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

✨ Do you want to improve your IELTS writing?
It is an undeniable fact that the digitization of online currencies has been increasing for the
last
Linking Words
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
Use synonyms
to invest in digital
money
Use synonyms
, and
also
Linking Words
people
Use synonyms
are illiterate about it, but nowadays
people
Use synonyms
can have
such
Linking Words
options as
Cryptocurrency
Use synonyms
. To illustrate,
Cryptocurrency
Use synonyms
is digital
money
Use synonyms
that everyone wants to purchase through various platforms
such
Linking Words
as Binance, and WealthSmith. Another important reason is,
Cryptocurrency
Use synonyms
coins Ethereum, BitCoin and Solana keep surging unexpectedly as per the market cap, which can be beneficial for
people
Use synonyms
to grow
money
Use synonyms
quickly rather than keeping them in saving accounts. The aforementioned reasons have brought a negative development in many ways.
Firstly
Linking Words
, rates of the
cryptocurrency
Use synonyms
coins fluctuate constantly, and if
money
Use synonyms
does not spend wisely,
people
Use synonyms
can have a huge loss, which leads to a bad impact on investors’ mental health.
Secondly
Linking Words
, governments and financial institutions are unable to impose taxes on digital
money
Use synonyms
until investors transfer them to bank accounts
as a result
Linking Words
reduction in the total tax amount.
Hence
Linking Words
, both individuals and governments have to deal with an unrealistic enhancement. In conclusion, virtual currency is tempting for most
people
Use synonyms
and a shortcut to earning
money
Use synonyms
rapidly;
however
Linking Words
, they
also
Linking Words
have to face consequences, if necessary measures have not been taken into consideration. More digitization means less liquid
money
Use synonyms
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: