What Is Cryptocurrency?

Today’s takeaways

- own some amount of 굳이 이렇게 구구절절이 풀어서 쓸 필요 없음. 당연히 일부만 소유한다는 의미가 내포되어 있음.

- 문장 간에 연결해주는 적절한 접속사 (Conjunction) 쓰는 것 추천

Recently, my company split into two different companies, and one of them works with the Korean cryptocurrency KLAY, which I own.

• compound sentences to show the connection between ideas
• "some amount" → inferred

- trendy industry 이런 식으로 잘 안씀. 그냥 풀어서 설명하는게 나음

e.g. this emerging industry was experiencing a lot of international growth and press.

 

What made you interested in this topic?

I’m working at a blockchain service company focusing on NFTs. That’s why I’m interested in this topic. Recently, my company split into two different companies, and one of them works with the Korean cryptocurrency KLAY, which I own.

Like I mentioned in class, because the three sentences are pretty short, I combined them into one sentence to allow the connection between ideas to be clearer. Depending on the reason that you decided to purchase KLAY, the last phrase can change. If you decided to buy KLAY because of its relation to you, you can change "that I happen to own" to "This led me to purchase some of this coin."

 

Follow-up question: I thought that this emerging industry was experiencing a lot of international growth and press. Furthermore, the fate of this industry’s future is unknown because of how novel all of this technology is.

Another reason this industry has a lot of press is because the fate of its future is unknown because of how novel all of this technology is.
-> Another way you can begin this sentence is by using it as further explanation of why this industry is very "trendy" as you said.

trendy - used more in cultural context
press - there are lot of news and media surrounding this industry
novel - 1. a book 2. (adj.) new, unique

I chose to be optimistic about this emerging field: the industry seemed promising and full of many opportunities, so it seemed like an interesting place to work.

Looking on the positive side, the industry seemed promising ...

 

What do you think are the advantages of having a decentralized currency?

If it works, we can have more trust in the system. Current distrust in the banking scene might be a result of secrecy of officials who might be hiding things. I believe it’s hard to trust a centralized currency 100%. People may abuse their power, which creates corruption in a centralized currency.

Corruption may exist in centralized systems when people abuse their power.
-> This structure is clearer and more accurate than what I originally paraphrased because it accurately depicts how corruption is brought about through an abuse of power, rather than the other way around.

I believe having a decentralized currency would give more transparency and trust between people because transactions are verified by everyone involved in the system, and the records are shared.

 

What do you think are the disadvantages of having a decentralized currency?

I’m unsure if it has something to do with a decentralized system, but I would say a decentralized currency is hard to control. There’s a high variance in its real-world value. We can’t rely on a decentralized currency as its value is not stable.

 

After learning about cryptocurrencies, do you think they are similar to traditional currencies? Why or why not?

I don’t think they are similar to traditional currencies. The system in which it works is different. Literally, it’s decentralized. Unlike cryptocurrencies, traditional currencies are controlled by government-controlled institutions. These national banks aren’t necessarily terrible. They just create many regulations and operate in a more controlled and conservative manner than a decentralized system would.