English: Cloze Test Set 12

 
Investors are (1)____ into the digital currency, which is not issued by a central bank but is conjured into being by cryptographic software running on a network of volunteers’ computers. This week the price of a Bitcoin (2)______ to above $1,000, from less than $15 in January.
Having long been favoured by libertarians, gold bugs and drug dealers, Bitcoin is (3)_____ some surprising new fans. Germany has recognised it as a “unit of account”. Ben Bernanke, chairman of the Federal Reserve, told a Senate committee on virtual currencies that the idea “may hold long-term promise”. A small but growing band of shops and firms accept (4)_____ in Bitcoin. Some like the way it allows funds to be transferred (5)_____ between users, without middlemen. Others are attracted by the (6)____ for anonymous transfers, or by the fact that the number of Bitcoins in circulation has a fixed upper limit—so there is no way a central bank can inflate their value away by issuing more.
But the recent price surge, driven by Chinese investors stashing money offshore, (7)___ like a classic bubble. Hoarding means that Bitcoin is currently more of a (8)____ asset than a currency. And a crash is not the only risk Bitcoin users face. As the price rises, Bitcoin theft is increasing, both from individuals and from online exchanges that (9)____ the coins and convert them into other currencies. Around $1m in Bitcoins was recently stolen from BIPS, a European exchange. GBL, a Chinese Bitcoin exchange, abruptly vanished in October, taking $4.1m-worth of deposits with it.
The system itself is straining at the seams. The amount of computing power consumed by its transaction-verification system, which has the side-effect of “mining” new Bitcoins, is(10)_______: it now far exceeds that of the world’s 500 fastest supercomputers combined.

  1. A) hoarding
    B) gathering
    C) piling
    D) profiting
    E) spending
    View Answer
    Option C
  2. A) soared
    B) downgraded
    C) stood up
    D) crawled
    E) rise
    View Answer
    Option A
  3. A) producing
    B) owing
    C) procuring
    D) limiting
    E) attracting
    View Answer
    Option E
  4. A) coins
    B) payments
    C) everything
    D) bills
    E) cash
    View Answer
    Option B
  5. A) precisely
    B) directly
    C) straight
    D) literally
    E) exactly
    View Answer
    Option B
  6. A) possibly
    B) ease
    C) future
    D) potential
    E) practicable
    View Answer
    Option D
  7. A) looks
    B) flashes
    C) tends
    D) views
    E) awaits
    View Answer
    Option A
  8. A) hazardous
    B) logical
    C) speculative
    D) presumed
    E) dangerous
    View Answer
    Option C
  9. A) deposits
    B) store
    C) funds
    D) supplies
    E) tanks
    View Answer
    Option B
  10. A) exploding
    B) shooting
    C) shrinking
    D) ceasing
    E) mushrooming
    View Answer
    Option E

Related posts