Skip reports on the crypto currency Bitcoin. What is it? How did it start? And why has it been in the news recently?

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Dez: And welcome to Down to Business English

Skip: Thanks for downloading us today. It is good to have you here.

Dez: So Skip, what have you been up to recently?

Skip: Well to tell the truth, I'm working as much as I can, saving my money up for a trip I'm planning to the US later this year.

Dez: Oh? Where in the US are you going?

Skip: I am on my way to Texas actually.

Dez: Nice.

Skip: Yes, I’m hooking up with some friends and we are going to do some offshore fishing in the Gulf of Mexico.

Dez: Great, but it sounds expensive. At least the exchange rate is still somewhat favorable for you coming from Japan.

Skip: Well, the Japanese Yen has weakened over the last few months but historically it is still fairly strong.

Dez: The currency in the UAE is officially tied, or artificially pegged, to the US dollar, so has not been faring too well over the last few years.

Skip: A lot of that has to do with the US quantitative easing policies which has seen the America create more and more money.

Dez: And the more money they print, the more people lose faith in the currency and so its value goes down. The same thing has been happening in Britain too. In fact there are a couple of towns that have created their own money.

Skip: Really? Can they do that?

Dez: The two that I can think of are Brixton in London and Lewes, which is near Brighton in Sussex. Both places have created their own pound which is equivalent to a British pound but can only be used to make local purchases. So I guess they can do that locally.

Skip: That is interesting but on a much larger scale, have you heard about Bitcoin, the alternative international online crypto currency?

Dez: Bitcoin? Yes I've heard it mentioned but I'm not that up on the details. So are you going to tell me and the listeners the story behind Bitcoin?

Skip: I sure am. Are you ready?

Dez: I'm all ears?

Skip: Great. So let's get D2B...Down to Business with Bitcoin. What is it? How did it start? And why has it been in the news recently?

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