Introduction

A new kind of money might be appearing soon - Libra from Facebook. Sam and Catherine discuss how different it is from Bitcoin, give you the basics about cryptocurrencies and teach you related vocabulary.

This week's question

Bitcoin was the first cryptocurrency, but when was it created? Was it:

a) 2008

b) 2009

c) 2010

?The answer is at the end of the programme.

Transcript

Note: This is not a word for word transcript??

Catherine

Hello. This is 6 Minute English, I'm Catherine.

?

Sam

And I'm Sam.

?

Catherine

Now, Sam, what can you tell us about cryptocurrencies?

?

Sam

The word is a combination of crypto, from cryptography, which is to do with using clever software codes to protect computer information and systems, and currency, which is the money of a particular country. So cryptocurrency, very simply, meanscode money. We usually think of money as notes and coins which come from a country’s bank. But a cryptocurrency doesn’t have physical money. It’s purely digital and is not controlled by banks or governments but by the people who have it and very complex computer codes. Perhaps the most well-known is Bitcoin.

?

Catherine

Well, you seem to know a fair bit about cryptocurrency actually… anyway, now a new player is joining the digital money system as Facebook have announced they are launching their own digital currency. They are calling it 'Libra'. And we’ll be finding a little bit more about this topic in the programme, but first, a question. Now, Sam, you mentioned Bitcoin as being a well-known cryptocurrency. It was, in fact, the first cryptocurrency, but when was Bitcoin created? Was it:

?

a) 2008

b) 2009 or

c) 2010?

?

Sam

I’m going to say 2010.

?

Catherine

OK. Well, I'll reveal the answer later in the programme. Now, Jemima Kelly is a financial journalist. She was talking on the BBC radio programme Money Box Live about the plans for Libra. She says it's not really a cryptocurrency because it's actually backed up by a number of real currencies. So which currencies does she mention?

?

Jemima Kelly

A cryptocurrency is normally subject to the whims of crypto markets, which are notoriously volatile, whereas Libra is kept stable by being backed up by a basket of currencies, in this case, the dollar, the pound, the euro and the Swiss franc.

?

Catherine

So which currencies did she say were backing up Libra, Sam?

?

Sam

She said that the dollar, the pound, the euro and Swiss franc were the currencies that would be backing up Libra.

?

Catherine

And this is different from regular cryptocurrencies, isn’t it?

?

Sam

Yes, cryptocurrencies are completely independent of financial institutions and other currencies.

?

Catherine

And this can make them risky, can’t it?

?

Sam

Yes, she says that cryptocurrency markets are notoriously volatile. Something that is volatile can change very quickly. When it comes to currency, it means that its value can go up or down by a large amount over a very short period of time.

?

Catherine

And it’s described as notoriously volatile because this has actually happened a few times in the past. Something that is notorious is well known or famous but for a negative reason. So the value of a currency going up and down in a volatile way – that's not positive.

?

Sam

If you want to take the risk you could make a lot of money, but you could also lose a lot of money - more than you invested.

?

Catherine

So why are cryptocurrencies so volatile?

?

Sam

Most currencies are reasonably stable. This is the opposite of volatile. They don’t change a lot over a short period of time. There can be big changes but usually governments and banks control currencies to prevent it. Cryptocurrencies don’t have those controls. What Jemima Kelly said was that they are subject to the whims of the crypto markets. A whim is an unpredictable or irrational decision or trend and if you are subject to the whims of something, or someone, it means that metaphorically you are a passenger in a self-driving car which may decide just to drive off the edge of a cliff. So it might be an exciting ride, but it could end in disaster.

?

Catherine

Right, it’s time now to get the answer to the question I asked at the beginning of the programme. Bitcoin was the first cryptocurrency, but when was it created? Was it:

?

a) 2008

b) 2009

c) 2010?

?

Sam

I said 2010, but I’m not really sure.

?

Catherine

And you're absolutely wrong! The correct answer is 2009, so no luck for you this time, but congratulations to everyone who did get that right. Well, anyway, let’s round off today with a review of today’s vocabulary.

?

Sam

First off there is cryptography which is the use of special codes to keep computer systems and content safe.

?

Catherine

A currency is the money of a particular country, for example in the UK we have the pound, in the US there’s the dollar and in many countries in Europe the currency is the euro.

?

Sam

Cryptocurrency is a combination of cryptography and currency and it’s used for a finance system that is based on secure digital coins that are not connected to banks or governments.

?

Catherine

We then had the expression subject to the whims of. Whims are unpredictable decisions and if you are subject to them it means you can’t control them, you have no choice but to go in the direction those whims lead.

?

Sam

This means that the value of cryptocurrencies are notoriously volatile. They have a history of going up or down in value by large amounts and very quickly. And that’s not good.

?

Catherine

Well, it might be good if it goes up!

?

Sam

True.

?

Catherine

But if you want less risk, if you want your currency to be the opposite of volatile, if you want it, in other words, to be stable, then maybe cryptocurrencies are not for you.

?

Sam

Well, we are subject to the whims of the schedule which means our 6 minutes are up. We look forward to your company again soon. Bye for now.

?

Catherine

Bye!

Vocabulary

cryptography

the use of complex codes to keep computer systems and information secure

?

currency

the money of a particular country

?

cryptocurrency

digitally produced money that is not controlled by banks or governments

?

subject to the whims of

being controlled by unpredictable decisions and trends

?

notoriously volatile

well known for changing by a large amount in an unpredictable way

?

stable

predictable and without big unexpected changes

==================================

雙語版Transcript

Hello. This is6 Minute English, I'm Catherine.

大家好，這里是六分鐘英語，我是凱瑟琳。

And I'm Sam.

我是薩姆。

Now, Sam, whatcan you tell us about cryptocurrencies?

薩姆，你能告訴我們關(guān)于加密貨幣的什么東西？

The word is acombination of crypto, from cryptography, which is to do with using cleversoftware codes to protect computer information and systems, and currency, whichis the money of a particular country.

這個(gè)詞是由"cryptography"單詞里的"crypto"與"currency"組合而成。"cryptography"指的是使用智能軟件密碼來保護(hù)計(jì)算機(jī)信息和系統(tǒng)，而"currency"指的是某個(gè)國家的貨幣。

Socryptocurrency, very simply, means code money.

所以加密貨幣，非常簡單，指的就是密碼貨幣。

We usuallythink of money as notes and coins which come from a country's bank.

我們通常認(rèn)為貨幣是紙幣和硬幣，它們來自一個(gè)國家的銀行。

But acryptocurrency doesn't have physical money.

但加密貨幣不是實(shí)物貨幣。

It's purelydigital and is not controlled by banks or governments but by the people whohave it and very complex computer codes.

它是純數(shù)字的，不受*******，而是由擁有它的人以及非常復(fù)雜的計(jì)算機(jī)密碼控制。

Perhaps themost well-known is Bitcoin.

也許最眾所周知的是比特幣。

Well, you seemto know a fair bit about cryptocurrency actually…?anyway, now a new playeris joining the digital money system as Facebook have announced they arelaunching their own digital currency.

好吧，你似乎實(shí)際上對加密貨幣有一定的了解……無論如何，現(xiàn)在有一個(gè)新的加密貨幣加入了數(shù)字貨幣系統(tǒng)，F(xiàn)acebook宣布他們將推出自己的數(shù)字貨幣。

They arecalling it 'Libra'.

他們叫它"Libra"。

And we'll befinding a little bit more about this topic in the programme, but first, aquestion.

我們將在節(jié)目中發(fā)現(xiàn)更多關(guān)于這個(gè)話題的內(nèi)容，但首先，有一個(gè)問題。

Now, Sam, youmentioned Bitcoin as being a well-known cryptocurrency.

薩姆，你提到比特幣是一種眾所周知的加密貨幣。

It was, infact, the first cryptocurrency, but when was Bitcoin created?

事實(shí)上，它是第一種加密貨幣。但比特幣是什么時(shí)候誕生的呢？

Was it: a)2008, b) 2009, or c) 2010?

是a) 2008年，b) 2009年，還是c) 2010年？

I'm going tosay 2010.

我會說的是2010年。

OK. Well, I'llreveal the answer later in the programme.

好的。好吧，稍后我將在節(jié)目中揭曉答案。

Now, JemimaKelly is a financial journalist.

杰邁瑪·凱利是一名金融記者。

She was talkingon the BBC radio programme Money Box Live about the plans for Libra.

她在BBC廣播節(jié)目Money Box Live上談到了Libra的計(jì)劃。

She says it'snot really a cryptocurrency because it's actually backed up by a number of realcurrencies.

她說那并不是真正的加密貨幣，因?yàn)樗鼘?shí)際上是由許多真實(shí)貨幣支持的。

So whichcurrencies does she mention?

那么她提到了哪些貨幣？

Acryptocurrency is normally subject to the whims of crypto markets, which arenotoriously volatile,?whereas Libra is kept stable by being backed up by abasket of currencies, in this case, the dollar, the pound, the euro and theSwiss franc.

加密貨幣通常受加密市場的支配，加密市場因反復(fù)無常而眾所周知，而Libra通過一系列貨幣的支持保持穩(wěn)定，在這種情況下，那是指美元、英鎊、歐元和瑞士法郎。

So whichcurrencies did she say were backing up Libra, Sam?

所以她說哪種貨幣支持Libra，薩姆？

She said thatthe dollar, the pound, the euro and Swiss franc were the currencies that wouldbe backing up Libra.

她說美元、英鎊、歐元和瑞士法郎是支持Libra的貨幣。

And this isdifferent from regular cryptocurrencies, isn't it?

而這與常規(guī)加密貨幣不同，不是嗎？

Yes,cryptocurrencies are completely independent of financial institutions and othercurrencies.

是的，加密貨幣完全獨(dú)立于金融機(jī)構(gòu)和其它貨幣。

And this canmake them risky, can't it?

這會讓它們有風(fēng)險(xiǎn)，不是嗎？

Yes, she saysthat cryptocurrency markets are notoriously volatile.

是的，她說加密貨幣市場因反復(fù)無常而眾所周知。

Something thatis volatile can change very quickly.

反復(fù)無常的東西變化得很快。

When it comesto currency, it means that its value can go up or down by a large amount over avery short period of time.

就貨幣而言，它指的是貨幣價(jià)值可以在很短的時(shí)間內(nèi)大幅度上升或下降。

And it'sdescribed as notoriously volatile because this has actually happened a fewtimes in the past.

它被形容為因反復(fù)無常而眾所周知，因?yàn)檫@實(shí)際上在過去發(fā)生過幾次。

Something thatis notorious is well known or famous but for a negative reason.

臭名昭著的事物就是眾所周知的或著名的，但卻是因?yàn)樨?fù)面原因。

So the value ofa currency going up and down in a volatile way – that's not positive.

所以貨幣價(jià)值上下浮動，反復(fù)無常，這不是積極的。

If you want totake the risk you could make a lot of money, but you could also lose a lot ofmoney - more than you invested.

如果你想冒這個(gè)險(xiǎn)，你可以賺很多錢，但你也可能損失很多錢——比你投資的還多。

So why arecryptocurrencies so volatile?

所以為什么加密貨幣如此反復(fù)無常呢？

Most currenciesare reasonably stable.

大多數(shù)貨幣都相當(dāng)穩(wěn)定。

This is theopposite of volatile.

這是"反復(fù)無常"的反義詞。

They don'tchange a lot over a short period of time.

它們不會在短時(shí)間內(nèi)發(fā)生太大變化。

There can bebig changes but usually governments and banks control currencies to prevent it.

可能會有很大變化，但通常政府和銀行會控制貨幣以防止這種情況。

Cryptocurrenciesdon't have those controls.

加密貨幣沒有那些控制。

What JemimaKelly said was that they are subject to the whims of the crypto markets.

杰邁瑪·凱利說的是它們受加密市場的支配。

A whim is anunpredictable or irrational decision or trend and if you are subject to thewhims of something, or someone,?it means that metaphorically you are apassenger in a self-driving car which may decide just to drive off the edge ofa cliff.

"突發(fā)的念頭"是一種不可預(yù)測或非理性的決定或趨勢，如果你受到某件事或某人的支配，這意味著，打個(gè)比方來說，你是自動駕駛汽車上的一名乘客，汽車可能決定要從懸崖邊上開過去。

So it might bean exciting ride, but it could end in disaster.

因此它可能是一次令人興奮的旅程，但也可能以災(zāi)難告終。

Right, it'stime now to get the answer to the question I asked at the beginning of theprogramme.

好了，現(xiàn)在是時(shí)候回答我在節(jié)目開始時(shí)問的問題了。

Bitcoin was thefirst cryptocurrency, but when was it created?

比特幣是第一種加密貨幣，但它是什么時(shí)候誕生的呢？

Was it: a)2008, b) 2009, c) 2010?

是a) 2008年，b) 2009年，c) 2010年？

I said 2010,but I'm not really sure.

我說的是2010年，但我不是很確定。

And you'reabsolutely wrong!

你完全錯(cuò)誤！

The correctanswer is 2009, so no luck for you this time, but congratulations to everyonewho did get that right.

正確答案是2009年，所以這一次你運(yùn)氣不佳，但恭喜所有答對的人啊。

Well, anyway,let's round off today with a review of today's vocabulary.

好吧，不管怎樣，讓我們復(fù)習(xí)今天的詞匯來結(jié)束今天的學(xué)習(xí)。

First off thereis cryptography which is the use of special codes to keep computer systems andcontent safe.

首先是"密碼學(xué)"，它使用特殊密碼來保證計(jì)算機(jī)系統(tǒng)和內(nèi)容的安全。

A currency isthe money of a particular country,?for example in the UK we have thepound, in the US there's the dollar and in many countries in Europe thecurrency is the euro.

"貨幣"是特定國家的錢，例如在英國是英鎊，在美國是美元，在歐洲的許多國家其貨幣是歐元。

Cryptocurrencyis a combination of cryptography and currency,?and it's used for a finance system that is based onsecure digital coins that are not connected to banks or governments.

加密貨幣是密碼學(xué)和貨幣的結(jié)合，它被用于一個(gè)金融系統(tǒng)，該系統(tǒng)基于安全數(shù)字貨幣，和銀行或政府無關(guān)。

We then had theexpression subject to the whims of.

然后我們有了這個(gè)表達(dá)，"受……支配"。

Whims areunpredictable decisions,?and if you are subject to them it means you can'tcontrol them, you have no choice but to go in the direction those whims lead.

突發(fā)的念頭是無法預(yù)測的決定，而且如果你受它們支配，那就意味著你無法控制它們，你別無選擇，只能順著突發(fā)念頭的方向走。

This means thatthe value of cryptocurrencies are notoriously volatile.

這意味著加密貨幣的價(jià)值反復(fù)無常，眾所周知。

They have ahistory of going up or down in value by large amounts and very quickly.

貨幣價(jià)值有快速大幅上升或下降的歷史。

And that's notgood.

這并不好。

Well, it mightbe good if it goes up!

嗯，如果價(jià)值上升的話可能會很好！

True.

對。

But if you wantless risk, if you want your currency to be the opposite of volatile,?ifyou want it, in other words, to be stable, then maybe cryptocurrencies are notfor you.

但如果你想低一點(diǎn)風(fēng)險(xiǎn)，如果你想讓你的貨幣與反復(fù)無常相反，換句話說，如果你想讓它穩(wěn)定，那么加密貨幣可能不適合你。

Well, we aresubject to the whims?of the schedule which means our 6 minutes are up.

嗯，我們要受時(shí)間表支配，也就是說我們的六分鐘英語要結(jié)束了。

We look forwardto your company again soon.

我們期待你的下次參與。

Bye for now.

再見了。