Last week, more than 50 companies signed a pact to speed up transactions, but ideological differences have prevented similar agreements -- like the one reached last year in Hong Kong -- from actually being implemented. The much-touted SegWit upgrade was also released in October, but only a third of the community has embraced it. If the latest proposal fails to gain traction and the deadlock continues, digital currency users may dump bitcoin in favor of alt-coins that offer better blockchains.

上周，超过50家公司签订了加速交易的协定，但思想差异可能会使这类协议在落实起来困难重重——就像去年在香港达成的那份协议一样。备受吹捧的SegWit升级协议于10月份出炉，但业界采纳的公司不过三分之一罢了。如果这份最新的协议仍旧不能形成合力打破僵局，数字货币的用户们可能会抛弃比特币，j2直播，转而成为有着更好区块链技术的其他加密货币（如以太币、瑞波币等）的拥趸。

Rival Digital Currencies 棋逢对手

As the surge sends the cryptocurrency world into a frenzy, it can be easy to lose sight of the bigger picture. While bitcoin’s value has increased more than 100 percent since the beginning of the year, its slice of the pie has shrunk as its digital cousins steal some of the spotlight. There are an estimated 700 rivals, according to Ron Quaranta, chairman of the Wall Street Blockchain Alliance.

加密货币大爆发，整个币界群魔狂舞，稍不留神就错观全局。虽然自年初以来比特币价格涨幅超过一倍，但其他电子货币粉墨登场，硬生生分走了比特币的蛋糕份额。华尔街区块链联盟主席Ron Quaranta预计，比特币的对手有不下700个。

Bitcoin dominated about half of the overall digital currency market as of Friday, down from around 85 percent in February, according to data from CoinMarketCap.com. Meanwhile, Ethereum’s share increased to about 20 percent. Some token fans aren’t sweating it though, as they say bitcoin’s potential demise doesn’t really matter as long as another digital currency takes hold.

CoinMarketCap.com的数据显示，截至周五，比特币仍占据着电子货币市场的半壁江山，但二月份的时候，它还坐拥着85%的市场份额。同时，以太币的份额上升到了20%。不过这些电子货币的拥趸们却并不担心这个，他们表示只要有另外的电子货币在，比特币的潜在失败无关紧要。

Not Recognized By Governments 不被当局认可

The general public doesn’t understand bitcoin, and many regulators still don’t either, which makes it tough to regulate. In 2015, New York started issuing controversial licenses to cryptocurrency companies, but only three had been issued as of mid-January, according to Coinbase, as many startups couldn’t afford the costs of applying.

大众对比特币其实是不了解的，许多监管者也是，这就使监管颇具难度。2015年，纽约市开始对加密货币公司颁发执照，这一举动引发了争议。但根据Coinbase的消息，纽约市直到一月中期也只发放了三份执照，因为对许多刚起步的公司来说，申请执照的费用过高，它们难以承担。

In January, the Financial Industry Regulatory Authority asked the public for help identifying the potential risks of blockchain. Two months later, bitcoin plummeted after the U.S. Securities and Exchange Commission rejected a proposal by the Winklevoss twins for a publicly traded fund based on the digital currency.

一月份的时候，美国金融业监管局向公众寻求帮助，希望能够找到区块链的潜在风险。又过了两个月，在文克莱沃斯兄弟一项基于电子货币的公开交易基金的提案被美证监会否决后，比特币价格暴跌。

In a report last week about blockchain in China, analysts at Sanford C. Bernstein wrote that while the technology could benefit Chinese banks, it’s unlikely to start a financial revolution.

上周中国关于区块链的一篇报道中，Sanford C. Bernstein的分析员写道，尽管这项技术会使中国银行受益良多，但这样的改革在中国金融界恐怕难以展开。

"We believe blockchain application is more likely to be evolutionary rather than revolutionary in developing countries like China," the analysts said. "Aside from the conservative regulatory attitudes toward financial innovations, the constraint of confidentiality and performance of blockchain technology would make it best positioned to be enterprise-oriented rather than consumer-end."

“我们相信对中国这样的发展中国家来说，区块链技术的应用更多的是进步而非革命，”分析员表示，“除了对金融创新的保守监管态度，区块链科技保密和绩效的限制可能使其最佳定位不在消费端而在企业端。”

Bubbles Burst 泡沫风险

Whether it’s Holland’s tulip-bulb craze in the 17th century or the Internet-stock frenzy of the late 1990s, history shows that markets self correct. Speculative markets usually run out of steam at some point. Determining the trigger is always the hard part. Given the breathtaking run in bitcoin as of late, some say it’s tough to believe the oft-cited mantra that this time is different.