Understanding Virtual Currency, Digital Currency, Cryptocurrency, and Stablecoins
一文看懂虛擬貨幣、數字貨幣、加密貨幣、穩定幣
In today’s digital revolution, various digital asset concepts have emerged like tidal waves, creating confusion. Terms like virtual currency, digital currency, cryptocurrency, and stablecoins frequently appear in news and financial discussions—they sound similar but possess distinct characteristics. Many people confuse them, leading to misunderstandings in investments and daily conversations. Let’s explore these concepts to better understand new financial forms in the digital economy era.
在數字化浪潮席捲全球的當下，各種與數字資產相關的概念如潮水般湧來，讓人眼花繚亂。其中，虛擬貨幣、數字貨幣、加密貨幣和穩定幣這幾個概念頻繁出現在新聞、社交媒體以及金融討論中，它們聽起來似乎很相似，但實際上卻有著各自獨特的內涵和特點。很多人常常將它們混淆，甚至在投資決策和日常交流中產生誤解。今天，讓我們深入剖析這些概念，揭開它們神秘的面紗，幫助大家更好地理解數字經濟時代的金融新形態。
I. Virtual Currency: The “Virtual Equivalent” in Digital Worlds
一、虛擬貨幣：數字世界的「虛擬等價物」
Virtual currency refers to money forms created and circulating in virtual environments, lacking legal tender status and state credit backing. Typically issued by private entities or specific virtual communities, they facilitate exchanges within those environments. Their value derives not from market supply-demand or national economies, but from users’ recognition and acceptance within specific virtual contexts.
虛擬貨幣，是指在虛擬環境中產生和流通，不具備真實貨幣的法定地位和國家信用背書的貨幣形式。它通常由私人機構或特定虛擬社區發行，用於該虛擬環境內的商品或服務交換。虛擬貨幣的價值並非由市場供求關係和國家經濟實力決定，而是基於使用者對其在特定虛擬環境中的認可度和接受度。
Common examples include game coins, points, and coupons. For instance, in popular online games, players earn coins through quests and battles to purchase equipment—these coins only work within that game’s virtual world, not for real-world goods.
常見的虛擬貨幣有遊戲幣、積分、點券等。以遊戲幣為例，在某款熱門網絡遊戲中，玩家通過完成任務、擊敗怪物等方式獲取遊戲幣，這些遊戲幣可以用來購買遊戲裝備、道具等，但僅在該遊戲的虛擬世界中有效。
Virtual currency issuance remains relatively flexible, with values fluctuating based on community operations and user activity. New events distributing large amounts may devalue coins, while increased scarcity may boost value. However, lacking legal protection and regulation, these currencies risk becoming worthless if their virtual communities collapse.
虛擬貨幣的發行和管理相對較為靈活，其價值波動往往受到虛擬社區的運營策略、用戶活躍度等因素影響。由於虛擬貨幣缺乏法律保障和監管約束，存在一定的風險，如虛擬社區倒閉可能導致虛擬貨幣一文不值。
II. Digital Currency: New Forms of Digitized Money
二、數字貨幣：數字化的貨幣新形態
Digital currency exists in digital form as electronic money alternatives, encompassing various types including central bank digital currencies and virtual digital currencies. They utilize advanced technologies like blockchain, encryption, consensus algorithms, and wallet systems, featuring decentralization, anonymity, and traceability.
數字貨幣，是一種以數字形式存在的貨幣，它是電子貨幣形式的替代貨幣，涵蓋了多種類型，既包括法定數字貨幣，也包括虛擬數字貨幣。數字貨幣運用了區塊鏈技術、加密技術、共識算法和錢包技術等先進技術手段，具備去中心化、匿名性、可追溯性等特點。
1. Central Bank Digital Currency (CBDC)
（一）法定數字貨幣
CBDCs are state-issued and managed digital currencies representing national legal tender with state credit backing, equivalent to traditional cash. China’s pilot Digital Yuan (e-CNY), equivalent to RMB cash and managed by the People’s Bank of China, aims to enhance payment efficiency, reduce issuance costs, strengthen financial supervision, and promote RMB internationalization. It enables offline payments—users simply tap phones containing digital yuan wallets to complete transactions.
法定數字貨幣，是由國家或中央銀行發行和管理的數字貨幣，代表著國家的法定貨幣，具有國家信用背書。例如，中國正在試點推行的數字人民幣（e-CNY），它與人民幣現金等價，由中國人民銀行負責發行和管理，旨在提升支付效率、降低貨幣發行成本、加強金融監管。
2. Virtual Digital Currency
（二）虛擬數字貨幣
Virtual digital currencies primarily target non-financial institutions, like Bitcoin and Ethereum. Based on blockchain and cryptographic technologies, they enable decentralized peer-to-peer cross-border transactions. However, limitations include poor scalability, difficulty supporting large high-frequency transactions, and most lacking substantial capital backing—resulting in unstable values and low credibility.
虛擬數字貨幣，是以非金融機構為主要發行對象的數字貨幣，如比特幣、以太坊等。它們基於區塊鏈和密碼技術，能夠在一定程度上實現貨幣交易的去中心化、點對點和跨國界交易。然而，大部分虛擬數字貨幣缺乏有力的資本支持，導致其價值不穩定、可信度較低。
III. Cryptocurrency: Cryptographic Digital Assets
三、加密貨幣：基於密碼學的數字資產
Cryptocurrencies constitute tradable digital assets or currencies based on cryptographic principles built on blockchain technology. They employ strong cryptography to ensure financial transaction security, verifying asset transfers and controlling new currency issuance as transaction media. Compared to traditional finance, their key feature is decentralization—transaction verification and approval don’t rely on central authorities but peer-to-peer computer networks achieving consensus.
加密貨幣，是一種基於密碼學原理構建的可交易數字資產或數字貨幣，它建立在區塊鏈技術之上。加密貨幣利用強密碼學確保金融交易的安全性。與傳統金融模型相比，加密貨幣的最大特點在於其去中心化特性，交易的驗證和批准不依賴於中央權威機構。
Bitcoin, the first widely recognized decentralized cryptocurrency, launched its open-source software in 2009. Since then, over 4,000 alternative coins have emerged. Ethereum introduced smart contracts, enabling developers to build various decentralized applications (DApps), including decentralized finance (DeFi) platforms for lending, trading, and wealth management without traditional financial institutions.
比特幣是第一種被廣泛認知的去中心化加密貨幣。此後，市場上湧現出了超過4000種競爭幣。以太幣不僅具備貨幣的功能，還引入了智能合約的概念，使得開發者可以在以太坊區塊鏈上構建各種去中心化應用。
Cryptocurrency prices fluctuate significantly due to relatively small market size susceptibility to sentiment, whale manipulation, and regulations. Additionally, lacking effective supervision creates information asymmetry and technical risks—investors must carefully assess risks.
加密貨幣的價格波動較大，這主要是由於其市場規模相對較小，容易受到市場情緒、大戶操縱、政策法規等因素的影響。此外，加密貨幣市場缺乏有效的監管，存在信息不對稱、技術風險等問題。
IV. Stablecoins: Value-Stable Cryptocurrencies
四、穩定幣：追求價值穩定的加密貨幣
Stablecoins represent special cryptocurrencies addressing traditional cryptocurrency volatility by pegging to stable assets (like USD, gold, or other fiat currencies)—essentially “digital cash.” They play crucial roles in decentralized finance (DeFi), providing relatively stable value storage and transaction media.
穩定幣，是一種特殊的加密貨幣，它的核心特徵是通過與某一穩定資產價值掛鉤（如美元、黃金或其他法幣），來解決傳統加密貨幣價格波動較大的問題，可以將其理解為「數字貨幣的現金」。穩定幣在去中心化金融（DeFi）中扮演著關鍵角色。
1. Fiat-Collateralized Stablecoins
（一）法定貨幣掛鉤型穩定幣
The most common type, like prominent Tether (USDT), promises “1:1 USD anchoring”—each stablecoin backed by $1 in reserves. Their relative stability helps avoid cryptocurrency market fluctuations, facilitating widespread trading use. However, risks include issuer credit risk and reserve authenticity/liquidity issues. When Silicon Valley Bank collapsed in 2023, stablecoin USDC’s issuer Circle had $3.3 billion deposited there, causing USDC to depeg from $1 to $0.878 temporarily.
這是最常見、最主流的一種穩定幣，著名的泰達幣（USDT）就屬於這一類型。這類穩定幣的發行方承諾「1:1錨定美元」。法定貨幣掛鉤型穩定幣的價值相對穩定，能夠在一定程度上避免加密貨幣市場的大幅波動。然而，這種穩定幣也存在一定的風險，如發行方的信用風險、儲備資產的真實性和流動性風險等。
2. Asset-Backed Stablecoins
（二）資產支持掛鉤型穩定幣
These stablecoins peg to valuable assets like gold or corporate bonds rather than direct cash. Since these assets maintain relative stability, they support stablecoin values. Gold-pegged stablecoins benefit from gold’s preservation attributes. Advantages include actual asset backing for reliability; disadvantages involve potential asset valuation and liquidity issues affecting stability.
資產支持掛鉤型穩定幣不直接掛鉤現金，而是錨定一些有價值的資產，比如黃金、公司債券等。這些資產的價值相對穩定，能夠為穩定幣提供支撐。資產支持掛鉤型穩定幣的優點是其價值有實際資產作為支撐，相對較為可靠；缺點是資產的估值和流動性可能存在問題。
V. Relationship Overview
五、四者關係梳理
Virtual currency represents a broad concept containing digital currency’s virtual digital currency portion, while digital currency encompasses cryptocurrency, and stablecoins form a special cryptocurrency branch. Specifically:
虛擬貨幣是一個較為寬泛的概念，包含了數字貨幣中的虛擬數字貨幣部分，而數字貨幣又包含了加密貨幣，穩定幣則是加密貨幣的一個特殊分支。具體來說：
- Digital currency represents virtual currency’s advanced form with enhanced security and convenience
數字貨幣是虛擬貨幣的一種高級形式，具有更高的安全性和便捷性 - Cryptocurrency comprises digital currencies using cryptography for decentralization and secure transactions
加密貨幣是數字貨幣中運用密碼學技術實現去中心化和安全交易的一類 - Stablecoins emerged to solve cryptocurrency volatility through stable asset pegging
穩定幣則是為了解決加密貨幣價格波動問題而誕生的
In practice, these forms interrelate. Cryptocurrency exchanges allow users to purchase virtual digital currencies with fiat money or trade using stablecoins, which bridge traditional finance and cryptocurrency worlds, enabling investor participation in relatively stable environments.
在實際應用中，這四種貨幣形態也存在一定的關聯。穩定幣在加密貨幣市場中起到了橋樑的作用，連接了傳統金融體系和加密貨幣世界。
VI. Investment Risks and Regulation
六、投資風險與監管
Investment Risks
（一）投資風險
All four currency types carry investment risks:
虛擬貨幣、數字貨幣、加密貨幣和穩定幣的投資都存在一定的風險：
- Price volatility: Significant short-term fluctuations except stablecoins
價格波動風險：除了穩定幣外，其他幾種貨幣的價格都可能在短時間內大幅波動 - Technical risks: Vulnerabilities in blockchain/cryptography may cause asset losses
技術風險：如果技術出現漏洞或被攻擊，可能導致資產損失 - Market manipulation: Whales/institutions may manipulate prices in relatively small markets
市場操縱風險：一些大戶或機構可能通過大量買賣來操縱價格 - Policy risks: Varying regulations across regions significantly impact markets
政策風險：不同國家和地區對這些貨幣的監管政策不同
Regulatory Landscape
（二）監管現狀
Global regulations vary significantly:
目前，全球各國對這些貨幣的監管態度不一：
- China strictly restricts virtual currency transactions, prohibiting issuance financing while actively advancing digital yuan pilots
中國對虛擬貨幣交易採取了嚴格的限制措施，明確禁止虛擬貨幣的發行融資活動，同時積極推進數字人民幣的試點 - United States gradually strengthens cryptocurrency regulation—the 2025 GENIUS Act requires stablecoins fully reserved with USD/short-term treasuries with strict disclosure/audit mechanisms
美國對加密貨幣的監管正在逐步加強，要求穩定幣必須以美元或短期美債全額儲備 - European Union and others compete for stablecoin dominance through policies/regulations
歐盟等地區也在為穩定幣的主導權展開激烈角逐
These currency forms represent digital economy products with unique characteristics and applications. Understanding their distinctions helps grasp digital economic trends and participate rationally in financial investments. Investors should maintain clear awareness of risks while making careful decisions. As technology develops and markets mature, these currencies will likely play increasingly important financial system roles—worth continuous attention and adaptation to financial innovations.
虛擬貨幣、數字貨幣、加密貨幣和穩定幣是數字經濟時代的產物，它們各自具有獨特的特點和應用場景。了解這些概念的區別和聯繫，對於我們把握數字經濟發展趨勢、理性參與金融投資具有重要意義。在面對這些新興的貨幣形態時，投資者一定要保持清醒的頭腦，充分認識到其中的風險。
