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In fact, if we all stopped believing in it, it would have no use at all! It is, of course, money. But not just any money, in this 6 minute English, we'll be talking about the infamous Bitcoin. Is it the same as 'real' money? Can it be trusted? Dan and Neil discuss the issue and bitcoin digital downloads you six items of vocabulary.
Dan Hello and welcome to 6 Minute English. I'm Dan and joining me today is Neil. But what about the cryptopart?
Dan Well, crypto is a prefix meaning hidden or secret — it comes from the word cryptic which means mysterious or difficult to understand. You may have heard about the most bitcoin digital downloads crypto-currency bitcoin digital downloads the moment, the Bitcoin.
Dan First our quiz question. When was the Bitcoin crypto-currency first created? So…Bitcoin, what do you know about it? Dan You are right on the money, which means correct, both times. Bitcoin is just like any other currency except for two things. Neil Legal tender means the official money that can be used within a country. You can use it bitcoin digital downloads buy items from anyone bitcoin digital downloads will accept it, and its value fluctuates. Neil Fluctuates means changes in level bitcoin digital downloads amount.
Dan Ah, the second thing is that bitcoin is a digital currency, meaning that with the exception of a few tokens, it largely exists online only. You see, even though Bitcoin is not regulated by a bank or government, it still has a process that stops people from cheating.
There are only two ways to get bitcoins. You either trade them from someone, or you go mining. Neil Oh wait, I've heard about this. This is when you use your computer to run calculations which verify other Bitcoin transactions.
In fact, one stock exchange in Chicago has begun trading in Bitcoin futures contracts. Neil A futures contract? That means that investors believe Bitcoin, which started the year worth under dollars will continue to rise in value, albeit at a slower rate.
Neil Soared in this context means increased very quickly. So, now big investors are betting on the value of Bitcoin in the future. But he also mentioned that the banks have a lot of scepticism. That's a doubt that something is real or true. In this case, whether Bitcoin is reliable or not. After all, a fool and his money are soon parted. We know bitcoin digital downloads for a fact. I asked you when the Bitcoin crypto-currency was first created.
Neil First we had currency. Name three currencies and their countries, Dan. Rupee for India and my favourite, Metical for Mozambique. Next we had cryptic. Something which is cryptic is mysterious or difficult to understand. For example, what do rich people need, poor people have and if you eat it, you die?
Neil A cryptic riddle indeed! The Euro is legal tender within Spain, but what was the legal tender before that? Then we had fluctuates. If something fluctuates, it changes in amount or level. The stock market fluctuates. Neil But my love for my family never does. Then we bitcoin digital downloads soaredwhich means increased very quickly. Dan Finally we had scepticism. Scepticism is doubt that something is real or true. What sort of things are people sceptical about, Neil?
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