In this podcast, we’ll be talking about cryptocurrency, a topic we know very little about. But as regular listeners know, not knowing about a subject has never stopped us from talking about it!
So, you’re welcome to join us as we dive into the digital depths of crypto to expand our knowledge and help you improve your vocabulary and your listening skills in English.
Voice message from Esteban from Argentina who gave us the idea for this episode on cryptocurrency.
Bitcoin facts
Bitcoin is the most popular cryptocurrency
It was launched in 2009 by a computer programmer or group of programmers under the pseudonym Satoshi Nakamoto, whose actual identity has never been verified.
1 bitcoin (BTC) = $26,000 in June 2023 (if you had bought 1 bitcoin in 2009 for $0.01, your investment would have grown by nearly 30% per month. (source: Forbes)
1 bitcoin (BTC) = 100,000,000 SATS (or satoshis)
Vocabulary
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. Transactions are verified and records are maintained by a decentralized system using cryptography, rather than by a centralized authority.
A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems.
Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks linked together via cryptography.
In Bitcoin’s case, blockchain is decentralized so that no single person or group has control—instead, all users collectively retain control.
Decentralized blockchains are immutable, which means that the data entered is irreversible and unchangeable. For Bitcoin, transactions are permanently recorded and viewable to anyone.
Bitcoin: The first and most well-known cryptocurrency, created by an anonymous person or group of people known as Satoshi Nakamoto.
(Digital) Wallet: A digital tool or application used to store, send, and receive cryptocurrencies.
Mining: The process of validating transactions and adding them to the blockchain by solving complex mathematical problems.
Market cap (Market capitalization): The total value of a cryptocurrency is calculated by multiplying the price per coin by the total supply.
Volatility: The rapid and significant price fluctuations often associated with cryptocurrencies.
Other popular cryptocurrencies apart from Bitcoin:
Ethereum, Binance, Tether, Cardano, Solana, Litecoin, and the criminals’ favourite, Monero.
Discussion
What are the advantages of crypto?
It’s decentralised – it’s not regulated by a government
It’s finite – There is a maximum of 21 million bitcoins available worldwide. This will never increase – no need for quantitive easing.
It’s shared and transparent. Transactions can be seen by anyone with an internet connection.
It’s not regulated by any government. Its price is not linked to government policies and politics.
What are its drawbacks?
It’s not regulated by any government. Its price is not linked to government policies and politics.
The creator(s) might be lying. For example, the availability of Bitcoins could be increased to more than 21 million. Who says they can’t or won’t? Just as banks in extreme conditions can and do print more money occasionally, thus devaluing it.
It’s volatile
It’s not widely accepted by businesses
It has a large carbon footprint. In fact, it is the most environmentally unfriendly currency ever invented! The carbon footprint of physically digging for metal to make coins or printing banknotes on paper is nothing compared to that left by cryptocurrency mining due to the colossal amounts of electricity needed to do so.
e.g. Global cryptocurrency mining in 2022 consumed more electricity (160TWh) than many entire (industrialised) countries, such as Sweden!
Hackers – more than $3.2 billion was stolen in 2021. Some cryptocurrencies have insurance against hacks.
It’s an ideal means of hiding criminality. That’s why it’s far and away organised criminals’ and hackers’ favourite currency and everybody knows it. Laundering their money was much harder before cryptocurrency was invented
Top 6 crypto-friendly countries
Japan
Germany
El Salvador – Bitcoin is accepted as legal tender, by law
Singapore
South Korea
Central African Republic – Bitcoin is accepted as legal tender, by law
(source: https://originstamp.com/)
Portugal and Brazil are also very forward-thinking when it comes to cryptocurrency. Portugal is one of the few places where there is no tax on cryptocurrency (June 2023).
The European Central Bank is preparing a digital version of the Euro that can be stored in an app on your phone.
European banks don’t like the idea. They say, ‘Without strict limits, digital euros could draw deposits out of commercial banks — depriving them of funding for things like business loans and mortgages.’
(Source: AP)
…and now it’s your turn to practise your English.
Send us a voice message. https://www.speakpipe.com/inglespodcast
Send us an email with a comment or question to [email protected] or [email protected]
This podcast is sponsored, in part, by mansionIngles.com. Visit the online store: https://store.mansioningles.net/
Thank you to all of you who are helping us by supporting this podcast on Patreon. Join our Patreon program for as little as $1.50 per month and you get instant access to recent transcriptions. https://www.patreon.com/inglespodcast
Welcome to our new Patreon supporters who have joined us this month:
Diego Perez
David López
Soledad García Rodríguez
Jon
Valeri Neyeli Villanueva
Manuel Sandoval
Isabel Melián
Alber B
Toni Esteve
Miguel López Costea
In next week’s episode: Cleft Sentences
If you enjoyed this podcast, please tell your friends.
The music in this podcast is by Pitx. The track is called ‘See You Later’