The “Summarize Written Text” section in the PTE speaking and writing section is crucial as it evaluates a test taker’s ability to understand complex texts and convey the core message in a single sentence. This practice is critical for those preparing for the exam, especially on trending topics such as Cryptocurrency In Global Finance. Let’s take a look at a sample practice question on this subject.
Why Cryptocurrency Is a Hot Topic in Global Finance
Cryptocurrencies have gained immense traction in recent years and are playing an evolving role in global finance. Digital currencies like Bitcoin, Ethereum, and numerous others aim to decentralize the financial system away from traditional banks. This global shift has led to a mixed landscape of regulations, financial innovations, and new risks within the market – making it a key topic often showcased in exams like PTE.
Cryptocurrency integration into global financial systems
Summarize Written Text Sample Question on Cryptocurrency
Sample Prompt #1
Cryptocurrencies, popularized through Bitcoin and Ethereum, are an essential advancement in monetary systems with the potential to disrupt traditional banking. They operate using blockchain technology, a decentralized system that allows financial transactions to occur peer-to-peer without intermediaries like banks. While many admire the transparency and autonomy provided by these digital assets, governments and financial institutions remain wary. Concerns over fraudulent activities, uncontrolled markets, and challenges in energy consumption in cryptocurrency mining create barriers to widespread adoption, but many anticipate a future where decentralized finance plays a critical role in global commerce.
Summarize the text in one sentence in no more than 75 words.
Answer Sample for Different Band Scores
Band 90 Sample:
Cryptocurrencies are heralded for providing decentralized financial transactions using blockchain technology, although governments and institutions express concerns over fraud, market regulation, and energy consumption issues, which hinder full adoption despite the potential for revolutionizing global finance.
Band 75 Sample:
While cryptocurrencies offer transparency and decentralized transactions through blockchain, concerns regarding fraud, regulatory challenges, and energy consumption prevent countries from fully adopting them into global financial systems.
Band 50 Sample:
Cryptocurrencies like Bitcoin are good for moving money without a bank, but problems like fraud and energy use make it hard for everyone to accept them.
Evaluation Criteria
- Content: The Band 90 response captures all essential aspects, including benefits, challenges, and the global financial context.
- Form: Each response adheres to the word limit and provides the necessary single-sentence structure.
- Grammar: The Band 90 response shows excellent grammar, while lower-band responses use simpler constructions.
- Vocabulary: In higher-band responses, terms like blockchain, regulatory challenges, and decentralized finance are used, while the lower-band response opts for less formal language.
- Spelling: All responses maintain correct spelling with no errors.
Vocabulary and Phrases From the Sample Text
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Cryptocurrency /krɪpˈtɒkərənsɪ/ – Digital or virtual currencies using cryptography, such as Bitcoin.
- Example: Bitcoin is a widely-known cryptocurrency used for online transactions.
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Decentralized /ˌdiːˈsɛntrəlaɪzd/ – Being distributed or delegated away from a central authority.
- Example: Blockchain technology is key to decentralized finance.
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Blockchain /ˈblɒkˌʧeɪn/ – A growing list of records (blocks), linked using cryptography, ensuring secure transactions.
- Example: Each cryptocurrency transaction is verified via blockchain.
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Peer-to-peer /ˌpɪərtə pɪər/ – A transaction model where two parties interact directly without intermediaries.
- Example: Cryptocurrencies enable peer-to-peer transfer of assets.
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Fraudulent /ˈfrɔːdʒələnt/ – Engaging in deceit or trickery, especially within legal bounds.
- Example: Concerns about fraudulent activity make cryptocurrency controversial.
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Intermediary /ˌɪntəˈmiːdɪərɪ/ – An entity acting as a middleman in a transaction.
- Example: Cryptocurrencies allow users to bypass financial intermediaries like banks.
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Regulation /rɛgjʊˈleɪʃən/ – A rule or directive maintained by authority.
- Example: Government regulations on cryptocurrency vary across countries.
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Adoption /əˈdɒpʃən/ – The action of taking something on as part of one’s usual practice.
- Example: Cryptocurrency adoption on a global scale is still in its infancy.
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Transparency /trænsˈpærənsi/ – The quality of being easy to see through or understand.
- Example: Blockchain technology adds a layer of transparency to financial transactions.
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Energy Consumption /ˈɛnədʒɪ kənˈsʌmpʃən/ – The amount of energy utilized.
- Example: One of the largest criticisms of cryptocurrency is its high energy consumption.
For a deeper understanding of how efficiency and the effectiveness of digital currencies in global transactions play out in practice, consider reviewing further resources available on this topic.
Conclusion
In today’s changing global finance landscape, cryptocurrency represents a key area that often appears in PTE exam topics, especially in the Summarize Written Text section. The complexity of the subject and its real-world implications make it both an engaging and challenging task for test-takers. Make sure to practice regularly, focus on proper summarization formats, and expand vocabulary on this subject to enhance your PTE score. Don’t forget to explore more about Decentralized finance and economic equality to further strengthen your knowledge.
Feel free to leave comments or ask questions to continue the discussion!
