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

#currencies #years #development

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These days, digital

currencies

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such

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as Bitcoin and Ethereum are in widespread

use

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While

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this

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trend can be seen in a negative light in some respects, I believe the growing

use

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of online

currencies

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is, for the most part, a change for the better. It can be argued that the growing popularity of online

currencies

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is unfavourable. The main issue with them is their volatility. Since the value of an online currency is not determined by any bank or governing authority and

also

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because it is highly sensitive to economic and political factors, it can make the global financial market unstable.

For instance

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, the banning of Bitcoin in China was followed by a major drop in its price, which meant substantial losses for many multinational companies and hedge funds holding their earning in cryptocurrency

as well as

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individual investors. In

this

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regard,

this

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form of currency can not only be a risky investment but

also

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contribute to financial instability. Despite having some downsides, the ever-increasing

use

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of online

currencies

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is largely a positive trend. The primary advantage of

this

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medium of exchange is security. Unlike with fiat money, transactions made with cryptocurrencies are more secure seeing as they can be tracked by everyone.

Such

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transparency ensures that there is a limited risk of fraud. More important is the individual freedom that cryptocurrencies confer on individuals. The fact that digital

currencies

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are decentralized means neither banks nor governments can withhold them in case of malicious lawsuits and political conflicts.

Therefore

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, individuals have more autonomy and access to their personal holdings with online

currencies

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than they do with traditional ones. In conclusion,

while

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online

currencies

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are not without their downsides, I tend to think their growing

use

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is a positive trend as it curtails money fraud and allows people more authority over their money.

Submitted by mawka974 on Sat Sep 30 2023

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7
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Overall Band Score

Coherence and Cohesion: 5.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 7.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 9.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 9.0

Complete response

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

4 paragraphs

302 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. Is this a positive or negative development?

Living in a country where you have to speak a foreign language can cause serious problems, as well as practical problems. To what estent do you agree or disagree with this statement?

It is a natural process for animal species to become extinct (e.g. dinosaurs, dodos, etc.). There is no reason why people should try to prevent this from happening. Do you agree or disagree?

Som people believe that cooking is an important life skill, so schools should be teach all boys and girls how to cook , others people think that teaching all boys and girls to cook may be a waste of time.

The plans below show the site of an airport now and how it will look after redevelopment next year. Summarise the information by selecting and reporting the main features, and make comparisons where relevant.