Crypto Currency IELTS

Question 1

Cryptocurrency

Answer 1

Digital or virtual currency that uses cryptography for security.
Example: Bitcoin is a popular cryptocurrency.

Question 2

Blockchain

Answer 2

A decentralized and distributed digital ledger that records cryptocurrency transactions.
Example: The blockchain ensures transparency in cryptocurrency transactions.

Question 3

Wallet

Answer 3

A digital or physical device used to store and manage cryptocurrencies.
Example: I keep my Bitcoin in a secure hardware wallet.

Question 4

Mining

Answer 4

The process of validating and adding transactions to a blockchain by solving complex mathematical problems.
Example: Miners use powerful computers to participate in cryptocurrency mining.

Question 5

Exchange

Answer 5

A platform where cryptocurrencies can be bought, sold, and traded.
Example: I use a reputable cryptocurrency exchange to buy Ethereum.

Question 6

Decentralized

Answer 6

Referring to a system or network that is not controlled by a central authority.
Example: Bitcoin operates on a decentralized network.

Question 7

Volatile

Answer 7

Subject to rapid and significant price fluctuations.
Example: Investing in cryptocurrencies can be risky due to their volatile nature.

Question 8

Secure

Answer 8

Safe from unauthorized access or tampering.
Example: Blockchain technology provides a secure way to transfer funds.

Question 9

Transparent

Answer 9

Open and visible to all participants in a network.
Example: The blockchain ensures transparent and traceable transactions.

Question 10

Digital

Answer 10

Existing or functioning in a digital form.
Example: Cryptocurrencies are purely digital assets.

Question 11

Invest

Answer 11

To allocate money or resources with the expectation of generating a return.
Example: Many people choose to invest in cryptocurrencies for long-term growth.

Question 12

Trade

Answer 12

To buy and sell cryptocurrencies for profit.
Example: Traders use different strategies to trade cryptocurrencies.

Question 13

Transfer

Answer 13

To send cryptocurrencies from one wallet to another.
Example: I transferred some Ethereum to my friend’s wallet.

Question 14

Accept

Answer 14

To receive cryptocurrencies as a form of payment.
Example: Some online retailers now accept Bitcoin as payment.

Question 15

Cash out

Answer 15

To convert cryptocurrencies into traditional fiat currency.
Example: I decided to cash out my profits and buy a new car.

Question 16

Hold on

Answer 16

To retain ownership or possession of cryptocurrencies.
Example: Hold on to your cryptocurrencies until the market improves.

Question 17

Cash in

Answer 17

To profit or take advantage of a situation, especially in cryptocurrency trading.
Example: Many traders cashed in on the recent price surge.

Question 18

Moon

Answer 18

Refers to a significant increase in the price of a cryptocurrency.
Example: If Bitcoin reaches $100,000, it will definitely moon.

Question 19

Bagholder

Answer 19

A person who is left holding a depreciated or worthless cryptocurrency.
Example: Many investors became bagholders during the market crash.

Question 20

Pump and dump

Answer 20

A scheme where a group artificially inflates the price of a cryptocurrency and then sells it for a profit.
Example: Be cautious of pump and dump schemes in the cryptocurrency market.

Question 21

Shill

Answer 21

To promote or endorse a particular cryptocurrency for personal gain.
Example: Some influencers are accused of shilling specific cryptocurrencies.