The 7 Steps April
1. CONTEXT
Mindmap
anything you
know about thetopic, including
vocabulary. Do
some research
online to help.

Bitcoin
Listening Questions 1
1. How can people carry out a Bitcoin transaction?

2. QUESTIONS.
2. What was the peak value of a Bitcoin in 2017?
Read the listening
questions tocheck yourunderstanding.
Look up any new
vocabulary.

.
3. What is the current limit of the number of Bitcoins to be circulated?
.
4. How can you receive a new Bitcoin?
.
5. Which area of the world are ‘mining farms’ concentrated in and why?
.
Listening Questions 2

3. LISTEN

1. What are two advantages of using Bitcoin?
.

Listen and answer
the questions
using fullsentences. Circle
the number oftimes and % you
understood.

2. What are 2 reasons why Bitcoin is considered a risky investment?
.
3. Why do hackers often use Bitcoin for cybercrimes?
.
4. What value of Bitcoin was stolen from Coincheck in January 2018?
.
5. Where do people often protect their Bitcoin keys?

1

Listening 1
2 3 4

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Discussion Questions

1

Listening 2
2 3 4

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1. Are you interested in investing in cryptocurrencies after seeing all
the exposure and success surrounding it?
2. Do you think Governments need to enforce stricter regulations
concerning the use of cryptocurrencies?

%%%%.

TRANSCRIPT 1

4. CHECK ANSWERS

Read through thetranscript andunderline theanswers. Checkthem against yourown answers.

Bitcoin is the first of the decentralized digital currencies that are gaining investors’ attention fromaround the world. Released in 2009 as open-source software, it is now being widely used inonline peer-to-peer (or P2P) transactions across the world. People install a Bitcoin wallet on
their device to store a set of private keys which have a secure signature that enables people toremain anonymous and perform the transaction.
2017 saw meteoric rise in the value of Bitcoin, increasing by over 1000%. After 1 Bitcoin started
the year worth around $US1000, by the end of the year it had reached its peak of just under$US20,000. Major vendors are gradually starting to accept Bitcoin payment, and the Japanese
Government recognized Bitcoin as legal tender in April 2017. There is currently a limit of just 21
million Bitcoins which are expected to be exhausted by 2140, with 16.7 million already incirculation estimated to be worth over $US190 billion.

5. CHECK VOCABULARY
Read thetranscript andcircle any new
vocabulary youfind. Look themup and add themto your list.

While people can obtain Bitcoin by exchanging other currencies or using exclusive Bitcoin
ATMs, the main method is through a process called ‘mining.’ This uses heavy duty computer
processing power to solve complex mathematical algorithms which allow transactions to beprocessed and to keep the blockchain secure, after which they are rewarded with new bitcoins.
This processing uses a large amount of energy and computer power, thus is criticized by manypeople. There are ‘mining farms’ located throughout Northern Europe due to its abundance ofcheaper geothermal electricity and colder weather used to cool down the many computers.

Fluctuate

ExhaustConducive
AnonymoustoIrreversible

Fill-in the blanks with the appropriate word above:

6. READ ALOUD
1. The person who donated the most money to the campaign wanted toremain __________.
2. Irregular weather patterns are the main reason for the __________
temperatures this season.
3. We have __________ed all of our options in trying to overcome this issue.
4. The settings on this device are __________ once they have been changed.
5. Current market conditions make it __________ suffering a period ofstagnation in the near future.

Read thetranscript aloudat least 5 times,
focusing on
intonation andpronunciation.

TRANSCRIPT 21122334455

7. SHADOWING

On the other hand, the fluctuating value of Bitcoin makes it a high-risk asset for investors. Thevalue is extremely volatile, which could be seen when it lost 50% of its peak value in 2017.
Increasing transaction fees in order to maintain speed of transaction from miners can also beseen as a disadvantage. The Bitcoin network still hasn’t matured and is constantly being
improved, making it a speculative investment for people.

Say the transcript
aloud at the sametime as the audio
without reading
it. Circle how
many times
below.

1122

3
3

44Those who invested in Bitcoin from the beginning have now become millionaires due to its
success, and advantages of the cryptocurrency include the freedom of payment anywhere andanytime, not having a third-party in control of one’s wealth such as a bank, being able to set
your own transaction fee, the security of having irreversible transactions, as well as the privacy
provided by its high grade of IT security.

55

Another issue surrounding Bitcoin is that it is conducive to cybercrimes. Its anonymous naturelends itself to being used in ransomware attacks, where hackers can demand payment without
being easily identified. It is often used as a form of payment for illegal items on the web blackmarket. Theft of cryptocurrencies is also on the rise. In January 2018, Japanese cryptocurrency
exchange Coincheck had the equivalent of US$530 million stolen by hackers due to poor
security of investors’ private keys. Entrepreneurs are now taking the precaution of keeping theirkeys in state-of-the-art security vaults and safes.