数字货币 Digital Currency and the Question of Trust

传统chuántǒng货币huòbì的de信任xìnrèn建立jiànlì在zài国家guójiā信用xìnyòng之上zhī shàng，人们rénmen相信xiāngxìn央行yāngháng不会bú huì随意suíyì印钞yìnchāo，银行yínháng不会bú huì卷款跑路juǎn kuǎn pǎolù。

Trust in traditional currency is built on national credit: people believe the central bank won't print money arbitrarily, and banks won't abscond with their funds.

数字货币shùzì huòbì，尤其yóuqí是shì比特币bǐtèbì这类zhè lèi加密货币jiāmì huòbì，提出tíchū了le一种yì zhǒng完全wánquán不同bùtóng的de信任xìnrèn模式móshì：不bù依赖yīlài任何rènhé机构jīgòu，只zhǐ依赖yīlài数学shùxué与yǔ代码dàimǎ。

Digital currencies, especially cryptocurrencies like Bitcoin, propose a completely different model of trust: relying on no institution at all, only on mathematics and code.

每měi一笔yì bǐ交易jiāoyì都dōu被bèi记录jìlù在zài区块链qūkuàiliàn上shàng，由yóu分散fēnsàn在zài全球quánqiú的de节点jiédiǎn共同gòngtóng验证yànzhèng，篡改cuàngǎi任何rènhé一条yì tiáo记录jìlù都dōu需要xūyào同时tóngshí攻破gōngpò绝大多数jué dàduōshù节点jiédiǎn，几乎jīhū不可能bù kěnéng做到zuòdào。

Every transaction is recorded on the blockchain and jointly verified by nodes scattered across the globe; tampering with any single record would require simultaneously breaching the vast majority of nodes, which is almost impossible.

换言之huàn yán zhī，信任xìnrèn的de对象duìxiàng从cóng“某个mǒu ge权威quánwēi机构jīgòu”变成biànchéng了le“一套yí tào公开gōngkāi透明tòumíng、人人rénrén可查kě chá的de算法suànfǎ规则guīzé”。

In other words, the object of trust shifts from 'some authoritative institution' to 'a set of open, transparent algorithmic rules that anyone can check.'

这种zhè zhǒng设计shèjì的确díquè解决jiějué了le双重支付shuāngchóng zhīfù等děng技术jìshù难题nántí，却què并未bìng wèi解决jiějué价格jiàgé剧烈jùliè波动bōdòng的de问题wèntí。

This design does solve technical problems like double-spending, but it has not solved the problem of drastic price fluctuations.

一枚yì méi比特币bǐtèbì的de价格jiàgé可以kěyǐ在zài一夜之间yí yè zhī jiān暴涨暴跌bàozhǎng bàodiē，这zhè让ràng它tā更gèng像xiàng投机品tóujī pǐn，而非ér fēi稳定wěndìng的de支付zhīfù工具gōngjù。

The price of a single Bitcoin can surge or crash overnight, which makes it feel more like a speculative asset than a stable means of payment.

于是yúshì，业界yèjiè又yòu发展fāzhǎn出chū“稳定币wěndìngbì”，试图shìtú将jiāng数字货币shùzì huòbì与yǔ美元měiyuán等děng法定货币fǎdìng huòbì挂钩guàgōu，兼顾jiāngù去中心化qù zhōngxīnhuà与yǔ价格jiàgé稳定wěndìng。

As a result, the industry has developed 'stablecoins,' which try to peg digital currency to fiat currencies like the US dollar, balancing decentralization with price stability.

归根结底guī gēn jié dǐ，数字货币shùzì huòbì真正zhēnzhèng的de价值jiàzhí，不在于bú zàiyú它tā能不能néng bu néng一夜暴富yí yè bào fù，而ér在于zàiyú它tā为wèi“无须wúxū信任xìnrèn第三方dì-sān-fāng”的de交易jiāoyì提供tígōng了le一种yì zhǒng可行kěxíng的de技术方案jìshù fāng'àn。

In the final analysis, the true value of digital currency lies not in whether it can make you rich overnight, but in the fact that it offers a workable technical solution for transactions that require no trust in a third party.

🔊 Audio uses your device's Chinese voice for now — teacher recordings are coming. Tap any word to see its meaning.

Key words 生词

央行yānghángcentral bank

加密货币jiāmì huòbìcryptocurrency

区块链qūkuàiliànblockchain

篡改cuàngǎito tamper with; falsify

去中心化qù zhōngxīnhuàdecentralization

归根结底guī gēn jié dǐin the final analysis (idiom)

Grammar note 语法点

建立在…之上 — 'to be built upon...'

A formal pattern describing the foundation something rests on, often used for abstract things like trust, systems, or theories.

传统货币的信任建立在国家信用之上。 — Trust in traditional currency is built on national credit.

换言之 — 'in other words'

A formal connective used to restate the previous point more plainly or from a different angle; more literary than 也就是说.

换言之，信任的对象从“某个权威机构”变成了“一套公开透明、人人可查的算法规则”。 — In other words, the object of trust shifts from 'some authoritative institution' to 'a set of open, transparent algorithmic rules.'

不在于…，而在于… — 'does not lie in A, but in B'

A formal pattern for correcting where the real significance of something lies, often used to conclude an essay's argument.

数字货币真正的价值，不在于它能不能一夜暴富，而在于它提供了一种可行的技术方案。 — The true value of digital currency lies not in getting rich overnight, but in offering a workable technical solution.

Check yourself 小测验

1. 传统货币的信任建立在什么之上？

2. 比特币这类加密货币的信任模式依赖什么？

3. 作者认为数字货币真正的价值在于什么？

数字货币Shùzì huòbìDigital Currency and the Question of Trust

Key words 生词

Grammar note 语法点

Check yourself 小测验

More HSK 6 reading practice