Do you believe that the rise of cryptocurrencies brings more benefits or risks to individuals and the global economy? Support your opinion with relevant examples and arguments.

In the modern days, owing to technological advancement, there has been an increasing number of people and businesses using online-based money as a daily payment.

This

essay firmly believes that cryptocurrencies would bring about positive influences not only on individuals but

also

worldwide economy

due to

the decrease in transaction costs and the encouragement of cross-border transactional activities. It is crucial to acknowledge that virtual currencies have a beneficial impact on people’s lives via the reduction in transactional prices.

In other words

, cryptocurrency transaction has a lower fee compared to other ways of payment, especially traditional banking or financial systems. In

this

situation, each person can save an immense amount of money, leading to a higher quality of living standard and the alleviation of the cost of living in the hustle and bustle of city life. Take Bitcoin as a pertinent example, where intermediary and currency conversion fees during utilizing

this

kind of money for transactions were lower than traditional bank wire transfers, helping individuals reduce the strain of personal financial burden. An increasing total of activities relating to cross-border transactions must

also

be noticed.

This

is because, during the globalization era, more and more giant corporations and organizations want to expand their scope of operation, leading to the rise in demand for international cryptocurrencies.

Furthermore

, paralleling the low transactional costs, businessmen are likely to experience efficiency improvement in sourcing raw materials from other regions with comparative advantages.

As a result

, if there had been a growth of companies doing cross-border exchanges, global trade and the national economy could have been enhanced, contributing to the development of other fields and the reduction of criminals.

Thus

, the possible impacts of lower exchange costs and economic growth by the number of transactional activities need to be considered.

Therefore

, it should have been demonstrated that it is advantageous for both individuals and the world’s economy to alter from fistfuls of cash to online-based currencies.