History of Bitcoin (2)

Today’s takeaways

- you라고 하지 말고 a user라고 하기

(Technical paper에서 you라고 보통 안씀)

e.g. Regardless of the instance's status, a user you can associate or disassociate the IP at will.

- 문어체 vs. 구어체

 (Writing) Considering this fact

(Speaking) Because of this

e.g. Considering this fact, Bitcoin could overtake cash's convenience due to the fact that it is native to online systems.

Because 일부러 안씀. 세미 콜론 넣어야 되고 문장 구조 복잡해짐.

 

Do you believe Bitcoin could be the currency of the future?

Yes, I believe Bitcoin may be the currency of future; however, I think it may depend on each country and their various governmental and economic structures.

 

Recently, there has been a trend of people preferring to use virtual currency, or currencies that are not dependent on traditional money. For instance, many people have stopped carrying cash or purchasing goods using cash; rather, they pay through their mobile phones. Considering this fact, Bitcoin could overtake cash's convenience due to the fact that it is native to online systems.

overtake: 추월하다
to catch up with and pass while traveling in the same direction;
to affect someone/something quickly and powerfully

 

In South Korea, purchasing Bitcoin is not yet a simple or common practice. For instance, the government only allows accounts from one banking corporation to be used for Bitcoin trading. This bank's accounts are the only option for a user to register access to coin trading and exchange platforms. When I first became interested in trading Bitcoin, I did not have an account with the approved bank, so I had to visit its nearest branch in person to open one. In total, opening the new account took me more than an hour, and I was exhausted at its completion.

Here, I wanted to show a more formal paraphrasing; I also wanted to add some more context so that the section regarding the approved bank is clearer.

 

I believe to make Bitcoin trading more prevalent within the Korean population, the government needs to lower the barrier of entry to Bitcoin trading platforms. If it did so, then adopting Bitcoin would be much easier.

 

What would be the advantages or disadvantages of getting rid of financial intermediaries?

I believe the advantage to removing financial intermediaries is the increased flexibility of transactions. Currently, there are many financial intermediaries involved when we make a transaction, which often causes inefficiency and delay in the transaction's processing. Without intermediaries, sending and receiving payment would be much faster.

 

On the other hand, financial intermediaries provide protection against various types of risks. For instance, they are required to follow state- or government-sponsored banking regulations, making them safe to involve in a transaction. Bitcoin's flexibility comes at the cost of transaction monitoring and verification.

at the cost of: by giving up or hurting something else