English with Tom & Lore

English Business Club

Topic: Cryptocurrency.

Resources & Recommendations:

 https://www.forbes.com/sites/mikeswigunski/2021/04/17/how-cryptocurrency-will-
transform-the-future-business-forever/?sh=6dc732664368 (Basic Reading)

 https://www.npr.org/2021/04/14/987380900/coinbase-a-bitcoin-startup-goes-public-is-
crypto-really-the-future-of-finance (Basic Reading)

 https://hbr.org/podcast/2020/12/what-business-leaders-should-know-about-
cryptocurrency (audio interview)

 https://www.youtube.com/watch?v=u-vrdPtZVXc (Feature Video)

 https://www.youtube.com/watch?v=SNssKmeXrGs&ab_channel=VICEVICEVerified (In-
Depth Video Interview)

Pre-Class Discussion Questions

1. Why is the Colombian peso accepted as a valid form of money?

2. What are some perceived problems with Cryptocurrency?
3. Do you think cryptocurrency is fad, or is it the future?
4. Are traditional financial systems failing?

Vocabulary:

Blockchain - a system in which a record of transactions made in bitcoin or another cryptocurrency are
maintained across several computers that are linked in a peer-to-peer network.

Central Banking - a financial institution given privileged control over the production and distribution
of money and credit for a nation or a group of nations.

Commodity - a useful or valuable thing, such as water or time.

Currency - a system of money in general use.

Cryptocurrency - a digital currency in which transactions are verified and records maintained by a
decentralized system using codes, rather than by a centralized authority.

Darknet -a computer network with restricted access that is used chiefly for illegal peer-to-peer file
sharing.

Digital Cash - money that may be transferred electronically from one party to another during a
transaction.
Decentralized Control - methods of transferring wealth or ownership of any other commodity
without needing a third party

Fiat Currency - government-issued currency that is not backed by a commodity such as gold

Laundering - the act of concealing the origins of money obtained illegally by transfers involving
foreign banks or legitimate businesses.

Liquidity - the availability of liquid (things that can be converted quickly to cash) assets to a market

Medium of Exchange - an intermediary instrument, such as currency, used to facilitate the sale,
purchase, or trade of goods between parties.

Mining - Gaining cryptocurrencies by solving cryptographic equations through the use of computers

Monitor - to examine or oversee

Node - a computer that is connected to a network. In a cryptocurrency network, nodes support the
network through validation and relaying transactions.

Transaction Cost - the total costs of making a transaction, including the cost of planning, deciding,
changing plans, resolving disputes, and after-sales.