1
It's hard to imagine what things were like before there was money, but such a time did exist. During these times people exchanged goods using the barter system. The word barter means to trade. People using the barter system traded things instead of buying and selling them. So if you were a rice farmer, you would trade your rice with many people to get all the things that you wanted or needed. Unfortunately, the people from whom you needed things might not want your rice. Isn't it nice to just go to the store and buy candy instead of having to trade rice for it?
If you barter for something, do you pay with cash or use something else?
Use something else
Money is pretty old but nobody knows exactly how old it is. Perhaps the oldest evidence of people using money is in the Code of Ur-Nammu. The Code of Ur-Nammu is a system of laws written around 2050 BC. That's like 4,000 years ago! Many of Ur-Nammu's laws carry fines, such as one stating that if a man is proven innocent of sorcery, his accuser must pay 3 shekels. This ancient document shows me two things: Ur-Nammu didn't tolerate false witch-hunts, and money is very old.
TRUE OR FALSE: We know exactly how old money is
False
One problem that the U.S. faced when rebelling against the British was currency. While under British control, colonists mainly used British paper money and foreign coins. But after forming a new nation, the Americans needed their own currency. They created Continental currency. Congress issued over 240 million Continental Dollars during the Revolution. Unfortunately, these dollars soon dropped in value. This gave rise to the popular expression, "not worth a Continental." By the end of 1778, Continentals were worth 1/5th of their face value.
When the British were in charge of the United States, what did colonists use to pay?
a. United States Paper Money
b. British Paper Money
b. British Paper Money
Counterfeiting is the act of making phony money that looks official. It is a very old crime but recent advances in printing have made it possible for even amateurs to produce decent counterfeits. Fortunately, there are some ways that you can detect counterfeits. The first and most telling inspection is to pay attention to how the money feels. It is difficult to reproduce the texture of real money. If the money feels suspect, look carefully at the microprinting on the bill. Many features along the portrait and border of a genuine bill contain writing that is too small to reproduce in most printers. If you are still suspicious, hold the bill up to the light and look for the strip that says the value of the bill. With a lot of attention, you can keep yourself from becoming a victim of this rising trend.
TRUE OR FALSE: Counterfeiting has not been around long?
FALSE
Currencies have changed and developed over the course of history, but one of the newest forms of payment doesn't even exist in the physical world. Bitcoin is an entirely digital currency. Users of Bitcoin send payments to one another over computer networks. These payments are nonrefundable. In other words, once the money is sent, you can't get it back. The value of a Bitcoin has risen rapidly since its introduction in 2009, when each Bitcoin was worth around 30 cents. At the time of this writing, it would cost you around 7400 U.S. Dollars to get one Bitcoin. That's quite a jump. On the downside, if the value of Bitcoin ever crashes, you won't be able to heat your home by burning it.
TRUE OR FALSE: Bitcoin isn't physical money.
TRUE
What does "ancient" mean?
very old
Money is pretty old but nobody knows exactly how old it is. Perhaps the oldest evidence of people using money is in the Code of Ur-Nammu. The Code of Ur-Nammu is a system of laws written around 2050 BC. That's like 4,000 years ago! Many of Ur-Nammu's laws carry fines, such as one stating that if a man is proven innocent of sorcery, his accuser must pay 3 shekels. This ancient document shows me two things: Ur-Nammu didn't tolerate false witch-hunts, and money is very old.
What two things does Ur-Nammu show the author?
Ur-Nammu didn't like fake witch-hunts, and money is very old
One problem that the U.S. faced when rebelling against the British was currency. While under British control, colonists mainly used British paper money and foreign coins. But after forming a new nation, the Americans needed their own currency. They created Continental currency. Congress issued over 240 million Continental Dollars during the Revolution. Unfortunately, these dollars soon dropped in value. This gave rise to the popular expression, "not worth a Continental." By the end of 1778, Continentals were worth 1/5th of their face value.
Another word for currency is __________.
money
Counterfeiting is the act of making phony money that looks official. It is a very old crime but recent advances in printing have made it possible for even amateurs to produce decent counterfeits. Fortunately, there are some ways that you can detect counterfeits. The first and most telling inspection is to pay attention to how the money feels. It is difficult to reproduce the texture of real money. If the money feels suspect, look carefully at the microprinting on the bill. Many features along the portrait and border of a genuine bill contain writing that is too small to reproduce in most printers. If you are still suspicious, hold the bill up to the light and look for the strip that says the value of the bill. With a lot of attention, you can keep yourself from becoming a victim of this rising trend.
According to the text, what do you do first to tell if money is fake?
Feel the money
Currencies have changed and developed over the course of history, but one of the newest forms of payment doesn't even exist in the physical world. Bitcoin is an entirely digital currency. Users of Bitcoin send payments to one another over computer networks. These payments are nonrefundable. In other words, once the money is sent, you can't get it back. The value of a Bitcoin has risen rapidly since its introduction in 2009, when each Bitcoin was worth around 30 cents. At the time of this writing, it would cost you around 7400 U.S. Dollars to get one Bitcoin. That's quite a jump. On the downside, if the value of Bitcoin ever crashes, you won't be able to heat your home by burning it.
Since 2009, Bitcoin has become (more or less) valuable?
more
It's hard to imagine what things were like before there was money, but such a time did exist. During these times people exchanged goods using the barter system. The word barter means to trade. People using the barter system traded things instead of buying and selling them. So if you were a rice farmer, you would trade your rice with many people to get all the things that you wanted or needed. Unfortunately, the people from whom you needed things might not want your rice. Isn't it nice to just go to the store and buy candy instead of having to trade rice for it?
According to the paragraph, what is one problem with bartering?
A person or group might not want what you have to offer.
Money is pretty old but nobody knows exactly how old it is. Perhaps the oldest evidence of people using money is in the Code of Ur-Nammu. The Code of Ur-Nammu is a system of laws written around 2050 BC. That's like 4,000 years ago! Many of Ur-Nammu's laws carry fines, such as one stating that if a man is proven innocent of sorcery, his accuser must pay 3 shekels. This ancient document shows me two things: Ur-Nammu didn't tolerate false witch-hunts, and money is very old.
Based on the sentence that Ur-Nammue doesn't like fake witch-hunts, what does "sorcery" involve?
witchcraft
How many syllables are in the word "accumulate"?
4
Counterfeiting is the act of making phony money that looks official. It is a very old crime but recent advances in printing have made it possible for even amateurs to produce decent counterfeits. Fortunately, there are some ways that you can detect counterfeits. The first and most telling inspection is to pay attention to how the money feels. It is difficult to reproduce the texture of real money. If the money feels suspect, look carefully at the microprinting on the bill. Many features along the portrait and border of a genuine bill contain writing that is too small to reproduce in most printers. If you are still suspicious, hold the bill up to the light and look for the strip that says the value of the bill. With a lot of attention, you can keep yourself from becoming a victim of this rising trend.
In the last sentence, what trend is the author talking about?
being a victim of counterfeiting
Currencies have changed and developed over the course of history, but one of the newest forms of payment doesn't even exist in the physical world. Bitcoin is an entirely digital currency. Users of Bitcoin send payments to one another over computer networks. These payments are nonrefundable. In other words, once the money is sent, you can't get it back. The value of a Bitcoin has risen rapidly since its introduction in 2009, when each Bitcoin was worth around 30 cents. At the time of this writing, it would cost you around 7400 U.S. Dollars to get one Bitcoin. That's quite a jump. On the downside, if the value of Bitcoin ever crashes, you won't be able to heat your home by burning it.
In 2009, 10 Bitcoin would be worth how much?
It's hard to imagine what things were like before there was money, but such a time did exist. During these times people exchanged goods using the barter system. The word barter means to trade. People using the barter system traded things instead of buying and selling them. So if you were a rice farmer, you would trade your rice with many people to get all the things that you wanted or needed. Unfortunately, the people from whom you needed things might not want your rice. Isn't it nice to just go to the store and buy candy instead of having to trade rice for it?
What position does the author of this text take on bartering?
They are probably not in favor of it based on the last sentence.
If a man is proven innocent of sorcery, his ______
must pay...
a. suspect
b. accuser
c. barter
b. accuser
In the word "accumulate," is the "u" short or long?
long
Counterfeiting is the act of making phony money that looks official. It is a very old crime but recent advances in printing have made it possible for even amateurs to produce decent counterfeits. Fortunately, there are some ways that you can detect counterfeits. The first and most telling inspection is to pay attention to how the money feels. It is difficult to reproduce the texture of real money. If the money feels suspect, look carefully at the microprinting on the bill. Many features along the portrait and border of a genuine bill contain writing that is too small to reproduce in most printers. If you are still suspicious, hold the bill up to the light and look for the strip that says the value of the bill. With a lot of attention, you can keep yourself from becoming a victim of this rising trend.
After you feel money to see if it's fake, what could you do to check for a counterfeit bill?
Hold the money up to a light
Currencies have changed and developed over the course of history, but one of the newest forms of payment doesn't even exist in the physical world. Bitcoin is an entirely digital currency. Users of Bitcoin send payments to one another over computer networks. These payments are nonrefundable. In other words, once the money is sent, you can't get it back. The value of a Bitcoin has risen rapidly since its introduction in 2009, when each Bitcoin was worth around 30 cents. At the time of this writing, it would cost you around 7400 U.S. Dollars to get one Bitcoin. That's quite a jump. On the downside, if the value of Bitcoin ever crashes, you won't be able to heat your home by burning it.
How do you exchange or trade Bitcoin with another person?
Over a computer network/digitally
What is an antonym for amateur?
Experienced; professional
What movie on now in theaters involves seeing imaginary friends?
IF
By 1780, they [Continentals] were worth 1/40th. In the 1790s, the U.S. bought back Continentals for 1% of their printed value. One reason for this decline was economic warfare. During the war the British hired artists to counterfeit Continental Dollars. Then they funneled large amounts of these counterfeit notes into the American economy. The value of the Continental Dollar crashed. When people complain about today's inflation rates, I tell them about Continentals.
Before 1780 the Continental was worth (more or less) than it was after 1780?
Less
Many features along the portrait and border of a genuine bill contain writing that is too small to ______in most printers.
a. tolerate
b. accuse
c. reproduce
reproduce
Currencies have changed and developed over the course of history, but one of the newest forms of payment doesn't even exist in the physical world. Bitcoin is an entirely digital currency. Users of Bitcoin send payments to one another over computer networks. These payments are nonrefundable. In other words, once the money is sent, you can't get it back. The value of a Bitcoin has risen rapidly since its introduction in 2009, when each Bitcoin was worth around 30 cents. At the time of this writing, it would cost you around 7400 U.S. Dollars to get one Bitcoin. That's quite a jump. On the downside, if the value of Bitcoin ever crashes, you won't be able to heat your home by burning it.
Would you rather have 25000 Bitcoin from 2009 or 1 Bitcoin from when this article was written?
25000 Bitcoin from 2009