Online currencies have become more common IELTS Essay
In this lesson, you will find recent IELTS writing task 2 essay and band 9 answer to “Online currencies have become more common in recent years IELTS Essay“
Recent IELTS writing essay task 2 asking about online currencies trending and whether is this a positive or a negative development.
You should spend about 40 minutes on this task.
Online currencies have become more common in recent years.
- Why is this?
- Is this a positive or negative development?
Band 9 Answer
Online currencies, such as Bitcoin and Ethereum, have become increasingly popular in recent years. There are several reasons for this trend:
One reason is the rise of e-commerce and online transactions. As more and more people shop and conduct business online, there is a greater need for secure and convenient payment methods that can be used digitally. Online currencies offer an alternative to traditional payment methods, such as credit cards and bank transfers, and can be used to make secure payments online.
Another reason is the increasing use of mobile devices and the growth of mobile payment apps. Online currencies can be easily stored and accessed on mobile devices, making them a convenient option for mobile payments.
A third reason is the increased interest in decentralized and peer-to-peer (P2P) financial systems. Online currencies are decentralized, meaning that they are not controlled by a central authority, such as a bank. This makes them appealing to those who want to avoid traditional financial institutions and to those who believe in the benefits of P2P financial systems.
Overall, the increasing popularity of online currencies is a complex and multifaceted development that has both positive and negative aspects. On the positive side, online currencies can provide a convenient and secure way to make payments online and can offer an alternative to traditional financial institutions. On the negative side, online currencies are not yet fully regulated, and there is some risk of fraud and other types of financial crime.
In conclusion, while the increasing popularity of online currencies is a significant development, it is important to carefully consider both the potential benefits and the potential risks before deciding whether or not to use them.
Related Vocabulary and meaning
Here is a table with the difficult vocabulary from the essay about online currencies, along with their definitions:
|multifaceted||having many different aspects or features|
|decentralized||not controlled by a central authority|
|peer-to-peer||involving two parties interacting directly with each other without the need for an intermediary|
|e-commerce||the buying and selling of goods and services online|
|regulation||the act of controlling or directing according to rule|
|cross-border||involving or taking place between different countries|
|financial inclusion||the provision of financial services to low-income or disadvantaged individuals or communities|
|financial crime||illegal or fraudulent activity that is related to financial transactions or business practices|
More ideas to write about online currencies
Here are some additional ideas for topics that students could write about in the IELTS exam related to the previous essay about online currencies:
- The future of online currencies and their potential impact on traditional financial systems
- The regulation of online currencies and the challenges and opportunities this presents
- The role of online currencies in cross-border transactions and international trade
- The security and privacy concerns surrounding online currencies and how they are addressed
- The potential risks and rewards of investing in online currencies
- The role of online currencies in combating financial crime and promoting financial inclusion
- The ethical and social implications of online currencies
- The role of online currencies in supporting charitable and humanitarian causes
- The potential of online currencies to disrupt traditional financial institutions and create new business models
I hope these ideas are helpful and give you some additional ideas for topics to write about in the IELTS exam.
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