Online Class Notes (Tibo)

You can’t touch them and use them but you can find them on the internet or some systems. it is virtual

they will create an office and have many computers to compete and try their best to solve problems and earn bitcoins. -> they will build a mining farm

It has a future, there is so much pressure on the currencies.
There are so many elements concentrated on the currencies, politics, economics and relationships with other countries.

The US government must raise the interest rate and I think it will never stops.
It has a bad influence on the currency.

The basic instrument of the currency is that you can trade it, it is the basic mechanism.

Bitcoin is an independent system.
The Chinese economy has no influence on the USD.
they have different view on China , it creates misunderstandings.

In the future independent currencies may become popular, it may be good news.

they must buy an apartment for their child.
that is very terrible / it is a huge pressure / burden

They don’t do any research, they gamble.
People born after 1990s they don’t do investments / they don’t invest / they live from paycheck to paycheck

they just use money for their entertainment. They use their money to consume.
More and more Chinese people don’t want to build a family, they don’t want to have a child.

Japan is gives a model for what may happen in China, Japanese people don’t have any wish for the future. They just work and when they have a relaxed time it is a solo world. / when they have free time they usually spend it alone.

In their opinions kids will solve problems. They hopes kids will help the family become wealthy.

Vocabulary

working class

middle class

rich

decentralized (n) not centralized
The network is decentralized

anonymous (adj) don’t know the real name
The creator of Bitcoin stayed anonymous

blockchain (n) 区块链
The blockchain industry is developing quickly

proof of work (n) the way the BTC network is secured
In a proof of work system miners increase their computing power to solve math problems

To mine (v) 采矿
many people try to mine bitcoins

miner (n) people mining
There used to be many miners in China

Virtual (adj) not existing in the real world / but exists on the internet and computer systems

bitcoin BTC (n) 比特币
Bitcoin was created more than 10 years ago

ethereum ETH (n) n2 cryptocurrency / programmable money
ethereum was created after bitcoin

cryptocurrency (n) currency secured by a cryptographic system like BTC
Cryptocurrencies were hot 2 years ago

Pronunciation

anonymous

mechanism