Now, Sam, what can you tell us about cryptocurrencies?
现在，Sam，您能告诉我们关于加密货币的什么信息吗？
Sam(山姆)
The word is a combination of crypto, from cryptography, which is to do with using clever software codes to protect computer information and systems, and currency, which is the money of a particular country. So cryptocurrency, very simply, means code money. We usually think of money as notes and coins which come from a country’s bank. But a cryptocurrency doesn’t have physical money. It’s purely digital and is not controlled by banks or governments but by the people who have it and very complex computer codes. Perhaps the most well-known is Bitcoin.
Well, you seem to know a fair bit about cryptocurrency actually… anyway, now a new player is joining the digital money system as Facebook have announced they are launching their own digital currency. They are calling it 'Libra'. And we’ll be finding a little bit more about this topic in the programme, but first, a question. Now, Sam, you mentioned Bitcoin as being a well-known cryptocurrency. It was, in fact, the first cryptocurrency, but when was Bitcoin created? Was it: a) 2008; b) 2009 or c) 2010.
OK. Well, I'll reveal the answer later in the programme. Now, Jemima Kelly is a financial journalist. She was talking on the BBC radio programme Money Box Live about the plans for Libra. She says it's not really a cryptocurrency because it's actually backed up by a number of real currencies. So which currencies does she mention?
还行。好吧，我将在节目的后面揭示答案。现在，Jemima Kelly 是一名财经记者。她在 BBC 广播节目 Money Box Live 上谈到了 Libra 的计划。她说它并不是真正的加密货币，因为它实际上得到了许多真实货币的支持。那么她提到了哪些货币呢？
Jemima Kelly(杰米玛·凯利)
A cryptocurrency is normally subject to the whims of crypto markets, which are notoriously volatile, whereas Libra is kept stable by being backed up by a basket of currencies, in this case, the dollar, the pound, the euro and the Swiss franc.
So which currencies did she say were backing up Libra, Sam?
那么，她认为哪些货币在支持 Libra，Sam？
Sam(山姆)
She said that the dollar, the pound, the euro and Swiss franc were the currencies that would be backing up Libra.
她说，美元、英镑、欧元和瑞士法郎是支撑 Libra 的货币。
Catherine(凯瑟 琳)
And this is different from regular cryptocurrencies, isn’t it?
这与普通加密货币不同，不是吗？
Sam(山姆)
Yes, cryptocurrencies are completely independent of financial institutions and other currencies.
是的，加密货币完全独立于金融机构和其他货币。
Catherine(凯瑟 琳)
And this can make them risky, can’t it?
这会使他们有风险，不是吗？
Sam(山姆)
Yes, she says that cryptocurrency markets are notoriously volatile. Something that is volatile can change very quickly. When it comes to currency, it means that its value can go up or down by a large amount over a very short period of time.
And it’s described as notoriously volatile because this has actually happened a few times in the past. Something that is notorious is well known or famous but for a negative reason. So the value of a currency going up and down in a volatile way – that's not positive.
If you want to take the risk you could make a lot of money, but you could also lose a lot of money - more than you invested.
如果你想冒险，你可能会赚很多钱，但你也可能损失很多钱 - 比你投资的要多。
Catherine(凯瑟 琳)
So why are cryptocurrencies so volatile?
那么为什么加密货币如此波动呢？
Sam(山姆)
Most currencies are reasonably stable. This is the opposite of volatile. They don’t change a lot over a short period of time. There can be big changes but usually governments and banks control currencies to prevent it. Cryptocurrencies don’t have those controls. What Jemima Kelly said was that they are subject to the whims of the crypto markets. A whim is an unpredictable or irrational decision or trend and if you are subject to the whims of something, or someone, it means that metaphorically you are a passenger in a self-driving car which may decide just to drive off the edge of a cliff. So it might be an exciting ride, but it could end in disaster.
大多数货币都相当稳定。这与 volatile 相反。它们在短时间内不会发生太大变化。可能会有很大的变化，但通常政府和银行会控制货币以防止它。加密货币没有这些控制。Jemima Kelly 所说的是，他们受制于加密市场的心血来潮。心血来潮是一个不可预测或不合理的决定或趋势，如果你受制于某事或某人的心血来潮，这意味着你是一辆自动驾驶汽车的乘客，它可能决定只是开车离开悬崖边缘。因此，这可能是一次激动人心的旅程，但可能会以灾难告终。
Catherine(凯瑟 琳)
Right, it’s time now to get the answer to the question I asked at the beginning of the programme. Bitcoin was the first cryptocurrency, but when was it created? Was it: a) 2008; b) 2009 c) 2010.
And you're absolutely wrong! The correct answer is 2009, so no luck for you this time, but congratulations to everyone who did get that right. Well, anyway, let’s round off today with a review of today’s vocabulary.
First off there is cryptography which is the use of special codes to keep computer systems and content safe.
首先是密码学，即使用特殊代码来确保计算机系统和内容的安全。
Catherine(凯瑟 琳)
A currency is the money of a particular country, for example in the UK we have the pound, in the US there’s the dollar and in many countries in Europe the currency is the euro.
货币是特定国家的货币，例如在英国有英镑，在美国有美元，在欧洲的许多国家货币是欧元。
Sam(山姆)
Cryptocurrency is a combination of cryptography and currency and it’s used for a finance system that is based on secure digital coins that are not connected to banks or governments.
加密货币是密码学和货币的组合，它用于基于未与银行或政府相连的安全数字硬币的金融系统。
Catherine(凯瑟 琳)
We then had the expression subject to the whims of. Whims are unpredictable decisions and if you are subject to them it means you can’t control them, you have no choice but to go in the direction those whims lead.
This means that the value of cryptocurrencies are notoriously volatile. They have a history of going up or down in value by large amounts and very quickly. And that’s not good.
这意味着加密货币的价值是出了名的波动。它们有大量且非常迅速地升值或跌值的历史。这并不好。
Catherine(凯瑟 琳)
Well, it might be good if it goes up!
好吧，如果它上涨可能会很好！
Sam(山姆)
True.
真。
Catherine(凯瑟 琳)
But if you want less risk, if you want your currency to be the opposite of volatile, if you want it, in other words, to be stable, then maybe cryptocurrencies are not for you.
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