Bitcoin and Cryptocurrencies

person using phone and laptop computer
Type: Vocabulary
Originally published on September 23, 2020 and last updated on July 13, 2023

The topic of Bitcoin and cryptocurrencies is an excellent conversation topic for English learners as it combines technology, finance and global trends, providing an opportunity to enhance language skills in various areas. Discussing Bitcoin and cryptocurrencies can improve vocabulary related to finance, economics and technology, while also fostering discussions on current events and global issues. Furthermore, exploring this topic encourages critical thinking and analysis, as learners delve into the advantages, challenges and future prospects of decentralised digital currencies.

Engaging in such conversations helps learners develop fluency, expand their knowledge and stay updated on the latest developments in the world of finance and technology.

Go through the vocabulary below with your students and ask them to try and use this vocabaulry where possible when discussing the different conversation questions.

About Bitcoin and Cryptocurrencies

Bitcoin and cryptocurrencies have revolutionised the world of finance, offering decentralised digital currencies that operate independently of traditional banking systems. Bitcoin, the pioneering cryptocurrency, introduced the concept of blockchain technology, which ensures transparent and secure transactions. Cryptocurrencies like Ethereum, Ripple and Litecoin have since emerged, each with their unique features and applications.

These digital assets have gained immense popularity due to their potential for financial freedom, borderless transactions and investment opportunities. However, their volatility and regulatory challenges have sparked debates, while also fuelling excitement about the future of decentralised finance.

Useful Vocabulary

Try and use the following vocabulary when answering the question. Click to look up the definition in the dictionary

  • cryptocurrency (noun)
  • bitcoin (noun)
  • invest (verb)
  • investment (noun)
  • volatil (adjective)
  • volatility (noun)
  • ups and downs (idiom)
  • pay off (phrasal verb)
  • blockchain (noun)

Conversation Questions

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  • Is bitcoin a good investment?
  • What do you know about bitcoin or cryptocurrency?
  • Do you own any bitcoin?
  • Do you know anyone that has made money through investing in bitcoin?
  • Why do you think the prices of bitcoin have changed so drastically in the last 10 years?
  • Would you consider investing in bitcoin now?
  • Do you think bitcoin and other cryptocurrencies with an increase in popularity in the future?
  • What are some of the potential advantages and disadvantages of using cryptocurrency compared to traditional forms of currency?
  • How do you think governments will respond to the increasing popularity of cryptocurrencies? Do you think they will attempt to regulate or ban them?
  • How do you think the rise of cryptocurrency will impact traditional financial institutions such as banks and investment firms?
  • How would you explain the concept of cryptocurrency to someone who has never heard of it before?
  • Is the anonymity of Bitcoin transactions a positive or negative feature of the cryptocurrency?
  • Should businesses be allowed to accept Bitcoin as payment for goods and services?
This conversation topic was prepared by Gregory

Gregory is a qualified TEFL teacher who has been teaching English as a Foreign Language (ESL) for over a decade. He has taught in-person classes in Spain and to English learners around the world online.