比特币的历史至少可以说是一个动荡的历史，现在我们正处于其历史上最动荡的时期之一，因为它已经花费了2018年的全部时间，从其接近20,000美元的峰值进一步下降在2017年12月。
The history of Bitcoin is, at least, a turbulent one of the most volatile periods in its history, as it has already spent the entire period of 2018, further down from a peak of nearly $20,000 in December 2017.
人类学家 Yuval Noah Harari 在《智人》(2011)中写道:即使是现今的硬币和纸币，也都只是一种罕见的货币形式。世界上的货币总量约为 60 万亿美元，而发行的硬币和纸币的总量却不到 6 万亿美元。超过 90%的资金 - 超过 50 万亿美元出现在人们的账户中 - 仅存在于计算机服务器上。
Anthropologist Yuval Noah Harari wrote in Wiseman (2011) that even today's coins and banknotes are a rare form of currency. The world's total currency is about $60 trillion, while the total amount of coins and banknotes issued is less than $6 trillion. More than 90% of the money - more than $50 trillion - is in people's accounts - is only on computer servers.
但像比特币(以及一般的加密货币)这样不确定的东西永远不会顺利。许多人在它之前尝试过加密的数字货币，他们无法完全破解它。自比特币近十年前成为现实以来，出现了一些高点和一些低点。对于一些比特币所有者来说，这是上诉的一部分。
But something as uncertain as bitcoin (and usually encrypted currency) will never work. Many people have tried encrypted digital money before it, and they cannot completely crack it. Since Bitcoin became a reality nearly a decade ago, some high points and some low points have emerged.
据 CoinMarketCap 统计，目前已有超过 1700 种加密货币，总市值约为 2900 亿美元，其中比特币的体量约占市场的三分之一。加密货币的快速增长和随后的下跌，包括其币种的数量和价格，以及对当前金融基础设施造成的挑战，都迫使所有市场参与者密切关注并研究这个新市场。
According to CoinMarketCap, there are now more than 1,700 encrypted currencies with a total market value of about $290 billion, of which bitcoins make up about one-third of the market. The rapid growth and subsequent decline of encrypted currencies, including the number and price of their currencies, and the challenges posed to the current financial infrastructure have forced all market participants to pay close attention to and study the new market.
但是，我们如何通过比特币达到今天的目标?它是如何开始的，它的前辈是什么，以及比特币之旅的意外转变是什么?让我们来看看时间表并找出答案。
But how do we achieve today's goal through bitcoin? How did it start, what its predecessors were, and what was the unexpected shift in bitcoin? Let us look at the timetable and find the answers.
比特币时间表
Bitcoin Schedule
比特币本身直到21世纪末才存在。然而，它的起源可以追溯到几十年前。
Bitcoin itself did not exist until the end of the twenty-first century. However, its origins date back decades.
10年前的8月15日，当尼尔金、弗拉基米尔奥克斯曼和查尔斯布里，为加密专利申请提交文件时起(该申请后来被用于比特币)，就拉开了比特币发展历程。
Ten years ago, on 15 August, when Nikin, Vladimir Oxman and Charles Bri filed documents for an encrypted patent application (which was later used in Bitcoin), they opened the process of bitcoin development.
1982-1997
具体来说，我们可以追溯到1982年。那时计算机科学家David Chaum首先提出了e-Cash的概念。Chaum早在80年代早期就已经关注数字领域的隐私，他发表了一篇题为“无法追踪的盲签名”的论文，详细介绍了一种新形式的密码术，他声称这种形式可以允许第三方无法看到信息的自动支付系统在付款上。
Specifically, we can go back to 1982 when computer scientist David Chaum first proposed the e-Cash concept. Chaum, who had been concerned about digital privacy since the early 1980s, published a paper entitled “Blind signatures that cannot be traced” detailing a new form of cryptography that he claimed would allow third parties to be unable to see information on the payment of automatic payment systems.
Chaum试图通过创建DigiCash，将这个创建盲签名系统的想法在1990年投入实际应用。DigiCash是一家在阿姆斯特丹成立的公司，设计为比特币，用于创建安全，安全的在线货币。Chaum作为一个聪明的头脑的声誉吸引了员工和风险投资，但产品本身从未流行，到90年代后期DigiCash破产。
Chaum tried to put the idea of creating a blind signature system into practice by creating DigiCash. DigiCash, a company founded in Amsterdam, was designed to create a safe and secure online currency. Chaum’s reputation as a smart mind attracted investments in staff and risk, but the product itself was never popular and by late 1990’s DigiCash went bankrupt.
Chaum仍为其他具有类似野心的cypherpunks打开了闸门。1997年，Adam Back发明了hashcash，这是一种工作证明系统，与比特币使用的系统非常相似。
Chaum continues to open the gates for other cypherpunks with similar ambitions. In 1997, Adam Back invented the Hashcash, a work certification system very similar to that used in Bitcoin.
比特币(Bitcoin)是最初的加密货币，并于 2009年作为开源软件发布，是一种最具流动性和重要网络效应的加密货币，在全球拥有很高的知名度。比特币协议使用一种名为区块链的新型分布式账簿，允许用户使用加密货币进行点对点交易，同时避免了“双重支出”问题。没有中央权威机构或服务器验证事务，比特币支付的合理性由分散的网络本身决定。比特币具有极强的稀缺性，该货币系统曾在4年内只有不超过1050万个，之后的总数量被永久限制在2100万个。
Bitcoin, the original encrypted currency, was released as open source software in 2009 and is one of the most mobile and important network effects, with high global visibility. The Bitcoin protocol uses a new distribution book called block chains, allowing users to use encrypted currency for point-to-point transactions, while avoiding the problem of “double expenditure”. Without a central authority or server certification service, the legitimacy of Bitcoin payments is determined by the decentralized network itself. Bitcoin is extremely scarce, with no more than 10.5 million monetary systems in four years, and the total number is permanently limited to 21 million.
作为最初的加密货币，比特币的迅速崛起使其成为投资者、媒体和技术专家的主要关注点。历经近3年的发展与成长，加密货币和区块链的理念也开始在大众认知中流行。
The rapid rise of Bitcoins, as the original encrypt currency, has become a major focus for investors, media, and technocrats. After nearly three years of development and growth, the idea of encrypting money and block chains has become popular.
事实上，区块链的创新正在改变整个市场，同时也引起了各国央行和金融业的波动。但比特币的真正影响实际上远不止于此，它为逾千种可供在线交易的加密货币和资产创造了新的市场。
Indeed, innovation in the block chain is changing the market as a whole, while causing volatility in central banks and finance. But the real impact of Bitcoins actually goes far beyond that, creating new markets for over thousands of encrypted currency and assets that can be traded online.
从 2011年起，加密货币的版图日益拓张。除了以比特币为基础的衍生型加密货币，其他与比特币存在不少区别的加密货币也逐步发展起来，比特币的市值现已成为整个市场的少数，约占所有加密货币资产的50%以上。
Since 2011, encrypted currency has grown. In addition to derivative-based, encrypted currency based on bitcoin, encrypted currency, which is quite different from bitcoin, has evolved, and the market value of bitcoin has now become a minority in the entire market, accounting for more than 50% of all encrypted currency assets.
比特币可以称得上是一场伟大的经济实验和社会实验。它提供了一种可能性，将市场的命脉从政府回归市场，并为互联网提供内生的货币，推动经济的全球化和网络化，是世界经济增长的新驱动力。
Bitcoin can be described as a great economic experiment and a social experiment. It offers the possibility of returning the lifeblood of the market from government to the market and providing the Internet with built-in money to drive the globalization and networking of the economy as a new driver of world economic growth.
同时，它促进了文明的进步，通过去中心化的技术和机制建立了原本需要人际信任维持的货币体系，并为其他领域解决复杂社会的组织问题提供了思路和技术(比如产权、证券、保险、公证、选举、慈善等)，使遍布全球的个体更加自由地组织起来。
At the same time, it has contributed to the advancement of civilization by establishing, through decentralized technologies and mechanisms, a monetary system that would otherwise require human trust and providing ideas and techniques for other areas to solve organizational problems in complex societies (e.g. property rights, securities, insurance, notaries, elections, philanthropy, etc.), making individuals across the globe more freely organized.
2008-2010年：BTC市值三年突破100万美元
2008年，比特币的出生伴随着美国次贷危机爆发，欧洲国家债权危机，全球经济衰退。下半年比特币正式发行。
In 2008, the birth of Bitcoin was accompanied by a subprime mortgage crisis in the United States, a debt crisis in European countries, and a global recession. Bitcoin was officially released in the second half of the year.
至 2009 年，比特币软件首次面向公众开放。“挖矿”的网民越来越多，但主流市场还未认可它的价值，在发行前后一年多时间比特币并不具备市场价值。
By 2009, the Bitcoin software was open to the public for the first time. The “mining” netters are growing, but the mainstream market has yet to recognize its value, and Bitcoin has no market value more than a year before and after its release.
2010 年5月，比特币产生了第一次与实体经济的交易，使得其开始具有价值属性，其初始价值为0.003美元。比特币产生价值后，挖矿热潮热度持续走高，第一个比特币交易所 Mt.Gox 应运而生，并带来了7月内比特币经历了第一次价格剧烈波动，为期5天的10倍涨幅，汇率从$0.008/BTC到$0.080/BTC。
In May 2010, Bitcoin produced its first deal with the real economy, which began to have a value attribute, with an initial value of US$0.003. After Bitcoin produced its value, the heat of the mining heat continued to rise, with the first Bitcoin Exchange, Mt.Gox, born, and led to the first five-day sharp price fluctuations in Nebitco in July, with a 10-fold increase in the exchange rate ranging from US$0.008/BTC to US$0.080/BTC.
随后，比特币的势头吸引了黑客们的注意力，暴露了系统中的一个重大漏洞，但民众对于比特币的关注度，却日益增高，便携设备、期权合约、矿池开始陆续出现。至11月，全球最大比特币交易平台 Mt.Gox 上单枚比特币价格已突破 0.5美元，比初始价格上涨约167倍，比特币市值100万美元。
Subsequently, the momentum of Bitcoin attracted the attention of hackers and exposed a major gap in the system, but public interest in bitcoin was growing, with portable equipment, options contracts, and mineral ponds beginning to emerge. By November, the world’s largest Bitcoin trading platform, Mt. Gox, had passed 0.5 dollars, about 167 times the initial price increase, with Bitcoin at a market value of $1 million.
2011年：去中心化和加密货币概念流行
2011年2月，比特币价格首次与美元等价，这一消息被媒体大肆报道后引发起人们的高度关注，新用户大增;4月，比特币首次从小范围的极客圈走进公众视野，随后各家媒体也先后进行相关报道。
In February 2011, for the first time, the price of Bitcoin was equal to the United States dollar, a news that generated a high level of interest and a huge increase in the number of new users following media coverage. In April, Bitcoin entered public view for the first time from a small circle of polar visitors, followed by media coverage.
从4月到6月9日的两个月间，比特币价格先后突破10美元、20美元，一路攀升到31.9美元，涨幅高达 3000%，随后在大型交易所被盗案后，6 月19日的价格一度跌至 0.013美元。
In the two months between April and 9 June, the price of Bitcoin passed $10 and $20, climbing to $31.9, up 3000 per cent, and then fell to 0.013 on 19 June following the theft of a large exchange.
从7月开始，比特币的应用落地得到了进一步拓展，价格也随之逐步回升，至8月，第一次比特币会议和世博会在纽约召开，比特币价格为 11 美元。然而，11月时的比特币又暴跌至2美元。
Starting in July, the Bitcoin application was further expanded, with prices gradually rising, and the first Bitcoin and World Expo were held in New York in August, at a price of $11. However, in November, Bitcoin fell to $2.
总体来说，比特币在2011年内经历了长达半年的低潮期，价格浮动比例较高。此时的比特币也受到了批评，因为它被用于所谓的“黑暗网络”，特别是在丝绸之路(Silk Road)等非法交易的网站上。当时有文章认为，比特币是一种虚无的无政府主义。
In general, Bitcoin experienced a six months-long low tide in 2011, with a high rate of price fluctuations. Bitcoin was also criticized for being used in so-called “dark networks” – especially on illegal trading sites like Silk Road.
同时，在这一年，随着比特币越来越受欢迎，去中心化和加密货币的概念流行起来，一些其他加密货币开始出现。这些替代型加密货币通过提供更快的速度，更好的匿名性或其他一些优势来尝试改进原始的比特币设计。
At the same time, this year, as bitcoins became more popular, the concept of decentralized and encrypted currencies became popular, and some other encrypted currencies began to emerge. These alternative cryptographic currencies tried to improve the original bitcoins by providing faster speed, better anonymity, or some other advantage.
2012年：实体经济供应商接受BTC支付
延续2011年的颓势，比特币价格在 2012 年2月跌破2美元，比起 2011年 6月创下的新高成绩31.9美元，跌幅达到 1395%。
The decline in 2011 continued, with Bitcoin prices falling by $2 in February 2012, compared with a new high of $31.9 in June 2011, a decline of 1395 per cent.
此时的加密货币开始进入大众意识，其中包括美国电视剧《傲骨贤妻》第三季中进行的一场虚构审判，该集名为“傻瓜的比特币”。
The encrypt currency at this time began to enter public consciousness, including a fictional trial in the third quarter of American television drama, "A proud wife", called "bitcoin of fools".
6 月开始，陆续多家实体经济供应商宣布接受比特币支付，继而在7月，随着官方论坛的帖子数量突破100万，比特币价格回升至 8.77美元。
Beginning in June, a number of real economic suppliers announced their acceptance of Bitcoin payments, followed in July by an increase in the price of Bitcoin to $8.77 as the number of posts in official forums surpassed $1 million.
9月的伦敦比特币会议及之后的比特币基金创立、欧洲第一次比特币会议，又将比特币价格进一步走出了拉升，至近 13美元。
The London Bitcoin conference in September and the subsequent Bitcoin Fund's creation, and the first European Bitcoin conference, further raised the price of bitcoin to almost $13.
12月，比特币的发行量占到发行总量的一半 ，区块供应量发起了首次减半调整，通缩效应使得比特币单价重回巅峰期。在法国比特币中央交易所诞生之后，比特币单枚涨至13.69 美元。
In December, the distribution of Bitcoin was half of the total, and block supply started the first half adjustment, with deflationary effects that brought bitcoin unit prices back to their peak. After the birth of the French Central Exchange of Bitcoin, Bitcoin rose to $13.69.
2013年：比特币政策法规取得突破
1月，在比特币跌至2美元后不久，比特币再度大幅上涨。不少新的交易所、新的投资者和媒体增加曝光度都帮助比特币快速恢复了涨势，同时，塞浦路斯经济危机的爆发，使得比特币作为本国经济避险资产吸引了大量的关注。此后比特币一路上涨，在2013年4月升到了 260 美元。
In January, shortly after Bitcoin fell to $2, Bitcoin rose again. A number of new exchanges, new investors, and increased media exposure helped Bitcoin to recover rapidly, while the outbreak of the economic crisis in Cyprus attracted much attention as a national economy’s hedge asset.
然而，4 月-6月比特币交易所Mt.Gox 运行的中断使得大量交易者立即获利了结，比特币再次下跌至 40美元，跌幅达到 80%。同时，这一年的比特币在政策法规方面取得了突飞进展。
However, the interruption of the operation of the Bitcoin Exchange, Mt. Gox, in April-June brought a large number of traders to an immediate conclusion, falling again to $40, a drop of 80%. At the same time, Bitcoin made dramatic progress in policy regulation this year.
2014年：加密货币日益流行，引发监管
2014: The growing prevalence of encrypted currency triggers regulation
2014年初，加密货币日益流行，用户数量约是1年前的10倍，比特币矿池的最大规模也创下记录。而实体经济方面，对比特币的接纳程度也越来越高，多家知名供应啥宣布开始接受比特币支付。
In early 2014, encryption currency became increasingly popular, using about 10 times the number of users a year ago, and the largest bitcoin ponds were recorded. In the real economy, Bitcoin’s acceptance was also increasing, with many well-known suppliers declaring that they would begin to accept bitcoin payments.
如此势头吸引了相关监管部门的注意，多方开始紧缩。
This momentum has attracted the attention of the relevant regulators, and multiple players have begun to tighten.
同时，最大的交易所 Mt.Gox 宣布破产，比特币价格闪电般从600美元跌至102美元，跌幅80%。
At the same time, Mt. Gox, the largest exchange, declared bankrupt, and bitcoin fell from $600 to $102, a drop of 80 per cent.
2015年：区块链技术引起关注
比特币在2015年表现不俗，其原因之一是“区块链”技术使得各大金融公司对比特币兴趣渐浓，对其接受度逐渐提高;
One of the reasons why Bitcoin performed well in 2015 is that the “block chain” technology has led to a growing interest in and acceptance of Bitcoin by major financial companies;
此外，中国股市一度剧烈波动，在资金转移受到限制的情况下投资者借助于比特币规避中国资本管制，这使得中国成为比特币大涨的另一个背后推手。
In addition, China's stock markets were once highly volatile, with investors resorting to Bitcoin to circumvent China's capital controls in cases where the transfer of funds was restricted, making China another back-up to the huge increase in Bitcoin.
2015年初比特币的价格刚超过300美元，但在1月14号时跌至170美元，在两天内损失了37%的价格。价格在接下来的12天内有所反弹，因为交易所和钱包供应商 Coinbase 的新一轮融资成功，比特币一路飙升至超过300美元。
The price of Bitcoin, just over $300 in early 2015, fell to $170 on January 14 and lost 37% in two days. Prices rebounded in the next 12 days, as a new round of financing for the exchange and wallet provider Coinbase succeeded, and Bitcoin jumped to over $300.
3 月-6月，比特币价格一直在250美元左右波动，直至6 月下旬，随着希腊债务问题的恶化，比特币社区热切希望希腊能像塞浦路斯一样转换为使用数字货币，比特币价格上涨到300美元，这可以归结于人们希望这种趋势发生的心理效应。
In March-June, the price of Bitcoin fluctuated around $250 until late June, when, as the Greek debt problem worsened, the Bitcoin community eagerly hoped that Greece would convert into a digital currency, like Cyprus, and that the price of Bitcoin would rise to $300, which could be attributed to the psychological effects of that trend.
8 月，由于交易所事故，价格陡峻下跌至 179. 35美元。整体来看，2015年整理周期为3月-9 月，整整6个月时间。
In August, prices fell sharply to US$ 179.35 as a result of an exchange incident. Overall, the consolidation cycle for 2015 was March to September, for a full six-month period.
9月开始，多家重要机构及政府连续对比特币发出相关规定，市场注意力再度被集中，在比特币价格在10月再度“井喷”前后，欧洲法院规定，比特币交易不需要缴纳增值税。
Since September, several important institutions and the Government have issued successive regulations relating to Bitcoin, and market attention has been refocused. Before and after the October “well blow-out” of Bitcoin prices, the European Court of Justice has ruled that Bitcoin transactions are not subject to value-added tax (VAT).
11月4 日比特币盘中一度上涨20%，最高飙升至500美元。
On 4 November, there was a 20 per cent increase in the Bitcoins, up to $500.
2016年：开启ICO元年
2016是比特币扬眉吐气的一年，全世界的比特币交易所已经达到数十家。受比特币产量减半、英国脱欧、美国大选以及亚洲市场的强势等因素影响，比特币价格出现反弹，并呈现进一步上扬的趋势。
2016 was a year of bitcoin evaporation, and the world’s Bitcoin exchange has reached dozens. Bitcoin prices rebounded and showed a further upward trend, influenced by factors such as the halving of bitcoin production, British de-Europe, United States elections, and the strength of Asian markets.
其中，中国市场目前占比特币的交易量超过95%，而在新产生的比特币里面，有超过70%在中国矿场产出，中国市场几乎垄断了未来比特币的新增供给。人民币的不断贬值和外汇管制给比特币市场带来了强大的需求，比特币价格水涨船高。国际市场比特币参与者都在关注中国市场的变化。
Among them, the Chinese market now accounts for more than 95% of Bitcoin’s transactions, while more than 70% of the newly produced bitcoin is produced in Chinese mines, and the Chinese market has almost monopolized the future supply of bitcoin. The constant devaluation of the renminbi and foreign-exchange controls have created a strong demand for bitcoin markets, with bitcoin rising.
在全球政治经济震荡的大环境下，比特币作为一种避险资产脱颖而出。6月，英国脱欧，导致英镑跳水，比特币价格应声上涨，涨幅近 20%。8月的交易所被盗事件，使得比特币一夜闪崩约 26%，但紧接着，价格再度回升。11月，美国大选结果公布，围绕特朗普政策提案的不确定性进一步推动了作为避险资产的比特币的价格。
In the context of global political and economic shocks, bitcoin emerged as a hedge asset. In June, British decoupling caused the pound to jump, and bitcoin prices to rise by nearly 20%.
同期，多国政府废钞，导致一枚比特币的价格回到1000美元的高度，涨幅超40%。政府“废钞”的后果是其公信力的严重缺失，比特币在一轮轮“废钞运动”中脱颖而出，一定程度表现出了类似黄金的避险属性。让更多民众意识到用区块链技术保障个人财产不可侵犯的重要性。另外，各国监管层面对比特币和区块链开始表现态度，对区块链来说，监管并不是一件坏事，监管在一定程度上意味着“承认”。
During the same period, multinational governments scrapped money, causing the price of a bitcoin to return to a high of $1,000, up by more than 40%. The consequences of the government’s “lost money” were a serious lack of credibility, and Bitcoin emerged in a round of “screw money” and, to a certain extent, demonstrated a risk-free nature similar to gold.
Ethereum 在此年也风头大涨，该平台的到来标志着首次代币发售(Initial Coin Offering)的出现。2016 也见证了ICO 市场的火爆，被称为ICO元年，多个项目通过 ICO 方式获得融资。
Etheeum also gained momentum in the year, when the platform came to mark the first-ever sale of the Initial Coin Offering. 2016 also witnessed the explosion of the ICO market, known as the ICO Year, with several projects being financed through ICO.
2017年：加密货币创造了历史
2017: Encrypted Currency Creates History
2017年，比特币成了市场上最受欢迎的投机产品之一，在整个 2017年度，比特币在金融媒体上频繁登上头条，比特币如今已成为家喻户晓的名字。其价格从2017年年初的970美元上涨到了 2017年12月的近 2万美元，全年涨幅达到1700%。
In 2017, Bitcoin became one of the most popular speculative products on the market, and throughout 2017, Bitcoin posted its headlines in the financial media, and Bitcoin is now a well-known name. Prices rose from $970 at the beginning of 2017 to nearly $20,000 in December 2017, rising by 1700 per cent throughout the year.
作为无边界加密货币，比特币吸引了范围更广、拥有大量现金的投资者。截止2017年12 月，接受比特币的的实体企业数量达到 11291 家，比特币ATM机的数量则增长至1986 个。除了比特币之外，莱特币、以太坊、达世币等竞争币也开始成为一些商家的支付选择。
By December 2017, the number of entities receiving Bitcoin had reached 11291, while the number of Bitcoin ATM machines had increased to 1986. In addition to Bitcoin, competitions such as Letco, Ether, and Dacht began to become payment options for some businesses.
全年比特币最低价位是1月11日的789 美元。4月，日本出台了管控比特币交易的新规，赋予其作为支付网络的地位。
In April, Japan introduced a new regulation regulating Bitcoin transactions, giving it the status of a payment network.
1 月到 5 月比特币价格缓慢增长，到五月中旬达到2000多美元/枚。在 6 月和 7 月比特币一度下挫36%，这是因为比特币分叉的消息让市场产生了担忧。
Bitcoin prices grew slowly from January to May, reaching more than US$ 2,000 in mid-May. Bitcoin fell by 36 per cent in June and July because of market concerns caused by news of the split of bitcoin.
9 月初，比特币超过4000美元，此后在9月4 日，中国央行宣布将ICO 定性为非法金融活动，暂停国内一切交易。这对比特币造成了短期的打击，月中后期比特币从4800 美元跌至3491 美元，跌幅达28%，之后比特币仅短幅下挫后又继续上涨。期间，海外的比特币价格高于中国的比特币价格，价差曾经达到几千元人民。
At the beginning of September, Bitcoin exceeded US$ 4,000, and on September 4, the Central Bank of China announced that it had classified ICO as an illegal financial activity and suspended all domestic transactions. This hit Bitcoin in the short run, falling from US$4,800 to US$3491 in the middle of the month, which fell by 28%, after which Bitcoin continued to rise.
10月涨至6000美元，期货交易的发布及金融行业业内著名的新闻和百科类网站的宣传，使得价格在12月17日达到19800美元。之后开始暴跌。
In October, it rose to $6,000, and the publication of futures transactions and the promotion of well-known news and encyclopedia websites in the financial industry brought the price to $19,800 on 17 December.
12月31日封盘价跌破11000 美元。整个2017年的后半段，比特币不断循环着暴涨、暴跌，即便期间经历了火热的ICO与国内“一刀切式”监管，还是不断地创造历史记录。
On December 31, the block price fell by $11,000. Throughout the second half of 2017, Bitcoins continued to spiral and fall, creating historical records, even after a period of hot ICO and domestic “one-size-fits-all” regulation.
2018年:监管促进加密货币良性发展
2018: Regulation for the development of encoded currencies
2018 年1月初比特币价格崩盘的开始，从以倒闭的日本加密货币交易所Mt.Gox抛售其持有的比特币的开始。此后市场陆续有负面的新闻传出，多家主流社交媒体机构都已禁止了相关宣传;多家交易所遭到黑客攻击;政府监管带来隐忧。
The start of the Bitcoin price collapse in early January 2018 began with the sale of the bitcoin held by Mt.Gox, a failed Japanese encrypted currency exchange. Since then, the market has seen negative news, with many mainstream social media outlets banning propaganda; multiple exchanges have been hacked; and government regulation has been a source of concern.
虽然各国政府联手就加密货币严格监管进行合作，但区块链技术却在各个国家都得到政府的认可并大力发展，许多国家还继续与一些知名银行建立创新的合作关系，瑞银、巴克莱银行、瑞士信贷和其它银行在以太坊试行合规平台。
While Governments have joined forces to cooperate on strict regulation of encrypted currencies, block chain technology has been recognized and developed in various countries, and many countries have continued to establish innovative partnerships with prominent banks, such as the Swedish, Barclays, Swiss credit and other banks, which have piloted compliance platforms in Ether.
2018年之前加密货币价格的涨幅积累了相当程度的抛盘，而2018 年的回调较属于市场逐渐回归理性的过程。
The increase in the price of encrypted currencies by 2018 has accumulated a considerable amount of swings, while the return in 2018 was more a process of gradual rationalization of the market.
总体来说，加密货币市场将引来新一轮的洗牌，而监管措施正促进了加密货币的良性发展。
In general, the crypto-currency market will lead to a new round of shuffling, and regulatory measures are contributing to the benign development of crypto-currency.
历经十年，比特币凭借其作为交易媒介的优势，具备了货币的内在价值，取得了初步的成功，比特币与区块链技术也被认为是第四次工业革命中的深度变革。但目前这仍然是一场试验，正面临着步入主流经济，接受全球市场检验的重大挑战。
Ten years later, Bitcoin gained the intrinsic value of the currency by virtue of its advantages as a trade medium, with initial success, and the technology of the Bitcoin and block chain was considered a profound change in the fourth industrial revolution. But it is still an experiment, facing the major challenge of entering the mainstream economy and being tested in the global market.
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