Bitcoin

Jennifer

Reading — Advanced Level
Share this exercise
Activity

Read the text and answer the questions


Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

The domain name "bitcoin.org" was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open-source code and released it in January. Nakamoto's identity remains unknown.

Source: Wikipedia
  1. What is a digital transaction?

  2. Which word best describes a cryptocurrency?

  3. What does bitcoin use to make transactions legit?

  4. What does bitcoin deal with?

  5. How is bitcoin seen by many critics?

Discussion

Practice your writing skills by discussing the questions below


  1. What kind of a domain is bitcoin?

  2. Why is bitcoin praised and criticized at the same time?

  3. How can people earn from this domain?

    Jennifer

    Need help?

    Ask a question or reserve a class with Jennifer

    Vocabulary

    Translate

    From English
    To
    No translation