CAJ | 학술논문

自2009年比特币产生以来，经过以“技术共享修订”需求为主导的“挖矿”游戏内测期、以投资需求为主导的商业模式构建期和以投机需求为主导的市场泡沫凸显期三个阶段，已形成了一个可在全球范围内交易的比特币市场。作为虚拟金融市场的产物，比特币市场的发展是由人们自发和被引导的需求所推动，而投机性需求所引发的市场狂热，不但损害投资者的利益，同时也阻碍了比特币市场自身的发展。比特币不属于真正意义上的货币，对网络支付基础服务职能的拓宽和强化是其长远发展的基础，但在长时间内难以维持其币值的稳定性。作为虚拟货币的比特币，目前其市场价格远远偏离了其内在的价值，存在极大的泡沫，投资或投机比特币都是最差的选择。必须对比特币市场进行有效的监管，并积极引导和拓宽民间资本投资的渠道。
자2009년비특폐산생이래，경과이“기술공향수정”수구위주도적“알광”유희내측기、이투자수구위주도적상업모식구건기화이투궤수구위주도적시장포말철현기삼개계단，이형성료일개가재전구범위내교역적비특폐시장。작위허의금융시장적산물，비특폐시장적발전시유인문자발화피인도적수구소추동，이투궤성수구소인발적시장광열，불단손해투자자적이익，동시야조애료비특폐시장자신적발전。비특폐불속우진정의의상적화폐，대망락지부기출복무직능적탁관화강화시기장원발전적기출，단재장시간내난이유지기폐치적은정성。작위허의화폐적비특폐，목전기시장개격원원편리료기내재적개치，존재겁대적포말，투자혹투궤비특폐도시최차적선택。필수대비특폐시장진행유효적감관，병적겁인도화탁관민간자본투자적거도。
Bitcoin has experienced such three stages as “mining” game interior testing stage oriented by the demand of “technical share revision”, the business model construction stage oriented by investment demand and market bubble showcase stage oriented by the speculative demand since 2009 when Bitcoin produced, and has formed a global market to exchange Bitcoin. As a product of virtual financial market, Bitcoin market development is propelled by human spontaneousness and human oriented demand, however, the market craziness triggered by speculative demand not only damages the interests of the investors but also impedes the self-development of Bitcoin market. Bitcoin, which does not belong to the currency in real sense, has long-term development basis by widening and consolidating basic service function of network payment, but its value stability can not be maintained for a long time. Bitcoin, as a virtual currency, largely deviates from its intrinsic value in its market price currently, has big bubble, as a result, the investment or speculation on Bitcoin is the worst choice, therefore, China must make effective supervision on Bitcoin market and actively guide and broaden the channel for private capital to invest.