Online currencies have become more common in recent years. Why is this? Is this a positive or negative development?

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Digital currencies
are
Verb problem
have become
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more popular in recent decades because they are easy to use and more reliable than physical
money
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. In my opinion,the profits outweigh the drawbacks
due to
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their usefulness. Using digital wallets is simple and widely accepted in many countries.
People
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can pay instantly
while
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they are shopping online or at the supermarket.
In addition
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, an increasing number of online payment platforms enable
people
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to choose various options and they can obtain some benefits like cash-back bonuses .
Although
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some platforms may be difficult for older
people
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, most applications are user-friendly and easy to manage . In the UK,
for example
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, many older
people
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are using online currencies with the help of their grandchildren.
Consequently
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, a large number of digital currency companies target not only young
people
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but
also
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senior citizens. It is true to say that digital wallets are more reliable than physical banknotes.
People
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are not required to worry about crimes like theft or robberies.
In addition
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, when
people
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are travelling across the world , they do not need to exchange physical
money
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in the host country because most countries
are accepted
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accept
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digital
money
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instead
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of physical notes. In Thailand ,
for instance
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, the government encourage tourists to use cashless payment rather than cash because they can trace every transition to protect against possible
money
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laundering.
As a result
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, authorities can manage their financial and
economical
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economic
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issues effectively.
To conclude
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, digital
money
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is more common these years because they are simple and reliable. They may have some drawbacks ,
however
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, we can clearly see their advantages outweigh the disadvantages.
Submitted by waiphyothu007 on

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task response
Ensure a more thorough exploration of the drawbacks of digital currencies to provide a balanced view.
coherence and cohesion
The essay overall lacks a clear introduction and conclusion.
Topic Vocabulary:
  • Digital wallet
  • Decentralization
  • Cryptocurrency
  • Blockchain
  • E-commerce
  • Fiat currency
  • Financial inclusion
  • Cross-border transactions
  • Volatility
  • Smart contracts
  • Decentralized Finance (DeFi)
  • Mining
  • Energy consumption
  • Pseudo-anonymous
  • Regulatory challenges
  • Financial privacy
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