本文节选翻译自：https://masterthecrypto.com/guide-how-to-value-a-cryptocurrency/
译者：区块链中文字幕组 比圈大白
翻译时间：2018-4-15
Utility 实用性 A coin must have a strong function (or use-case) to incentivize people to hold the coins; a coin’s utility is strongly correlated with its value. Let’s use Ether (ETH) as a case study. In order for anyone to execute commands and develop applications in the Ethereum Blockchain one needs to have ETH, as it will be converted into gas and represents the ‘fuel’ for the Ethereum ecosystem. Therefore, ETH is used as a currency within its system to fuel transactions and development. The more people that execute transactions and develop apps, the greater the demand for ETH and will, therefore, push prices up. 为了激励人们去持有，币必须有实用性。一种币的实用性和其价值有着密切的联系。比如ETH, 人们想要在ETH区块链上执行命令和开发应用需要先持有ETH,因为它将被用作燃料，并且会推动着ETH系统的运行。因此，ETH被作为一种货币在其系统内撮合交易并推动发展。越多人来执行交易及发展应用，对于ETH的需求就越高，从而抬高其价格。
Some utility includes voting rights, dividend payments or most commonly a medium of exchange within their respective ecosystem. A coin without a use is simply speculative in nature that’s substantiated without any fundamental value. 一些实用性包括投票权、股息支付或者最常见的在其系统内作为交换媒介。没有实用性的币种本质上只是投机，而这已被证明没有任何基础价值的。
Scarcity 稀缺性 Scarcity refers to the finite nature of the coins. In economics, a fixed supply of a certain item would increase its value in the long term, assuming its demand increases. This creates scarcity, as there is only a limited supply of coins in circulation. For instance, Bitcoin’s maximum supply is fixed at 21 million coins. Especially for coins that have a great utility, demand will undeniably push its value up. 稀缺性就是指币的总量是有限的。从经济学角度看，当某个物品供给是固定的，假设需求量提升的情况下，那么从长期来讲它的价值将会提升，这便创造出了稀缺性，因为流通量是有限的。例如，比特币的总量是固定的，有2100万个。对于那些非常具有实用性的币种，需求量肯定会促进其价格的提升。
Some coins even employ a “burning” mechanism, which refers to the act of destroying a portion of the coin supply. This would increase the value of the coin as there is now a much lesser supply of coins. (See also: 一些币甚至采用了“燃烧”机制，也就是说会销毁总量中的一部分币。这会提升币的价格，因为币的总量减少了嘛。
Perceived Value 感知价值
译者注： 感知价值（ Perceived Value，PV）就是顾客所能感知到的利益与其在获取产品或服务时所付出的成本进行权衡后对产品或服务效用的总体评价。顾客感知价值体现的是顾客对企业提供的产品或服务所具有价值的主观认知，而区别于产品和服务的客观价值。（来源于百度）
A coin is only as valuable as what the markets deem it to be, and how a project is valued depends on factors that are core to the development of the project. Therefore, projects that persistently achieve their milestones that were set out in their white paper. Additionally, collaborations and partnerships with credible companies or other projects is a good sign of expansion. Other news that can enhance the perceived value in the eyes of the market includes a successful launch of their Minimum Viable Product (MVP) or the beta version of their protocol/software. These are positive indicators of good progress by the project and will enhance the value of their coin. 市场认为一个币有多大价值，它就有多大价值，一个项目的价值依赖于项目进展情况。因此，如果项目持续取得如白皮书中所陈述的进展，价值就会提升。 此外，和一些信誉良好的公司或者其他项目达成的合作，也是项目进展的良好迹象。 能够增强人们对于某项目的感知价值的因素还包括：最小化可行产品的发布或者软件的beta版本的发布。这些都可以表明项目进展顺利，将会提升币的价值。
These are key elements of a coin that will affect its value and is vital for everyone wanting to invest in cryptocurrencies to understand. 上述这些是影响币的价值的关键因素，每个投资加密货币的人都有必要去了解。