Would you invest in cryptocurrencies? 6 Minute English

⏲️ 6 Minute English - Vocabulary & listening
15 Aug 201906:32

Summary

TLDRIn this episode of 6 Minute English, Catherine and Sam discuss cryptocurrencies, explaining their digital nature and how they differ from traditional money. They highlight Bitcoin as a well-known example and delve into Facebook's new digital currency, Libra, which is backed by real-world currencies like the dollar, pound, euro, and Swiss franc. The conversation touches on the volatility of crypto markets and the risks involved in investing in cryptocurrencies.

Takeaways

  • 🔒 Cryptocurrency is a digital currency secured by cryptography, which involves complex codes for protection.
  • 🌐 Unlike traditional money, cryptocurrencies operate independently of banks and governments.
  • 💡 The term 'cryptocurrency' derives from 'crypto' for cryptography and 'currency' for the money of a country.
  • 🚀 Bitcoin is the most well-known cryptocurrency and was the first of its kind.
  • 📅 Bitcoin was created in 2009, not 2010 as Sam guessed in the script.
  • 🆕 Facebook announced the launch of their digital currency called 'Libra', which is different from traditional cryptocurrencies.
  • 💼 Libra is backed by a basket of real-world currencies, including the dollar, pound, euro, and Swiss franc, for stability.
  • 📉 Cryptocurrency markets are described as 'notoriously volatile', meaning they can fluctuate greatly in short periods.
  • 💰 The high volatility of cryptocurrencies can lead to high rewards but also significant risks.
  • 🏦 Traditional currencies are more stable because they are controlled by governments and banks to prevent drastic changes.
  • 🚗 Being 'subject to the whims of' the crypto markets means that the value of cryptocurrencies can be unpredictable and potentially risky.

Q & A

  • What is the definition of cryptocurrency according to Sam's explanation?

    -Cryptocurrency is a digital form of money that uses cryptography for security. It is not controlled by banks or governments but by the people who have it and complex computer codes.

  • What is the origin of the term 'cryptocurrency'?

    -The term 'cryptocurrency' is derived from 'crypto', which refers to cryptography, and 'currency', which is the money of a particular country.

  • What is the most well-known cryptocurrency mentioned in the script?

    -The most well-known cryptocurrency mentioned in the script is Bitcoin.

  • What is the name of the digital currency announced by Facebook?

    -Facebook announced their digital currency named 'Libra'.

  • What is the key difference between Libra and regular cryptocurrencies according to Jemima Kelly?

    -Libra is not a typical cryptocurrency because it is backed by a basket of real-world currencies, which makes it more stable compared to regular cryptocurrencies that are independent of financial institutions and other currencies.

  • Which currencies are mentioned as backing up Libra according to Jemima Kelly?

    -The currencies mentioned as backing up Libra are the US dollar, the British pound, the euro, and the Swiss franc.

  • What does it mean for a currency to be 'volatile'?

    -A volatile currency is one that can experience significant changes in value over a short period of time, either increasing or decreasing in value rapidly.

  • Why are cryptocurrency markets described as 'notoriously volatile'?

    -Cryptocurrency markets are described as 'notoriously volatile' because they have a history of experiencing large and rapid fluctuations in value, which is considered a negative characteristic due to its unpredictability and potential for loss.

  • What is the meaning of 'whims' in the context of the script?

    -In the context of the script, 'whims' refer to unpredictable or irrational decisions or trends in the crypto markets that can affect the value of cryptocurrencies.

  • When was Bitcoin created, according to the script?

    -Bitcoin was created in 2009.

  • What does the term 'cryptography' refer to in the script?

    -In the script, 'cryptography' refers to the use of special codes to keep computer systems and content safe.

  • What is the opposite of 'volatile' as used in the context of currency?

    -The opposite of 'volatile' in the context of currency is 'stable', meaning the currency does not change much in value over a short period of time.

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CryptocurrencyBitcoinLibraDigital CurrencyCryptographyFinancial MarketsCurrency VolatilityDigital FinanceFacebookInvestment Risk
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