A
account level(multiaccountstructure)   账户等级（多账户结构）    accounts   账户           adding blocks to   增加区块至         addition operator   加法操作符
addr message   地址消息        Advanced Encryption Standard(AES)   高级加密标准(AES)      aggregating   聚合         aggregating into blocks   聚集至区块
alert messages   警告信息        altchains   竞争币区块链    altcoins   山寨币     AML   反洗钱    anonymity focused       匿名的      antshares   小蚁
appcoins   应用币           API   应用程序接口         App Coins   应用币      architecture   架构          assembling   集合        attacks   攻击
attack vectors   攻击向量        Autonomous Decentralized Peer-to-Peer Telemetry   去中心化的 p2p 自动遥测系统      auxiliary blockchain   辅链   
B   
backing up   备份     balanced trees   平衡树       balances   余额      bandwidth   带宽        Base58 Check encoding   Base58Check编码
Base58 encoding   Base58编码      Base-64 representation   Base-64表示       BFT（Byzantine Fault Tolerance）   拜占庭容错      binary hash tree   二叉哈希树
BIP0038 encryption   BIP0038加密标准    bitcoin addressesvs.   比特币地址       bitcoin core engine   比特币核心引擎或网络        bitcoin ledger   比特币账目
bitcoin network   比特币网络         Bitcoin Network Deficit   比特币网络赤字        Bitcoin Miners   比特币矿工         Bitcoin mixing services   混币服务
Bitcoin source code   比特币源码    BitLicense   数字货币许可     BIP152   比特币改进提议      Bitmain   比特大陆      Bitmessage   比特信     BITNET   币联网
Bitshares   比特股     BitTorrent   文件分享        Blake algorithm   Blake算法       block chain apps   区块链应用      block generation rate   出块速度 
block hash   区块散列值        block header hash   区块头散列值    block headers   区块头      block height   区块高度      blockmeta   区块
block templates   区块模板    blockchains   区块链        bloom filtersand   布鲁姆过滤器(bloom过滤器)      BOINC open grid computing   BOINC开放式网格计算
brain wallet   脑钱包        broad casting to network     全网广播           broad casting transactions to   广播交易到         bytes      字节    Byzantine fault-tolerant   拜占庭容错
C   
call   调用    CCVM（Cross Chain Virtual Machine）   跨链交易的虚拟机       centralized control   中心化控制       chaining transactions   交易链条
chainwork   区块链上工作量总值      Check Block function(Bitcoin Coreclient)   区块检查功能(BitcoinCore客户端)   CHECKMULTISIG implementation   CHECKMULTISIG实现
CheckSequenceVerify (CSV)   检查序列验证/CSV    checksum   校验和    child key derivation(CKD) function   子密钥导出(CKD)函数      child private keys   子私钥
Child Pays For Parent，CPFP   父子支付方案       coinbase reward calculating   coinbase奖励计算       coinbase rewards   coinbase奖励 
coinbase transaction   coinbase交易      cold-storage wallets   冷钱包      Compact block   致密区块    Compact block relay   致密区块中继        colored coins   彩色币
compressed keys   压缩钥       compressed private keys   压缩格式私钥      compressed public keys   压缩格式公钥      computing power    算力   connections   连接
consensus   共识     Consensus Ledger   共识账本     consensus attacks   一致性功能攻击      consensus innovation   一致性的创新      consensus plugin   共识算法
Confidential Transactions   保密交易    constant   常数    constructing   建造     constructing block headers with   通过…构造区块头部
converting compressed keys to   将压缩地址转换为      converting to bitcoin addresses   转换为比特币地址     conversion fee   兑换费用
consortium blockchains   共同体区块链      counterparty protocol   合约方协议       Counterparty   合约币      creating full blockchains on   建立全节点于
creating on nodes   在节点上新建     crypto community   加密社区      crypto 2.0 ecosystem   加密2.0生态系统     cryptocurrency   加密货币
Cunning hamprime chains   坎宁安素数链    currency creation   货币创造
D   
Darkcoin   暗黑币（译者注：现已更名为达世币Dash）    data structure   数据结构    DAO(Decentralized Autonomous Organization)   去中心化自治组织
Debt Token   债权代币   decentralized   去中心化          decentralized consensus   去中心化共识        decentralised applications   去中心化应用
decentralised platform   去中心化平台      decoding Base58Check to/from hex   Base58Check编码与16进制的相互转换       decoding to hex   解码为16进制
deep web   深网         Decode Raw Transaction   解码原始交易      deflationary money   通缩货币      delegated proof of stake   授权股权证明机制
demurrage currency   滞期费      denial of service attack   拒绝服务攻击      detached block   分离块      deterministic wallets   确定性钱包
DEX ：distributed exchange   去中心化交易所      difficulty bits   难度位      difficulty retargeting   难度调整      difficulty targets   难度目标 
digital notary services   数字公正服务     digital currency   数字货币     distributed hash table   分布式哈希表     Distributed Ledger Technology（DLT）   分布式账簿技术
Distributed Autonomous Corporations Runtime System（DACRS）   自治系统运行环境      domain name service(DNS)   域名服务(DNS)
double-spend attack   双重支付攻击    double spend   双花     Dogecoin   狗狗币      DoS(denial of service) attack   拒绝服务攻击
DPOS   权益代表证明机制/DPOS算法（POS基础上的改良）    dual-purpose   双重目标       dual-purpose mining   双重目的挖矿      dust rule   尘额规则（极其小的余额）
E   
eavesdroppers   窃听者     ecommerce servers keys for…   电子商务服务器…的密钥    ECDSA   椭圆曲线数字签名算法保障      Eigentrust++ for nodes   用于节点的Eigentrust++技术     electricity cost   电力成本     electricity cost and target difficulty   电力消耗与目标难度        Electrum wallet   Electrum 钱包
ellipticcurve multiplication   椭圆曲线乘法    Emercoin(EMC)   崛起币    encoding/decoding from Base58Check   依据Base58Check编码/解码    encrypted   加密
encrypted private keys   加密私钥     Equity Token   权益代币       Ethereum   以太坊     External owned account（EOA）   外有账户   ether   以太币
extended key   扩展密钥      extra nonce solutions   添加额外nonce的方式      extraBalance   附加余额
F   
Factom   公证通    fault tolerance   外加容错    Feathercoin   羽毛币   fees   手续费    FRN   快速中继网络    FBRP   快速区块中继协议      FEC   向前纠错
field programma blegatearray(FPGA)   现场可编程门阵列(FPGA)    Financial disintermediation   金融脱媒     fintech   金融技术     fork attack   分叉攻击
forks   分叉    fraud proofs   欺诈证明   full nodes   完整节点;全节点
G   
generating   生成    generation transaction   区块创始交易    generator point   生成点    genesis block   创始区块     GetBlock Template(GBT)mining protocol   GetBlockTemplate(GBT)挖矿协议     gettingon SPV nodes   获取SPV节点     GetWork(GWK) mining protocol   GetWork(GWK)挖矿协议
graphical processing units(GPUs)   图形处理单元(GPUs)      GUID   全域唯一识别元

This is only part of the content, if I get good feedback, I will continue to organize the remaining letters.

Hope to help Chinese users who come to the forum. The vast majority of Chinese people in this forum are beginners and hope to help them.

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

I am a Chinese who was exposed to Bitcoin earlier. I hope to analyze the reasons for China’s Bitcoin-related policies to eliminate FUD against China.

Recently, FUD about China is often discussed in forums. China has successively issued a number of policies to prohibit the use of Bitcoin in China, including banning mining and banning bank card transactions in Bitcoin. Many people think that the reason why China is doing this is the decentralization of Bitcoin that is difficult to regulate, but this is only a small reason.

The biggest reason for China's ban on Bitcoin is carbon neutrality. China’s carbon strategy roadmap is to achieve carbon peaks before 2030, achieve carbon neutrality before 2060, and even initially achieve carbon neutrality by 2030. According to the Bitcoin Mining Council report on July 1, 2021, 56% of the energy consumed by Bitcoin mining is renewable energy. But in the past in China, although the specific proportion was not announced, the proportion of renewable energy such as hydroelectric power generation must be far smaller than this figure. This is not conducive to China's goal of achieving carbon neutrality. In order to achieve this goal, all industries need to make way for it.

Another important reason is the unprecedented chaos in China's cryptocurrency industry. I believe that if the Chinese people just invest in Bitcoin or Ethereum, the Chinese government will never prohibit the transaction of Bitcoin. Unlike the United States or Australia, many Chinese who invest in cryptocurrency don’t know what decentralization is, just blindly follow the trend to buy some unknown coins. Chinese investors lack the most basic understanding of the cryptocurrency industry, most people end up in bankruptcy. Only by restricting mining and restricting bank card transactions can China prevent these ordinary people who have been deceived by become parvenu from joining cryptocurrencies. The reason for the Chinese government to create FUD is not to suppress the price of Bitcoin, but to prevent ignorant people from losing money in the cryptocurrency field.

Finally, China's current development focus is still in the manufacturing or infrastructure fields. In China, finance or economy is still a very abstract word for most people. China's overall strength in the financial field lags far behind the developed world. Therefore, the current strategy of the Chinese government is to stabilize the economic foundation first, and after improving the people's knowledge and living standards, it will begin to develop at the financial level. Before that, it is necessary to ensure that China's overall capital flows to the real economy rather than various financial field.

There are some misunderstandings about China on this forum. I do not comment on the policies of any sovereign country, but in ten years, we may see a China that actively embraces Bitcoin. Although China may still issue policies that have a negative impact on Bitcoin now.

I think we need to think about this problem from two aspects.

From a long-term perspective, Soros is quite tiny in front of Bitcoin. He cannot change the work of the blockchain or manipulate the price of Bitcoin forever.

In the short term, it is interesting to analyze this emergency.

In 1997, Thailand's GDP was 150.2 billion U.S. dollars. Almost everyone knows that Soros destroyed the price of the Thai baht by various ways. In other words, in 1997, Soros's money could affect an economy of US$150.2 billion. In 2020, Thailand’s GDP is about 500 billion U.S. dollars, so can Soros probably affect an economy of about 500 billion U.S. dollars? No matter what the answer is，bitcoin's current market value is about 629billion U.S. dollars, which seems to be higher than the price Soros can influence.

On the other hand, does Soros own Bitcoin? After experiencing a rapid increase in the first half of the year, the price of Bitcoin once exceeded $60,000, but now it is only $30,000. For Soros, this is a good time to buy Bitcoin. At present, many celebrities are optimistic that Bitcoin will break new highs at the end of the year or early next year. Buying Bitcoin at this time is a good choice.

This sounds very logical, but we all know that Soros is an investment master. Maybe he bought Bitcoin a long time ago, and this time just want to use his influence to push the price of Bitcoin to sell again. After all, as I mentioned earlier, many people will think that Soros will choose to buy Bitcoin at this point in time.

I prefer the first of these two possibilities. With Elon Musk as a precedent, Soros should realize that just tweeting or releasing news can no longer affect the price of Bitcoin in a large range. And I also think that Soros, as an old-school financial player, needs to take a certain amount of time to accept Bitcoin. It is unlikely to buy Bitcoin at a very low price before then choose to sell it at this short-term low Bitcoin price. And I think based on Soros’s knowledge of the financial market, if he chooses to sell Bitcoin, he will definitely be close to the high point of the Bitcoin price instead of now.

The conclusion is that I think Soros has discovered the potential of the cryptocurrency market and is ready to study how to buy it.

Please do not sell your bitcoin before its price reach 100000$

As we all know, China and the U.S. are the two countries that have the greatest impact on Bitcoin.

At present, the Fed has not yet initiated a deflationary policy, the US dollar continues to be issued, and the interest rate hike proposal has not yet passed. But at the same time, China has not overprinted money. The reasons are worth pondering.

The strategic significance of Trump's tariff war with China is to promote capital to move out of China and create a distributed multi-production country competition pattern, so that the United States is no longer restricted by a single supplier and reduces its own strategic risks.

Just as China was facing the trouble of capital relocation, COVID-19 broke out. Unexpectedly, due to the good control of the epidemic in China, countries that originally wanted to lure and force manufacturing capital to flee were all captured by the virus. China has achieved a great monopoly advantage for a while. The lifestyle products that were originally not strong in core competitiveness also suddenly gained a competitive advantage. This inflation was reversed back to the United States. The prices of living materials have risen one after another, causing prices to continue to inflate.

However, the Fed is waiting for the epidemic to end, the vaccination rate will increase, and the spread of the virus will slow until it is completely wiped out, waiting for capital to flow from China to foreign countries. Then China will lose the pricing power it has acquired due to COVID-19. Then China will be forced to cut prices, or adjust the exchange rate, relative depreciation and thus reduce prices in disguise. The price inflation in the United States will be completely resolved. The Fed understands it well, so they confidently say that this is all temporary inflation.

But China will also foresee this information in advance, and the most reliable way is to implement quantitative easing policies. To achieve the same level of quantitative easing as the United States, so as not to suffer losses after the epidemic is over.

Central banks around the world are in a sense the shadow branches of the Federal Reserve. China's is no exception. Some people say that if the epidemic is brought under control, the Fed will raise interest rates and assets will plummet. NO. Prior to this, other countries must take turns to implement unlimited quantitative easing until the level of quantitative easing reaches the level of the United States, otherwise it will cause a blow to their own economies. After the beginning of the round of easing policies in the second half of the year, the price of Bitcoin and other assets came to a big bull market.

As we all know, China and the U.S. are the two countries that have the greatest impact on Bitcoin.

At present, the Fed has not yet initiated a deflationary policy, the US dollar continues to be issued, and the interest rate hike proposal has not yet passed. But at the same time, China has not overprinted money. The reasons are worth pondering.

The strategic significance of Trump's tariff war with China is to promote capital to move out of China and create a distributed multi-production country competition pattern, so that the United States is no longer restricted by a single supplier and reduces its own strategic risks.

Just as China was facing the trouble of capital relocation, COVID-19 broke out. Unexpectedly, due to the good control of the epidemic in China, countries that originally wanted to lure and force manufacturing capital to flee were all captured by the virus. China has achieved a great monopoly advantage for a while. The lifestyle products that were originally not strong in core competitiveness also suddenly gained a competitive advantage. This inflation was reversed back to the United States. The prices of living materials have risen one after another, causing prices to continue to inflate.

However, the Fed is waiting for the epidemic to end, the vaccination rate will increase, and the spread of the virus will slow until it is completely wiped out, waiting for capital to flow from China to foreign countries. Then China will lose the pricing power it has acquired due to COVID-19. Then China will be forced to cut prices, or adjust the exchange rate, relative depreciation and thus reduce prices in disguise. The price inflation in the United States will be completely resolved. The Fed understands it well, so they confidently say that this is all temporary inflation.

But China will also foresee this information in advance, and the most reliable way is to implement quantitative easing policies. To achieve the same level of quantitative easing as the United States, so as not to suffer losses after the epidemic is over.

Central banks around the world are in a sense the shadow branches of the Federal Reserve. China's is no exception. Some people say that if the epidemic is brought under control, the Fed will raise interest rates and assets will plummet. NO. Prior to this, other countries must take turns to implement unlimited quantitative easing until the level of quantitative easing reaches the level of the United States, otherwise it will cause a blow to their own economies. After the beginning of the round of easing policies in the second half of the year, the price of Bitcoin and other assets came to a big bull market.

At present, the market value of Bitcoin has returned to more than 46%, which is a sign that the margin ratio has decreased, the bubble has burst, and the market is accumulating power.

And I think we are currently in a century-long bull market in Bitcoin. In the short term, we are in a technical bear market after a major correction.

I think that meeting two conditions can determine that Bitcoin is in a bear market. 1. The price of Bitcoin must fall by about 80%, and the high point created by the bull market cannot be broken before the next cycle. 2. The lowest price in a bear market should not be lower than the highest price in the previous bull market.

At the end of 2017, the highest price of Bitcoin was $20,000, and if the current maximum price of 65,000 is calculated, when the price drops by 80%, the price of Bitcoin should be $13,000. And this obviously fell below the highest price of the previous bull market.

These two points can be confirmed in the Bitcoin rainbow chart：https://www.blockchaincenter.net/bitcoin-rainbow-chart/

Four years have passed, unless you think that Bitcoin has not improved in the past few years, the computing power has not increased, the number of users has not increased, and the consensus has not been strengthened. Otherwise, you don't need to worry that Bitcoin will be less than $20,000. Compared with the increase in value, the current price is simply a sales promotion.

The consensus on cryptocurrency is still expanding, and there emerged the first country in the world treating Bitcoin as its fiat. Bitcoin's network has withstood the impact, and the computing power of the entire network has only dropped from 160E to 120E (compared to less than 15E when it was 20,000 dollars high before the end of 2017). Bitcoin's core technology is developing steadily. One of the most significant upgrades this year, Taproot technology has been confirmed by more than 90% of miners and will be officially launched in November. Bitcoin's old friend, the Federal Reserve, is likely to continue to maintain quantitative easing. All this shows that the bull market still exists.

Please be sure not to sell your Bitcoin when the price is less than 100,000 USD.

Wang Yongli, Former Vice President of Bank of China: Countries that lack sovereign currencies will not succeed in using cryptocurrencies as legal tender.

Wang Yongli, former vice president of Bank of China and chief economist of Shenzhen Neptunus Group, pointed out in an interview. Some countries lacking a sovereign currency lack the most basic understanding of currency, and use fully decentralized digital encrypted assets such as Bitcoin as legal tender. The economic and social operations will be severely disrupted due to its own price fluctuations. The country has no means of control and can only go to destruction on its own.

I think his statement is unreasonable.

In the past ten years, China has said that Bitcoin is only used as a personal investment, without large institutions or government endorsements. After large institutions began to invest in Bitcoin, they said that Bitcoin is a Ponzi scheme, a playground for capitalists. When some countries recognized it as legal tender, they used the lack of sovereign currency as an excuse to ignore the facts. I very much look forward to what new excuses the Chinese government will have when more and more sovereign countries in the world use Bitcoin as legal currency.

I am a Chinese, but if the country loses a key strategic opportunity in the era of digital currency pre-emptive due to the nonsense of a certain person, these historical and national sinners will surely be stinking for thousands of years.

Regarding the taxation of Bitcoin, I would like to know your views.

I think that the development trend of Bitcoin is unstoppable. It took only ten years for Bitcoin to have a significant impact on the world. Gradually, Bitcoin will gradually enter the supervision of the government. If Bitcoin is regarded as a kind of currency, it will affect the original legal currency of the country. However, if Bitcoin is used as an investment commodity, it is bound to face a problem— -tax.

I would like to ask how other countries currently tax Bitcoin. In my understanding, it is difficult to find if Bitcoin is converted into legal currency. In China, we transfer cryptocurrency to others through Binance, and at the same time receive transfers from other people's bank cards. In the view of Bank of China, it is just a simple transfer transaction. If Bitcoin's hash address is one-to-one correspondence with the person, then Bitcoin loses its anonymity. This puzzles me. Taxation and anonymity seem to be opposed.

In the metaphysics of identity, the ship of Theseus is a thought experiment that raises the question of whether an object that has had all of its components replaced remains fundamentally the same object. The concept is one of the oldest in Western philosophy, having been discussed by the likes of Heraclitus and Plato by c. 500–400 BC.

The meaning of this story is that there used to be a ship called Theseus. Whenever a part of the ship is damaged, the crew replace it with a new part. When every part of the ship has been replaced, will it still be the original ship of Theseus?

Now, the vast majority of people regard Bitcoin as an investment asset rather than a means of day-to-day transactions. Bitcoin's white paper is written like this, Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto's original intention was to create an electronic cash system for transactions. But as we know, the total amount of Bitcoin is limited and will be all mined sooner or later. There are already many Bitcoins that cannot be circulated in the market due to hash errors or hardware loss. When Bitcoin is in deflation, the number of Bitcoins in circulation on the market will decrease, and its price will increase, and people will be more inclined to hold their own Bitcoins, which will lead to a further decrease in the number of circulations. People gradually define it as an investment product or an anchor like gold, rather than electronic cash for trading. Is the Bitcoin at this time still the original Bitcoin?

In my opinion, although China's new policy of prohibiting mining will cause the price of Bitcoin to fall in a short period of time, but for a long time, it is good for the development of the Bitcoin ecosystem.

Currently, China has a large number of Bitcoin miners, and most of them join the industry just to make money. I don't know how miners in other regions will deal with them after they get bitcoins, but in China, in order to pay electricity and other fees, most of the bitcoins will be sold directly on exchanges. This will put a lot of pressure on the price of Bitcoin. If China completely bans Bitcoin mining, this part of the mining machines and computing power will be transferred to other countries, or some long-term holders. As far as I know, every day China sells bitcoins worth tens of millions of dollars. Without these sellers, the price of bitcoins would be more likely to rise.

If the mining machines and computing power are in the hands of Bitcoin's HODL, it will be beneficial to the entire Bitcoin ecosystem. The Chinese government will eventually realize that Bitcoin cannot be banned, but the lost mining machines and computing power cannot be recovered.

The first is Bitcoin itself

Bitcoin was used to counter the regulation of centralized institutions from the beginning, so it will inevitably be cracked down by the government and even criminalized by some governments. This does not require the government to issue a statement, it should be something we have known for a long time.

Some things are not set in stone, and policies are based on actual conditions.

In fact, the problems posed by Bitcoin that the Chinese government faces are different from those of some European and American countries.

1. Due to the arrival of the Bitcoin bull market, many Chinese have joined the Bitcoin market, but most of them have never even heard of Nakamoto. This sounds very ridiculous, but this is the status quo in China. This part of investors has pushed the price of currencies such as doge to rise, but when the price plummets, they are likely to harm society because of losses.

2. The popularity of Bitcoin mining, as Musk said, has had a negative impact on the environment and energy, forcing the Chinese government to crack down on Bitcoin mining.

3. China's current development focus is still on the real economy, and the excessive inflow of funds into financial fields such as digital currency is not in China's interests.

In fact, China’s policy announcement and final implementation are often different.

I personally think that it is difficult to regulate Bitcoin by cracking down on Bitcoin, which will activate the original properties of Bitcoin.

Be sure to seize the opportunity to sell Bitcoin at 50% off!