HEAAADERLOGORIGHT
BUSINESS ENGLISH · BUSINESS ISSUES · UPPER-INTERMEDIATE (B2-C1)
BITCOIN AND
THE BLACK
MARKET
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1
Warm-up
What do you know about bitcoin?
It is a virtual or digital currency that costs too much in different countries and with it you can do
many things but getting it is difficult
2
Key vocabulary
Match the words on the left with their definitions on the right.
1. a cryptocurrency
a. a digital form of money produced by a public company
2. money laundering
b. a record of money received and paid
3. a seizure
c. a situation where there is more effort to punish people for a specific
crime
4. conceal
d. attracting a lot of attention in the media
5. high-profile
e. moving and transferring illegal money to make it seem legal
6. a ledger
f.
7. reconstruct
g. to build or create something again
8. a crackdown
h. to keep something secret
taking something using legal authority
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UPPER-INTERMEDIATE (B2-C1)
BITCOIN AND THE BLACK MARKET
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Before you read
You are going to read an article about bitcoin and illegal trading on the internet. Choose the best
answers for the questions below, then check your answers by scanning the text on the next page.
1. What is the estimated value of bitcoin connected with illegal activity?
a.
$5 billion
b.
$36 billion
c. $72 billion
2. According to the article, how many bitcoin transactions are connected with illegal activity?
a.
almost a third
b. almost a quarter
c. almost half
3. Why is bitcoin so popular with criminals?
a.
They can hide their real identities.
b.
It’s easy to make a lot of money illegally.
c.
They prefer to use the internet to make payments.
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UPPER-INTERMEDIATE (B2-C1)
BITCOIN AND THE BLACK MARKET
Bitcoin price is so high because criminals are using it for
illegal trades, research suggests
If they were to reject it for other digital currencies, its value is ‘likely’ to fall, according to the study
1.
Almost half of all bitcoin transactions are associated
to reconstruct a network of transactions between
with illegal activity, a new study has concluded.
2.
3.
Researchers have also linked a quarter of bitcoin
market participants from there.
10.
identities seem to be masked by a 26-35 character
and the trading of drugs and illegal pornography.
address, the public nature of blockchain allowed
Worryingly for investors, they believe that the
them to link bitcoin transactions to individual ‘users’
popularity of the cryptocurrency amongst criminals
(market participants) and then further identify the
users that had bitcoin seized by authorities.
is a major contributor to its value.
4.
The study, which was conducted by researchers
of Technology Sydney, found that 44 per cent of
looking at alternative cryptocurrencies that are better
bitcoin transactions and 25 per cent of all users were
at concealing a user’s activity.
12.
cryptocurrencies is also associated with a decrease in
part of the research sample, suggested that around
the proportion of illegal activity in bitcoin," the study
24 million bitcoin market participants use the
reads.
13.
from it.
14.
billion worth of bitcoin, the researchers say.
payment system comes from its ability to make illegal
trade easier.
criminals is that the cryptocurrency allows users to
15.
implications.
transaction is recorded on a digital public ledger
information to identify specific individuals.
9.
The researchers say they used high-profile bitcoin
"This has ethical implications for those that view
bitcoin as an investment, as well as valuation
However, it isn‘t completely anonymous, as every
called the blockchain, and it‘s possible to use this
The researchers say their paper suggests that a
significant part of the basic value of bitcoin as a
One of the main reasons bitcoin is so popular with
conceal their identities.
However, they also believe that bitcoin could become
less useful and less valuable if criminals turn away
These bitcoin users are estimated to conduct around
around $72 billion, and collectively hold around $8
8.
"We find that the emergence of such alternative
Their findings from April 2017, the most recent
36 million transactions per year, with a total value of
7.
That’s potentially extremely worrying for bitcoinusing criminals, who the researchers say are now
cryptocurrency "primarily for illegal purposes".
6.
11.
from the University of Sydney and the University
associated with illegal activity.
5.
The researchers said that although individual
users with crime, such as hacks, money laundering
16.
For example, changes in the demand to use bitcoin
in illegal trade (e.g., due to law enforcement
crackdowns) are likely to impact its fundamental
seizures - including an FBI raid on the Silk Road
value."
Dark Web marketplace - as a starting point for
Adapted from the Independent, by Aatif Sulleyman,
their analysis, and managed to use the blockchain
24th of January 2018
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Find the words
Find a word or phrase in the text which means....
5
1.
a big part of the value of (sth) (phrase, P.3): popularity
2.
connected to (phrase, P.4): associates
3.
carry out (sth) (verb, P.6): perform
4.
the first stage of a process (three word noun, P.9): block chain
5.
hidden (verb - past participle form, P.10): masked
6.
appearance or arrival of (sth) (noun, P.12): cryptocurrency
7.
results of an action (noun - plural, P.15): implications
Adverbs
Complete the sentences with the adverbs below.
collectively
6
completely
potentially
primarily
worryingly
1.
Transactions with bitcoin are never complately
anonymous.
2.
worryingly
3.
The users
4.
The scandal could
collectively
5.
potentially
, the reason people play the game is to make a lot of money.
, the price of the company’s shares has fallen again.
primarily
hold around $8 billion worth of bitcoin.
be disastrous for the company.
Talking point
Ask and answer the questions below in pairs or small groups.
1.
Have you ever used bitcoin? If not, would you give it a try? Why/why not?
I have never used a bitcoin, yes I would, because it would be nice to have too much money
2.
What do you think the advantages/disadvantages are of using a digital currency instead of cash?
The Advantages of having a digital currency:
More practical
Safer
The disadvantage is that they could see cyber attacks
3.
Do you think the high value of bitcoin is connected to illegal activity, or do you think there are
other reasons why its so high?
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UPPER-INTERMEDIATE (B2-C1)
BITCOIN AND THE BLACK MARKET
I think it is high for the illegal reasons and also because it is a bit difficult to get them too
PUNTAJE YURANI:
PUNTAJE DE DANIEL:
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