Tashkent university of information technologies named after muhammad al-kwarizmi abdiyeva saida

Synonym Match

1. 
   unveil a. boost
   
2. 
   lucrative b. great number
   
3. 
   aimed c. targeted
   
4. 
   minimal d. supported
   
5. 
   myriad e. profitable
   
6. 
   similarities f. parallels
   
7. 
   fluctuations g. very little
   
8. 
   backed h. plans
   
9. 
   revitalize i. variations
   
10. 
    initiatives j. reveal
    

Phrase Match

1. unveil details a. financial services market

2. A white paper outlines b. of currencies

3. the lucrative c. Facebook-owned apps

4. minimal d. currency

5. done online via the myriad of e. streams

6. a more stable f. of an ambitious plan

7. avoid the wild g. multi-national companies

8. backed up by a basket h. a plan

9. the backing of major i. fluctuations in value


10. generate new revenue j. fees


16C. LISTENING

Fill in the gaps with the words given below.

crypto, digital, traditional, , agreement, blockchain, , hardware, a peer-to-peer, mineral, verifying, bitcoin, transactions, marketplace, accessible

Bitcoins

You may have heard of ……………….. by now. After the hype, it had over the last few weeks. Reaching all the time highs... Then BOOM! Dropping over $1000 within minutes. And a fewer days later hitting a new all-time high. 7 years ago 10000 Bitcoins were used to by 2 pizzas. Now, is worth over $10000. However, what is really Bitcoin? It is a new form of currency known as “crypto currency”, or ………… for short. It is not like everyday paper money that we are used to. However, a form digital currency invented by a mysterious person known as Satoshi Nakamoto. The goal was to create ……………. system for online payments. P2P means that it is decentralized and works independent of any financial institution. Think of it like this. When you go into a coffee shop to buy a latte with your bankcard. You do not actually give any money to the café owner, the bank does. With ………….. currency, there is no banks, no entities or no governments that control it eliminating the need for a middle man. So where does Bitcoin come from? Well, it’s minded! Not with a ………….. pickaxe but with computing complex mathematical equations. Once the equities are solved new bitcoins are generated, or “mined”. The term mining is commonly used because like our ………….. resources, there’s a limited number of bitcoins out there. In the case of bitcoin, that number is 21 million. Period. But there’s more! Miners don’t generate new bitcoins. They use their computers to verify transactions and prevent fraud 24 hours a day. This is done by collecting all …………… made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions and write them into a general ledger. Which kind of resembles a huge giant universally …………… spreadsheet. So, instead of one person controlling everything. There are thousands of computers around the world connected to a network, which all come to an ………… on which transactions are valid. But how does it do all of this? By using something called block chain. If bit coin is email then …………. is the internet. Another thing to mention, mining bitcoin is costly. There is the high cost of electricity and the …………. components wearing out. An individual mining bitcoin would find it difficult to make any money that way. That’s why there are bitcoin farms around the world mining, processing and …………… transactions. People can invest into them and get a small percentage of the returns. Alternatively, bitcoin could be traded on many exchanges. An exchange is a …………… where you may buy or sell your crypto in exchange for regular currencies. Coinbase, BITTREX and Kraken are some of the most popular. Do you think Bitcoin is going to revolutionize how we use and think about money or is it just hype?