What is Bitcoin?
Take this sample exam for Part 3 of the Reading and Use of English paper about Bitcoin. Part 3 requires you to know the different types of words (verbs, adjectives, nouns etc..) that are associated with different words. For example: like, likely, unlikely, dislike, likeable, likeness.
Use the word given in capitals below the text to form a word to go in each corresponding gap. (0) has been given as an example. Write down your answers for each gap and then check to see how many you got correct by clicking on the “Answers” tab below the questions.
Bitcoin is a digital currency or cryptocurrency that uses advanced technology to facilitate instant payments. It is (0)….. used for online shopping and transferring money without (1)….. a bank account. It (2)….. from (3)….. currency because there is no central authority that controls it.
Bitcoins are created through a process called mining. This involves a computer (4)….. a complex formula, which is created by the network. When a miner solves the formula they receive Bitcoins for their work. Only 21 million Bitcoins can ever be extracted with no (5)….. to increase or decrease.
There are many things other than money which people consider (6)….. like gold or diamonds, and bitcoin is no different. People are (7)….. to exchange bitcoin for real goods, services or cash. Whether you want to use bitcoin comes down to personal (8)…... Some people use bitcoin because, although all transactions are recorded, nobody would know which ‘account number’ was yours unless you told them.