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The 4 page 60 minute ESL British English lesson – 05/05/14
What is bitcoin? SPEAKING – WARM UP

Bitcoin is an innovative payment network. It is a Think of three things you know about bitcoins. Go
round the room swapping details with others.
new kind of money. Bitcoin is the first
decentralized digital or virtual currency. Bitcoin is
LISTENING – WRITING - DICTATION
money you can send through the internet.
The teacher will read some lines of the article
The advantages of using bitcoin is that it can be slowly to the class.
transferred person-to-person via the internet
without going through a bank or clearing house. READING
This results in the fees being lower. They can be Students should now read the article aloud,
used in every country. swapping readers every paragraph.

Several bitcoin exchanges exist where you can

SPEAKING - UNDERSTANDING
trade. Your bitcoins are kept on your computer or
mobile device. You can buy them using euros, 1) The article – Students check any unknown
vocabulary or phrases with the teacher.
sterling, dollars etc. Anything can be bought with
bitcoin.
2) The article - Students should look through the
The bitcoin network is secured by individuals article with the teacher.
1) What is the article about?
called miners. Miners are rewarded by mining for
2) What do you think about the article?
bitcoins. Transactions are paid for from existing 3) Was this an easy or difficult article to
bitcoins as transaction fees. Commercial use of understand?
bitcoin is currently small compared to its use by 4) Was this a boring or interesting article?
5) Discuss the article.
speculators, which has fuelled price volatility.

Bitcoins are used by people as an investment 3) Article quiz - Students quiz each other in
pairs. Score a point for each correct answer. Score
tool. Currently there are over 12 million bitcoins
half a point each time you have to look at the
in circulation, with an approximate creation rate article for help. See who can get the highest score!
of 25 every ten minutes. The total supply is
capped at 21 million and every four years the Student A questions
1) What is a ‘pyramid operation’?
creation rate is halved.
2) What is a ‘cybercriminal’?
Banks remain sceptical about bitcoins with many 3) What is a ‘bitcoin’?
4) Give one advantage of a bitcoin.
regarding bitcoins as unregulated. As a medium
5) Where are bitcoins kept?
of exchange bitcoin has a clear potential for
growth. However, there has been criminal Student B questions
activity in bitcoins by cybercriminals, for 1) How many bitcoins are in circulation?
2) What happens every four years?
example, theft, black markets and money
3) How many bitcoins are created every
laundering. Some people regard bitcoins as ten minutes?
nothing more than a pyramid operation. 4) What is ‘money laundering’?
5) What is a ‘speculator’?
Category: Business / Economic / Bitcoin
Intermediate / Upper Intermediate
 What is bitcoin? – 5th May 2014

WRITING / SPEAKING SPEAKING – ROLEPLAY 1

In pairs. On the board write as many words as In groups. One of you is the interviewer. There
you can to do with ‘Bitcoin’. One-two minutes. are up to four guests. You are in the ABC News
Compare with other teams. Using your words Technology TV studio in Washington DC. Today’s
compile a short dialogue together. interview is: Bitcoin – The virtual currency. 10
mins.
WRITING / SPEAKING
4) You are a banker.
In pairs – Choose three things from the article.
5) You are a bitcoin miner.
Write them below. Talk about them.
6) You are a US treasury regulator.
1) ________________________
7) You are a tech geek.
2) ________________________ The teacher will choose some groups to roleplay their
3) ________________________ interview in front of the class.
Add three other things YOU know about bitcoins.
Write them below. Discuss together. What does SPEAKING - ROLEPLAY 2
this tell us? In pairs - Student A thinks bitcoins are cool!
1) ________________________ Student B thinks bitcoins are not cool. 5 mins.
2) ________________________
SPEAKING – DISCUSSION
3) ________________________
The teacher will choose some pairs to discuss their Allow 10 minutes – As a class.
findings in front of the class.
Bitcoin
WRITING / SPEAKING
Is it a passing fad?
In pairs – Look online – Find out what you can
about the following… Are they safe to use?

1) Other virtual currencies. What is their future?

2) Bitcoin mining machines. The teacher can moderate the session.
3) Five other ‘real’ mined commodities.
The teacher will choose some pairs to discuss their
findings in front of the class.

DISCUSSION DISCUSSION

Student A questions Student B questions

1) Did the headline make you want to 1) What do you think about what you’ve
read the article? read?
2) Have you got any bitcoins? 2) When did you first hear about
3) Would you like to own any bitcoins? bitcoins?
4) Is bitcoin a safe currency to use? 3) Why are banks sceptical about
Explain. bitcoins?
5) Can you think of two risks associated 4) Would you consider using any other
with bitcoins? virtual currency?
6) Why are bitcoins attractive for 5) Would you like to trade in bitcoins?
cybercriminals? 6) Can you think of any news stories
7) Are bitcoins like a pyramid operation? associated with bitcoins?
8) Will bitcoins values go up or down? 7) Do you know anyone who has any
9) Why are bitcoins difficult to bitcoins?
understand? 8) Is the bitcoin currency unstable?
10) Have you learnt anything in today’s 9) Has this been a difficult lesson for you
English lesson? to understand?
10) Did you like this discussion?

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 What is bitcoin? – 5th May 2014
GAP FILL: READING GAP FILL: GRAMMAR

What is bitcoin? What is bitcoin?

Bitcoin is an innovative payment network. It is a new Bitcoin is (1)__ innovative payment network. It is a
kind of money. (1)__ is the first decentralized (2)__ new kind of money. Bitcoin is the first decentralized
or virtual currency. Bitcoin is money you can send digital or virtual currency. Bitcoin is money (2)__ can
through the internet. send through the internet.

The advantages of using bitcoin is that it can be (3)__ advantages of using bitcoin is that it can be
transferred person-to-person via the internet without transferred person-to-person via the internet without
going through a bank or clearing house. This results going through a bank (4)__ clearing house. This
in the fees being (3)__. They can be used in every results in the fees being lower. They can be used
country. (5)__ every country.

(4)__ bitcoin exchanges exist where you can trade. Several bitcoin exchanges exist where you can trade.
Your bitcoins are kept on your computer or mobile Your bitcoins are kept (6)__ your computer or mobile
device. You can buy them using euros, sterling, device. You can buy them using euros, sterling,
(5)__ etc. Anything can be bought with bitcoin. dollars etc. Anything can be bought with bitcoin.

The bitcoin network is secured by (6)__ called (7)__. The bitcoin network is secured by individuals called
Miners are rewarded by mining for bitcoins. (8)__ miners. Miners are rewarded (7)__ mining for
are paid for from existing bitcoins as transaction bitcoins. Transactions are paid (8)__ from existing
fees. bitcoins as transaction fees.

dollars / transactions / miners / bitcoin / in / or / on / an / you / the / for / by

several / individuals / lower / digital

Commercial use of bitcoin is currently small Commercial use of bitcoin is currently small
compared to its use by speculators, which has compared to its use by speculators, (1)__ has fuelled
fuelled price volatility. price volatility.

Bitcoins are used by people as an investment tool. Bitcoins are used by people as an investment tool.
Currently there are over 12 million bitcoins in (1)__, Currently there are over 12 million bitcoins in
with an approximate creation (2)__ of 25 every ten circulation, (2)__ an approximate creation rate of 25
minutes. The total (3)__ is capped at 21 million and every ten minutes. The total supply is capped at 21
every four years the creation rate is halved. million and (3)__ four years the creation rate is
halved.
Banks remain (4)__ about bitcoins with many
regarding bitcoins as (5)__. As a medium of Banks remain sceptical about bitcoins with (4)__
exchange bitcoin has a clear potential for (6)__. regarding bitcoins as unregulated. As a medium of
However, there has been criminal activity in bitcoins exchange bitcoin has a clear potential for growth.
by (7)__, for example, theft, black markets and (5)__, there has been criminal activity in bitcoins by
money laundering. Some people regard bitcoins as cybercriminals, for example, theft, black markets
nothing more than a (8)__ operation. and money laundering. (6)__ people regard bitcoins
as nothing (7)__ (8)__ a pyramid operation.
pyramid / cybercriminals / circulation / growth
/ supply / unregulated / sceptical / rate some / however / which / many / more /
every / with / than

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 What is bitcoin? – 5th May 2014
GAP FILL: LISTENING WRITING/SPELLING

WRITING / SPEAKING
What is bitcoin?
Bitcoin is an innovative _______________. It is a 1) On the board - In pairs, as a class - write
new kind of money. Bitcoin is the first decentralized down 20 things you know about bitcoin. 5-10
digital or virtual currency. Bitcoin is money you can mins.
send ____________________.
2) Sentence starters - Finish these sentence
The advantages of using bitcoin is that it can be starters. Correct your mistakes. Compare what
transferred person-to-person via the internet without other people have written.
going through a ______________________. This
results in the fees being lower. They can be used in 1) The virtual ________________________
every country.
2) A bitcoin __________________________
Several bitcoin exchanges exist where you can trade.
Your bitcoins are _____________________ or 3) Banks ___________________________
mobile device. You can buy them using euros,
sterling, dollars etc. Anything can be bought with 3) Homework - Write and send a 200 word
bitcoin. email to your teacher about: Bitcoin. Your
email can be read out in class.
The bitcoin network is secured by individuals called
miners. Miners are rewarded by mining for bitcoins.
_____________________ for from existing bitcoins
as transaction fees.

Commercial use of bitcoin is currently small GAP FILL READING ANSWERS

compared to its use by speculators, which has 1) bitcoin 1) circulation
________________________. 2) digital 2) rate
3) lower 3) supply
Bitcoins are used by people as an investment tool. 4) several 4) sceptical
Currently there are over 12 million bitcoins in 5) individuals 5) unregulated
circulation, with an ____________________ rate of 6) miners 6) growth
7) verifying 7) cybercriminals
25 every ten minutes. The total supply is capped at
8) minimise 8) pyramid
21 million and every four years the creation rate is
SPELLING SPELLING
halved.
The teacher will ask Use the following
Banks remain _______________ bitcoins with many the class individually ratings:
regarding bitcoins as unregulated. As a medium of to spell the following Pass = 12
exchange bitcoin has a clear potential for growth. words that are in the Good = 15
article. Afterwards Very good = 18
However, there has been ____________________
check your answers. Excellent = 20
bitcoins by cybercriminals, for example, theft, black
markets and money laundering. Some people regard 1) innovative 11) miners
2) decentralized 12) verifying
bitcoins as nothing more than _________________. 3) digital 13) transactions
4) bitcoin 14) businesses
5) advantages 15) commercial
6) through 16) volatility
7) several 17) speculators
www.newsflashenglish.com 8) exchanges 18) circulation
9) pyramid 19) sceptical
Copyright D. J. Robinson 2014 (V1) 10) individuals 20) laundering

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 What is bitcoin? – 5th May 2014

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