虚拟货币领域创业投资与趋势报告 ｜ 人人都是产品经理

通过上述数据，可以看到金融行业的几个基本特征和趋势：

The above data show several basic features and trends in the financial sector:

1.金融服务与互联网的融合越来越紧密，并迈进一个全新的发展阶段。我们很快就会看到：无所谓“传统金融”和“互联网金融”的区别。因为互联网将成为金融企业的基本属性，任何金融企业都将演化为互联网企业；

Financial services are increasingly integrated with the Internet and are entering a new phase of development. We will soon see that there is no difference between “traditional finance” and “Internet finance”. Since the Internet will become an essential attribute of financial enterprises, any financial enterprise will evolve into an Internet enterprise;

2. 随着新兴支付技术、支付平台层出不穷，支付服务已然成为金融创新领域最为活跃的部分，成为金融领域变革的桥头堡。因为触及金融体系最为基础的功能，支付服务与投资/理财、融资服务领域相比，其变革潜藏着最具“野心”的创意，蕴含着最强大的力量；

With the emergence of emerging payment technologies and payment platforms, payment services have become the most dynamic part of financial innovation and a bridgehead for change in the financial sector. Because they touch on the most fundamental functions of the financial system, the change in payment services has the most “ambitious” ideas and the most powerful force in comparison with the areas of investment/finance and finance services;

3.在新型支付服务中，虚拟货币是最具革命性的先锋，甚至已经超越了简单意义上的支付技术与平台，再造了一个全新的、与传统金融系统相融合的货币体系。

3. Among the new payment services, virtual currency is the most revolutionary pioneer and has even gone beyond simple payment techniques and platforms to create a completely new monetary system that is integrated with traditional financial systems.

3.2去中心化——挑战的原点

3.2 Decentralization - the point of origin of the challenge

互联网的快速发展正带动社会、商业乃至政府治理走在“去中心化”的道路上。在这一趋势下，一切组织都在或快或慢、或多或少地变得更包容、开放和透明：通过Waze、Uber，人们的出行变得更便利、更友好、更环保、更节约成本；通过Kickstarter、Crowdcube，微型企业/个人的创业梦想能够更快地获得更多人的资金支持；通过InnoCentive、ResearchGate，科研人员能够在一个全球化平台上即时协作、解决难题；通过Mindmixer、Change.org，政府得以在一个更为公开、透明的状态下吸收公众意见……。

The rapid development of the Internet is driving society, business, and even government governance along the “decentralization” path. This trend has led all organizations to become more inclusive, open and transparent, either quickly or slowly, or more or less: through Waze, Uber, people travel easier, more friendly, more environmentally friendly and more cost-effective; through KickStarter, Crowdcube, micro-enterprise/individual entrepreneurship dreams have faster access to more people's financial support; through Innocent, ResearchGate, scientists have been able to collaborate and solve problems immediately on a global platform; and through Mindmixer, Change.org, governments have been able to draw on public opinion in a more open and transparent manner...

与此同时，在比特币对传统金融服务进行挑战的背后，同样是不可阻挡的”去中心化“大趋势：人人皆可成为货币发行者、无中央银行监管、使用遍布整个P2P网络节点的分布式数据库来记录交易、试图抛弃传统银行服务弊端……就像Coinbase网站所宣称的：“一种去中心化、数字化，正在改变世界支付方式的货币。”

At the same time, behind the challenge of traditional financial services in Bitcoin, there is also an unstoppable “big trend” of decentralization: everyone can become a money issuer, without central bank supervision, using distributed databases throughout the P2P network nodes to record transactions and try to abandon the abuses of traditional banking services... As Coinbase stated: “a currency that decentralizes, digitizes and is changing the way the world pays.”

3.3更便宜、更便利——直击传统金融服务的软肋

3.3 is cheaper and easier - direct to the weakness of traditional financial services

从中本聪最初发明比特币的初衷来看，他相信该系统建立的运行和奖励机制能够鼓励诚实的行为。因为在这个系统中，只有诚实的行为才有利可图，除非攻击链条的力量超过诚实的节点的力量。这可能是他对比特币系统最大的信心来源，也是比特币得以在短时间爆发性成长的内在动力。

From the point of view of his original invention of Bitcoin, he believed that the operation and reward mechanisms created by the system would encourage honest behaviour. For in this system, only honest behaviour is profitable unless the power of the chain is greater than the power of honest nodes.

站在比特币合法使用者的角度来看，比特币的存在就像在受够了传统银行傲慢自大、不思进取的服务之后，带来的一股新风；站在金融服务进化史的角度来看，比特币又像一个新生的、勇敢的挑战者，为货币使用者带来更好的使用体验。

From the perspective of the legitimate users of Bitcoin, the existence of bitcoin is like a new wind brought about by the arrogant and unthinking services of traditional banks; from the perspective of the history of the evolution of financial services, bitcoin is like a new and courageous challenger, bringing better experience to currency users.

（1）更便捷的交易

(1) easier transaction

更便捷的交易挑战原有交易、汇兑流程。

Faster transactions challenge existing transactions and exchange processes.

一方面，比特币在交易特别是跨国交易方面能够实现多种货币的快速收付，免除银行传统汇兑业务的各种手续和等待，这正是比特币点对点支付的最大特点（一方直接支付给另一方，而无需通过传统金融机构的参与）。就如比特币交易网站Bitpay提出的问题：“你的业务能够遍及全球200个国家，但你的支付能否同样如此？”，使用比特币对于提高资金流通效率，推动跨国贸易（因发行量有限，目前主要是小额交易中使用）似乎有一定的促进作用。

On the one hand, Bitcoin has been able to achieve rapid payment of multiple currencies in transactions, especially transnational transactions, by exempting banks from the formalities and waiting for traditional exchange operations, which is the most important feature of the Bitcoin point-to-point payments (one party pays directly to the other without the involvement of traditional financial institutions). For example, the question raised by Bitpay on the Bitcoin trading site: “Your business can reach 200 countries around the globe, but your payments can do the same?” The use of bitcoins seems to have a catalytic effect on improving the efficiency of the flow of funds and facilitating cross-border trade (due to limited circulation, currently mainly in small transactions).

另一方面，比特币服务平台宣称对各环节进行了“简易集成”（开户、购物、支付、电子发票……），人们在购买商品/服务、或进行汇兑时、能够免除输入个人信息的繁琐，交易往往在几秒内完成；这可能正是比特币试图“让信用卡消失”的一个注解。

On the other hand, the Bitcoin platform claims to have “simplified integration” of the links (opening accounts, shopping, payments, electronic invoices ) and that people are able to avoid the burden of entering personal information when buying goods/services, or in exchange, and that transactions are often completed in a few seconds; this may be a note by Bitcoin attempting to “disappear credit cards”.

此外，我们还可以看到：比特币可以根据实际交易额度细化分割的特点也对传统货币流通方式构成挑战（目前，一比特币的币值可以细分到8位小数，即比特币目前的最小单位是0.00000001BTC）。

In addition, we can see that bitcoin can also pose a challenge to traditional currency circulation by fine-tuning its split depending on the size of the actual transaction (at present, the value of a bitcoin can be broken down into eight decimals, that is, bitcoin is currently the smallest unit of 0.000001 BTC).

（2）更低的费率

(2) Lower rate

更低的费率试图向原有银行体系下的高额收费“说再见”。

Lower rates seek to “goodbye” to the high fees charged under the old banking system.

完全的数字化传输、不需要第三方参与的特点使得比特币能够以极低的交易手续费促进在线交易。这对于那些净利润率较低（如食品和电商公司）、或是交易成本过高的业务（例如跨境支付和小额支付）显然具有吸引力。而这些企业正是当前商业领域最具创新和活力的主体。

Complete digital transmission, without the need for third-party involvement, allows Bitcoin to facilitate online transactions at very low transaction fees. This is obviously attractive for operations with low net profitability (e.g. food and electricity companies), or with high transaction costs (e.g. cross-border payments and small payments).

（3）无“假币“风险

(3) no “false currency's risk

无“假币“风险挑战纸质货币的安全与防伪机制。

There is no “false currency” risk that challenges paper currency security and anti-false mechanisms.

与传统货币不同的是，比特币使用遍布整个P2P网络节点的分布式数据库来记录货币的交易，并使用密码学的设计，产生多达数百位的密钥，来确保货币流通各个环节安全性。与传统纸币相比，比特币不存在假币风险。

Unlike traditional currencies, bitcoin records currency transactions using distributed databases spread across the entire P2P network nodes, and uses cryptography to produce up to hundreds of keys to ensure the security of the money flow chain. Bitcoin is not exposed to counterfeit currency risk compared to conventional paper currency.

（4）无通胀风险

(4) no risk of inflation

无通胀风险挑战原有通胀控制手段。

No risk of inflation challenges the existing means of inflation control.

比特币有自己的货币额度上限（瑞波币同样如此），而为了保持币值稳定，比特币在运行中每四年产出减半，直到无限趋近于2100万的价值。这种没有中央银行控制的货币，与不断量化宽松的传统货币相比，没有通胀风险。

Bitcoin has its own currency ceiling (as is the case with Ribot), and in order to keep the currency stable, bitcoin has halved its output every four years until it approaches an unlimited value of 21 million. This currency, which is not controlled by the central bank, has no inflation risk compared to the traditional currency of constant quantitative easing.

此外，比特币的创造者和支持者声称，比特币自身的激励机制使得：比特币整个生态系统将依赖交易费而运行，能够克服由中央银行在传统货币供应、管理方面实施垄断带来的局限性，并免于通货膨胀。这可以说是一种全新的货币理念，也包含对使用需求更好的满足。毕竟，货币从本质上来说还是一种商品。

Moreover, Bitcoin’s creators and supporters claim that Bitcoin’s own incentives allow the entire ecosystem to operate on transaction fees, to overcome the limitations of the central bank’s monopoly on traditional money supply, management, and to be free from inflation. This can be said to be a completely new monetary concept, and to include better demand for use. After all, money is essentially a commodity.

（5）多领域的创新

(5) Multidisciplinary Innovation

比特币生态系统在进化过程中促进多领域的创新。

The Bitcoin ecosystem promotes multidisciplinary innovation in the evolution process.

有意思的是，在比特币的整个生态系统中，我们能够看到许多黑客/极客、创客等互联网高手的身影。他们共同行动，推动了多个领域的创新，例如：采矿机制造商发扬创客精神，通过对运算能力的极致要求带动硬件创新；比特币交易平台在应对黑客一次次的攻击后，不断改善安全手段，无意中促进了互联网安全领域的发展；各种机构提供基于比特币的信用卡、ATM机、对冲基金等服务，不断推进比特币生态系统的壮大；在上述创新之上，最根本的创新在于：从金融体系的底层实现了与互联网的链接……

Interestingly, in the entire ecosystem of Bitcoin, we can see the presence of many hackers/polars, pioneers, and so on. Together, they have promoted innovations in a number of areas, such as: the creative spirit of mining machine manufacturers, which drives hardware innovation by imposing extreme demands on their ability to calculate; the continuous improvement of security tools by the Bitcoin trading platform in response to hackers'attacks, which has inadvertently contributed to the development of the Internet security field; institutions that provide Bitcoin-based credit cards, ATMs, hedge funds, etc., and so on; and, above all, the fundamental innovation: the link to the Internet from the bottom of the financial system...

（6）一个互联的世界

(6) An interconnected world

总的来说，虚拟货币的运行体现出：从封闭到开放、从线上到线下的发展趋势，在全球范围内实现了几种非常重要的互联：货币供给方与需求方、商户与商户、商户与个人、个人与个人、线上与线下、虚拟货币与虚拟货币、虚拟货币与实体货币之间的互联，在一定程度上带动了商品、货币在全球范围内更高效的流通。

In general, the operation of the virtual currency reflects a trend from closure to openness, from line to line, which has led to several very important interconnections globally: the supply side of the currency vis-à-vis the demand side, merchants and traders, traders and individuals, individuals and individuals, on-line and off-line, virtual and virtual currencies, virtual and real currencies, and, to some extent, a more efficient worldwide flow of goods and currencies.

虚拟货币的出现在某种意义上是全球支付体系创新的一个缩影。更便捷的流程、更低的费率等创新看似简单，却又是传统银行在原有利益体系下难以在短期内快速完成的。因此，以比特币为代表的虚拟货币在一定程度上动了传统银行业务的奶酪，哪怕目前只是非常微小的撼动。

The emergence of virtual currencies is, in a sense, a microcosm of innovation in global payment systems. Innovations such as easier processes, lower tariffs, and so on, seem to be simple, but traditional banks cannot do so quickly in the short term under their original systems of interest.

4.虚拟货币的缺陷与优点相伴相生

4. Deficiencies and advantages of virtual currencies go hand in hand

有意思的是，虚拟货币自身所宣称或者支持者所看好的优点也可能正是其缺陷的根源。这些缺陷带来的风险毋庸置疑。根据目前的状况和相关报道，其存在的问题和风险主要体现在以下方面：

Interestingly, the virtues proclaimed by the virtual currency itself or perceived by its supporters may also be the root cause of its shortcomings. The risks associated with these deficiencies are unquestionable. According to the current situation and related reports, the problems and risks are mainly as follows:

（1）犯罪工具风险

(1) Risk of criminal instruments

少数人借助虚拟货币平台从事洗钱、欺诈、毒品交易、资助恐怖组织、非法募集资金（如7月中旬美国SEC对一名德克萨斯男子操作一个比特币庞氏骗局提起诉讼）等犯罪活动。与传统货币相比，这些犯罪方式更为隐蔽，而这正是虚拟货币受到诟病的重要因素。

A few people use virtual money platforms for money-laundering, fraud, drug-trading, financing terrorist organizations, and illegal collection of funds (e.g. in mid-July, when the United States SEC sued a Texas man for operating a Bitcoon Ponzi scheme). These forms of crime are more hidden than traditional currencies, which are a major factor in virtual currency abuse.

（2）丢失风险

(2) Loss of risk

以比特币为例，一个比特币可以被定义为一个数字签名链（比特币持有者的转换体现为数字签名的转换）。每名货币的拥有者有一对密钥：一个公钥和一个私钥。这些密钥保存在一个本地文件中，丢失或删除该文件就意味着失去了与之关联的比特币（当然，你或许可以在多个地方备份该文件，并通过加密方式防止丢失或黑客盗取。）

In bitcoin, for example, a bitcoin can be defined as a digital signature chain (the conversion of the Bitcoin holder reflects the conversion of the digital signature). The owner of each currency has a pair of keys: a public key and a private key. Keeping these keys in one local file means losing the associated bitcoin (and, of course, you may back it up in more than one place and prevent loss or hacking by encryption).

（3）安全风险

(3) Security risks

相比传统实体货币，比特币最大的风险之一就是网络安全风险。近几年在Mt.Gox、 Bitcoinica等大型比特币平台上，已经发生多起黑客盗用安全证书进而非法获取比特币的事件，这让比特币持有人受到损失，甚至带来比特币价格的剧烈波动。此外，少数“非法挖矿者“为了更高效地挖掘比特币，利用病毒构建“僵尸网络”，或盗用公共服务器的计算资源，侵害其利益。

In recent years, there have been many cases of hacking security certificates on large Bitcoin platforms, such as Mt. Gox and Bitcoinica, leading to the illegal acquisition of bitcoin, which has resulted in losses for bitcoins holders and even sharp fluctuations in bitcoin prices. Moreover, a small number of “illegal diggers” “to exploit bitcoins more efficiently, to use viruses to build “zombie networks” or to steal the computational resources of public service providers, to the detriment of their interests.

从比特币发明者中本聪在其关于比特币的“创世”论文来看，比特币相关的安全风险在于：当合作攻击者的计算能力总和大于诚实的节点所控制的计算能力的总和，整个比特币系统可能面临风险。因此，在一定程度上，比特币的安全风险在于“诚实矿工”的力量在多大程度上超过“盗窃者“、”搅局者”。

The security risks associated with Bitcoin are that, from a bitcoin inventor's “inventive” paper on Bitcoin, the entire bitcoin system may be at risk when the combined computing power of the cooperative attacker is greater than that of the honest nodes. So, to some extent, the safety risks of Bitcoin lie in the extent to which the “honest miners” are more powerful than the “the thief”, the “mistressor”.

（4）币值波动风险（汇率风险）

(4) Risk of currency fluctuations (exchange rate risk)