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

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With the advancement of modern technology and globalisation,online currencies have become more habitual in the current period.

Although

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the networked coin has a lot of advantages ,it consists of very few drawbacks.In

this

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essay, we will discuss both views.

To begin

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with,it is important to acknowledge that it provides us with some specific facts and solutions to the possible problems, as wired bills are capable of delivering the advantage of a quick money transfer since it's electronic.

Therefore

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,The growth of online banknotes is

due to

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the increasing demand for faster, cheaper and more secure transactions,

as well as

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the increasing digitization of the economy.

This

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may lead to a rapid increase in business communication around the world,resulting in a more stable economy across the globe, as digital money work at the same speed 24 hours a day ,seven days a week,in turn,unbanked individuals could access their money and pay their bills without extra charges.

For example

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,it could send payments like tax refunds, child benefits and food stamps to people instantly, rather than trying to mail them a check or figure out prepaid debit cards.

On the other hand

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, the majority of individuals say that the fresh popularity of cryptocurrency is a downside.

However

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, there are so many digital currencies being created across different blockchains that all have their own limitations. It will take time to determine which accessible medium of change may be appropriate for certain use cases.Ergo,

This

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takes not only considerable electricity and gets more expensive as there are more transactions but

also

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electrically connected prices and values can change suddenly.

For instance

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,some experts believe

this

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is why businesses are reluctant to use it as a medium of exchange. In conclusion,the growth of hooked-up coinages is a mixed development that offers both opportunities and challenges.

While

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they offer a range of benefits, including swift transactions and increased security, they

also

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pose risks,

such

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as price volatility and potential association with illegal activities.

Submitted by Alma Islam on Tue Jan 31 2023

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Your opinion

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...do you agree or disagree?...do you think...?...your opinion...?

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13
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meeting the goal of 7 or more
0
Word repetition
meeting the goal of 3 or fewer
0
Grammar mistakes
detected issues

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Overall Band Score

Coherence and Cohesion: 7.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 9.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 9.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 5.0

Complete response

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

4 paragraphs

317 words

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

Your opinion

Education is not a luxury but a basic human righ and as such should be free for everyone irrespective of personal wealth. Do you agree or disagree?

How can the government make sure that people save enough money to live on when they are old?

Some people think it is more important to spend money on roads and motorways than on public transport systems such as railways and trams. To what extent do you agree or disagee?

Some people ay that all people should stay in full-time education until they are at least 18 years old . To what exten do you agree or disagree?

chools have the social responsibility to discourage children from eating junk food. Others think it is the parent's responsibility. Discuss both views and give your opinion.