，比特币经济使用整个点对点网络中众多节点构成的分布式数据库来确认并记录所有的交易行为，并使用密码学的设计来确保货币流通各个环节安全性。点对点的去中心化特性与算法本身可以确保无法通过大量制造比特币来人为操控币值。基于密码学的设计可以使比特币只能被真实的拥有者转移或支付。这同样确保了货币所有权与流通交易的匿名性。
Unlike the currency now in use, Bitcoin does not rely on specific monetary institutions for distribution, which is generated by a large number of calculations, using distributed databases consisting of numerous nodes in the entire point-to-point network to identify and record all transactions and using cryptographic designs to ensure the security of all links in currency circulation. The point-to-point decentralization and algorithms can themselves ensure that the value of currency is not artificially controlled by the mass production of bitcoins. Designs based on cryptography allow Bitcoins to be transferred or paid only by true owners. This also ensures the anonymity of currency ownership and circulation transactions.
尽管比特币自诞生至今充满争议，但越来越多的国家已将比特币纳入监管范围之内。以日本为例，早在2017年4月，日本《支付服务法案》正式生效，比特币作为虚拟货币支付手段的合法性得到承认。
Although Bitcoin has been controversial since its birth, a growing number of countries have included bitcoin in their regulation. In Japan, for example, as early as April 2017, Japan’s Payment Services Act came into force, and Bitcoin’s legitimacy as a virtual currency payment device was recognized.
在我国，央行等五部委曾在2013年发布《关于防范比特币风险的通知》。通知指出，比特币是一种“特定的虚拟商品”。也就是说，普通民众在自担风险的前提下可以合法持有比特币。
In my country, five ministries, including the Central Bank, issued a Notice on Protection against Bitcoin Risk in 2013. The Circular states that bitcoin is a “specific virtual commodity.” That is, ordinary people can legally hold bitcoin under their own risk.
据2021年1月1日我国即将施行的《民法典》一百二十七条规定，将对数据、网络虚拟财产进行原则性保护。业界普遍认为，比特币虽然不属于法定交易货币，但在财产保护方面，法律将承认它的归属性及继承性。
According to article 127 of the Civil Code, which will come into force in our country on 1 January 2021, data and virtual Internet property will be protected in principle. It is widely accepted in industry that Bitcoin, although not the legal currency of transactions, will be recognized by law as belonging and inheritance in the protection of property.
Q2． 比特币有明确的价格可以用来投资吗？和外汇/黄金/股票/期货/保险/基金哪个最类似？
Q2. Does Bitcoin have a clear price to invest? Which is the most similar to foreign exchange/gold/stock/equity/insurance/fund?
与外汇、黄金、股票、保险类似，比特币也是投资者用于投资理财的方式之一。不同的是，比特币交易市场7*24小时运转，价格波动较大，随之带来的投资风险也相对较高。
Similar to foreign exchange, gold, equities, and insurance, Bitcoin is one of the ways in which investors invest in finance. Unlike the Bitcoin trading market, which operates 24 hours a day, with high price volatility, the resulting investment risk is relatively high.
据富达报告显示，从 2015 年 1 月到 2020 年 9 月，比特币与其他资产的正相关性（如下表所示）平均为 0.11，这表明比特币收益与其他资产之间几乎没有关联。
According to the Fuda report, between January 2015 and September 2020, the positive correlation between Bitcoin and other assets (as shown in the table below) averaged 0.11, indicating that there was little correlation between Bitcoin gains and other assets.
图片来源：富达；链闻尽管比特币价格的起伏与常见的投资方式关联较小，但几者之间也某些方面也存在相似性，例如
Although the fluctuations in bitcoin prices are less related to common investment patterns, there are also similarities in some aspects, such as:
从自身特征看，比特币总量恒定（2100万枚），产量每四年减半一次，具有避险和抗通货膨胀属性，这与黄金相似；从投资方式看，投资者不仅可以参与比特币现货交易，也可以交易相关衍生品，这与股票相似。
By their own characteristics, the amount of bitcoins is constant (21 million) and production is reduced by half every four years, with a risk-free and anti-inflationary character, similar to gold; by the way investments are made, investors can not only engage in spot transactions in bitcoins, but also trade in related derivatives, which is similar to equities.
总体来看，比特币属于一种另类投资产品，越来越多的市场参与者因看好其长期潜力而配置比特币。不过，任何机构或个人在参与比特币投资时，都应谨慎评估其高波动性。
In general, Bitcoin is an alternative investment product, and a growing number of market participants are configuring bitcoin for their long-term potential. However, any institution or individual involved in bitcoin investment should be carefully assessed for its high volatility.
Q3． 比特币可以直接用来支付买东西消费吗？
Q3. Can Bitcoin be used directly to pay for shopping?
在有“交易”伊始，人与人之间通过物与物的交换来获取自己想要的东西，随着社会需求的增加，货币成为了人类获取需求物品的媒介，它是一种支付手段，也具有储藏价值。
At the beginning of a “transaction”, people get what they want through the exchange of things and things, and as social needs increase, money becomes the vehicle for humans to acquire what they need, a means of payment and a value for storage.
与通常意义上的货币不同，比特币并非由中心化机构发行，价格波动率较高，也不具有法偿性，但依然可以作为一种数字资产用于支付环节。据Coinmap数据显示，截至今年12月，全球已有18673个商家接受比特币支付，这些商家大多位于欧美、日韩、澳洲等地区。
Unlike the usual currency, Bitcoins are not issued by centralized institutions, with high price volatility and no legal compensation, but can still be used as a digital asset to pay for it. According to Coinmap, as of December this year, 18,673 businesses worldwide, mostly located in Europe and America, Japan and Australia, had received bitcoins.
公开报道显示，在全球部分地区，消费者可以通过比特币购买金银条（例如APMEX、GramGold和JMBullion）、房地产（例如 BitcoinRealEstate）、机票（例如AlternativeAirlines、CheapAir和Expedia）及游戏充值币（例如Satoshi）等。
Public reports indicate that in some parts of the world consumers can purchase gold and silver bars (e.g. APMEX, GramGold and JMbulion), real estate (e.g. Bitcoin RealEstate), airline tickets (e.g. Alternative Airlines, Cheap Air and Expedia) and games-filled coins (e.g. Satoshi) through Bitcoin.
除此之外，比特币也拥有属于自己的ATM机，公众可以通过ATM机更快捷地进行比特币与现金的存取兑换。
In addition to this, Bitcoin also owns its own ATM machine and the public can use the ATM machine to convert bitcoin and cash more quickly.
Q4． 比特币挖矿是什么意思，是能无中生有吗？
Q4. What does Bitcoin mean by digging?
所谓的比特币挖矿与日常生活中所理解的挖矿不同，它是区块链网络中的一种奖励行为。区块链是一个人人都可以参与数据处理的数据库。但在没有团队的维护下，参与区块链网络治理的用户很难以免费进行数据维护。而比特币就是在此数据维护之下的奖励规则，在一定时间内，谁将数据处理的最快、最好，且得到系统的认可，谁就是会获得奖励，也就是相应数量的比特币。因为比特币的数量有限，而获得比特币的行为其实与淘金相似，所以获得比特币的方式就称之为挖矿。而参与数据处理的人就称为矿工，用来参与数据维护的机器称之为矿机。
The so-called bitcoin mining, unlike the mining that is understood in everyday life, is an incentive in the network of block chains. The block chain is a database in which everyone can participate in data processing. But without team maintenance, it is difficult for users involved in block network governance to maintain data free of charge.
在《三十六计》中，对于无中生有的解释是把没有说成有，比喻毫无事实，凭空捏造。而比特币挖矿并非如此。如果用一种更加通俗易懂的方式理解，就如同一群玩家在游戏中共同击打一个BOSS，谁的输出最高，最先将BOSS打死，谁就将获得系统给予的奖励，玩家在其中需要花费时间和装备成本，以此获得奖励和回报。
In the 36th Plan, the explanation for what is missing is that there is no one, there is no metaphor, there is no truth, there is no fiction. This is not the case for bitcoin mining. If understood in a more general and understandable way, it is as if a group of players hit a boss together in a game, who has the highest output, and who kills them first, who gets the reward from the system, in which the player spends time and equipment in order to get rewards and rewards.
Q5．普通人如何拥有1枚比特币？
Q5. How do ordinary people own a bitcoin?
通常而言，投资者可以通过一级市场及二级市场获得比特币。一级市场就是前文提到的，通过挖矿的方式获取比特币，但是这种方式前期投入成本高，维护费用贵，对技术也有一定要求，因此越来越多的人通过二级市场交易直接获得比特币。
Typically, investors can obtain bitcoin through first- and second-tier markets. First-tier markets, as mentioned earlier, obtain bitcoin through mining, but in this way pre-inputs are costly, maintenance is expensive and there are certain requirements for technology, so more and more people get bitcoin directly through second-tier market transactions.
在二级市场中，有常见的三种方式获取比特币：第一种，在数字资产交易平台注册账号进行交易，需要注意的是，比特币价格波动较大，投资者在参与交易前应充分了解其风险，选择那些更加安全可靠的头部交易平台；第二种，在常见的网络支付平台进行交易，例如Paypal，用户可以在该平台上购买、持有和出售比特币；第三种，通过比特币ATM进行交易存取。
In the secondary market, there are three common ways to obtain Bitcoin: first, to carry out transactions with a registered account on a digital asset trading platform, it needs to be noted that bitcoin prices are highly volatile and investors should be fully aware of their risks before engaging in transactions and select more secure head-to-head trading platforms; second, to conduct transactions on a common network payment platform, such as Paypal, where users can purchase, hold and sell bitcoin; and third, to make transaction access via Bitcoin ATM.
Q6． 在传统金融中，股票的价值是公司收益，期货的价值是大宗商品价格，基金的价值是投资公司收益，那么比特币的价值支撑在哪里？
Q6. In traditional finance, the value of shares is corporate earnings, the value of futures is commodity prices, the value of funds is investment company earnings, and where does the value of Bitcoin support?
比特币的价值支撑来源于稀缺性、便捷性与强大的共识。08年美国金融危机后，人们对美元这种中心化货币失去了信心，这时比特币应运而生。十几年来，比特币的底层技术区块链逐渐为人们所知，也为金融之外的其他领域带来了解决方案，取得了快速的发展，在这个过程中，比特币也积累了广泛而强大的共识。回到比特币自身，比特币总量只有2100万个，极其稀缺；同时作为一种数字货币，比特币比现有的货币更容易分割和交换。以上这些都是比特币重要的价值支撑。
Bitcoin’s value is underpinned by scarcity, convenience, and strong consensus. After the US financial crisis of 08, confidence in the US dollar as a central currency was lost, and bitcoin was born.
Q7． 别的投资产品都有很多的参与者，是大众产品，吸引的人和资金都很多，相对安全。比特币和它们相比，市场规模怎么样？
Q7. Other investment products have a large number of participants, are popular products, attract a lot of people and finance, and are relatively safe. How large is Bitcoin compared to them?
虽然比特币目前还不是主流的投资产品，但随着比特币价格增长及用户基数增加，市场规模也在以惊人的速度增长。根据加密资产市值网站CoinMarketCap统计，截至12月10日，比特币市值已达到3405亿美元，约合人民币2.23万亿元，已经超越了A股茅台的市值。
Although bitcoin is not yet a mainstream investment product, market size is growing at an alarming rate as the price of bitcoin increases and the user base increases. According to the encrypted asset market value website CoinMarketCap, the market value of bitcoin as at 10 December had reached $3.405 billion, or RMB 2.23 trillion, exceeding the market value of the A-share.
Q8． 比特币是否有退市和准入制度？是否有财报公布，便于广大投资者透明公开公正的参与？
Q8. Does Bitcoin have a retirement and access regime? Is there a financial disclosure that allows for transparent, open and fair participation by a wide range of investors?
通常情况下，加密资产交易平台会设置针对数字货币的退市制度，当某种数字货币出现临时增发、操纵价格或交易量过低等情况时，平台将会评估是否将其退市。
Typically, an encrypted asset-trading platform would have a de-marketing system for digital currencies, and the platform would assess whether to remove a digital currency in the event of a temporary increase, manipulation of prices or a low volume of transactions.
与此同时，交易平台也有针对数字货币的准入制度，比如审核其合规性、技术安全性等等。
At the same time, trading platforms also have access systems for digital currencies, such as verification of their compliance, technical security, etc.
比特币是所有数字货币中最主流的币种，几乎所有的加密资产交易平台都上线了比特币，甚至连“美版支付宝”Paypal也支持购买比特币；就目前来看，除了部分监管机构明令禁止或平台倒闭之外，几乎没有交易所会主动将比特币退市。
Bitcoin is the most dominant currency of all digital currencies, almost all of the encrypted asset-trading platforms are online in bitcoin and even Paypal supports the purchase of bitcoin; at present, with the exception of some regulators explicitly forbidding or platform collapse, few exchanges are willing to withdraw bitcoin from the market.
比特币并非由某一中心化机构发行，自然不存在传统意义上的财报，但基于区块链技术，比特币相关数据可以实时查询，且不可篡改，投资者可以通过区块链浏览器查看活跃地址数、链上交易笔数、链上交易量等。
Bitcoin is not issued by a centralised institution and there is no traditional financial reporting, but, based on block chain technology, bitcoin-related data can be accessed in real time and cannot be tampered with, and investors can view the number of active addresses, the number of transactions in the chain, the volume of transactions in the chain, etc.
Q9． 比特币有不同收益和风险的衍生品吗？
Q9. Does Bitcoin have derivatives with different returns and risks?
目前比特币主要的衍生品有合约交易和基金。合约交易包含永续合约、交割合约、期货合约等，投资者可以使用杠杆，风险和收益都比现货更大；基金类似于股票基金，风险和收益更小。
Currently, the main derivatives of Bitcoins are contractual transactions and funds. Contract transactions include durable contracts, cut-off contracts, futures contracts, etc. investors can use leverage, with greater risks and returns than on-the-shelf; funds are similar to equity funds, with smaller risks and returns.
Q10． 国家正在推广数字人民币，和比特币有区别吗？它们有冲突吗？在国际市场上谁更有话语权？
Q10. Is there a difference between the national promotion of digital renminbi and Bitcoin? Are they in conflict? Who has a better voice on the international market?
数字人民币（DCEP）是我国人民银行研究发行的数字版人民币，定位为M0（即流通中的现金），是流动性最高的货币口径类型。虽然都名为数字货币，但数字人民币和比特币存在不少区别：
The digital renminbi (DCEP) is the digital currency issued by the Bank of Our People, which is designated M0 (i.e. cash in circulation) and is the most mobile type of currency. Although all are called digital currency, there are many differences between the digital renminbi and the bitcoin:
（1）货币基本特性上---两者都是数字化的，都是账户松耦合，即不需要绑定银行账户也可以进行交易。不同点在于比特币是完全去中心化的并且总量有限，但数字人民币不是。此外，根据《关于防范比特币风险的通知》，在我国比特币被认定为虚拟商品，不具有货币的法律地位，而数字人民币是法定货币，并且数字人民币定位为M0。
(1) The basic characteristics of the currency – both of which are digitized – are account couplings, i.e., bank accounts are not tied or traded. The difference is that bitcoin is completely decentralized and the total amount is limited, but the figure renminbi is not. Moreover, according to the Circular on Protection against Bitcoin Risk, bitcoin is considered a virtual commodity in our country and does not have the legal status of a currency, whereas the figure renminbi is the legal currency, and the figure renminbi is set at M0.
（2）从债务角度看---数字人民币的发行机构为人民银行，有政府信用背书，具有无限法偿性，比特币则没有。虽然数字人民币和比特币都没有信用风险，但其原因不同：其中数字人民币是因为有国家背书没有信用风险，比特币由于其本身就是非信用货币，所以不存在信用风险。
(2) From the point of view of debt, the issuer of the digital renminbi is the People’s Bank, with a government credit endorsement and unlimited legal compensation, while Bitcoin does not. Although there is no credit risk for the digital renminbi and Bitcoin, the reasons are different: the digital renminbi is not credit risk because there is no credit risk for the State endorsement, and there is no credit risk for the bitcoin because it is not a credit currency.
（3）在运营上---数字人民币采用双层运营体系，央行先将数字人民币兑换给商业银行，商业银行再发放给公众，其中商业银行需要向央行缴纳100%的准备金。而比特币的运营是依靠全账本。
(3) Operationally, the digital renminbi operates on a two-tier system, whereby central banks first exchange the digital renminbi to commercial banks, which then issue it to the public, with commercial banks paying 100% of their reserves to central banks. Bitcoin operates on a full account book.
（4）从用户角度---数字人民币和比特币都不计息。数字人民币和比特币不同点在于：数字人民币能够支持离线支付，在没有网络的情况下仍可以使用，比特币则没有；数字人民币使用时有时间、金额限制，主要面向小额零售场景，比特币没有这样的限制；为了在保护隐私和打击犯罪之间达成平衡，数字人民币是可控匿名，比特币是完全匿名，也因此容易滋生洗钱等违法犯罪活动；除此之外，比特币使用中最大的缺点是波动性太大，价值十分不稳定，而数字人民币价值稳定。
(4) From a user's point of view -- digital renminbi and bitcoin are not interest-bearing. The difference between the renminbi and bitcoin is that the renminbi can support offline payments and can still be used without the Internet, while Bitcoin is not; the renminbi is used with time and monetary limits, mainly for small retail venues, and Bitcoin does not have such restrictions; in order to strike a balance between protecting privacy and fighting crime, the renminbi is controlled anonymous, and the bitcoin is completely anonymous, and thus easily breeds criminal activities such as money-laundering; in addition, the biggest disadvantage in the use of bitcoin is that it is too volatile, its value is highly unstable and its value stable.
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