Online Currencies Have Become More Common in Recent Years. Why Is This? Is This a Positive or Negative Development?
The trend of online currencies is increasing daily in the contemporary era. Although some see this development as unfavorable, however, I believe it to be a positive one. This essay will articulate my supported notion in the impending paragraphs before coming to a viable conclusion.
Numerous points endorse my point to be positive. First and foremost, the trend of increasing online currencies started with the expansion of the internet. Now, anyone can quickly transfer online money from anywhere to anybody by sitting in one place. This currency is mostly beneficial for those people who live across borders. Secondly, it also makes it easy to do online shopping, as most companies have online wallets on their website. People consider online transactions the easiest way rather than keeping cash with themselves. Moreover, they are being provided with so many offers on using wallets, such as free vouchers, discounts, buy one get one offer, and so on.
Further emphasizing it, It is also helpful for bank purposes as people could keep a record of their financial transactions online. For instance, people could easily track their installments of loans and investments by using the internet on their mobile phones or laptops. Moreover, online currencies such as Bitcoin and other cryptocurrencies can be used worldwide, whereas other currencies are not the same. It also helps entrepreneurs and the public to do online business and trading. International businesses mostly worked on online currencies to avoid currency barriers.
On the other side, it has some ramifications, as people could prey on hackers. To be specific, online accounts are not considered safe, they could be hacked by theft and robberies, and any fraud could have happened to people. In addition to this, the internet plays an integral role in accessing online currencies. It could be arduous to access online websites in some locations due to weak internet connections.
In conclusion, this essay would like to reiterate that although there are a few negatives, such as fraud and internet problems. However, overall, it is a positive development per the aforementioned points and advantageous for individuals.