IELTS Writing Correction Service /
Writing Samples /
Band 7

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

#currencies #years #development
It is an undeniable fact that the digitization of online currencies has been increasing for the
last
 few years because of their ease of accessibility and transferability around the world, which have a great deal of negative impact on society. Earlier, there was no concept and many resources for
people
 to invest in digital
money
, and
also
people
 are illiterate about it, but nowadays
people
 can have
such
 options as
Cryptocurrency
. To illustrate,
Cryptocurrency
 is digital
money
 that everyone wants to purchase through various platforms
such
 as Binance, and WealthSmith. Another important reason is,
Cryptocurrency
 coins Ethereum, BitCoin and Solana keep surging unexpectedly as per the market cap, which can be beneficial for
people
 to grow
money
 quickly rather than keeping them in saving accounts. The aforementioned reasons have brought a negative development in many ways.
Firstly
, rates of the
cryptocurrency
 coins fluctuate constantly, and if
money
 does not spend wisely,
people
 can have a huge loss, which leads to a bad impact on investors’ mental health.
Secondly
, governments and financial institutions are unable to impose taxes on digital
money
 until investors transfer them to bank accounts
as a result
 reduction in the total tax amount.
Hence
, both individuals and governments have to deal with an unrealistic enhancement. In conclusion, virtual currency is tempting for most
people
 and a shortcut to earning
money
 rapidly;
however
, they
also
 have to face consequences, if necessary measures have not been taken into consideration. More digitization means less liquid
money
 in the market for taxation and less funding through the government for the nation.
Submitted by bhartisharma1307 on

Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.

Fully explain your ideas

To get an excellent score in the IELTS Task 2 writing section, one of the easiest and most effective tips is structuring your writing in the most solid format. A great argument essay structure may be divided to four paragraphs, in which comprises of four sentences (excluding the conclusion paragraph, which comprises of three sentences).

For we to consider an essay structure a great one, it should be looking like this:

  • Paragraph 1 - Introduction
    • Sentence 1 - Background statement
    • Sentence 2 - Detailed background statement
    • Sentence 3 - Thesis
    • Sentence 4 - Outline sentence
  • Paragraph 2 - First supporting paragraph
    • Sentence 1 - Topic sentence
    • Sentence 2 - Example
    • Sentence 3 - Discussion
    • Sentence 4 - Conclusion
  • Paragraph 3 - Second supporting paragraph
    • Sentence 1 - Topic sentence
    • Sentence 2 - Example
    • Sentence 3 - Discussion
    • Sentence 4 - Conclusion
  • Paragraph 4 - Conclusion
    • Sentence 1 - Summary
    • Sentence 2 - Restatement of thesis
    • Sentence 3 - Prediction or recommendation

Our recommended essay structure above comprises of fifteen (15) sentences, which will make your essay approximately 250 to 275 words.

Discover more tips in The Ultimate Guide to Get a Target Band Score of 7+ »— a book that's free for 🚀 Premium users.

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
What to do next:
Look at other essays: