Online Currencies Have Become More Common In Recent Years

IELTS Writing Task 2 with sample answer.

You should spend about 40 minutes on this task.

Write at least 250 words.

Online currencies have become more common in recent years.

Why is this?

Is this a positive or negative development?

Sample Answer:

The prevalence of online currencies has grown rapidly in recent years, leading to a new financial landscape worldwide. This essay will discuss the causes of this trend and assess whether it is a positive or negative development.

The primary factor driving the growth of online currencies is the expansion of the internet. As more countries become connected to the World Wide Web, people have been able to make transactions across borders quickly and cheaply, leading to the emergence of new digital currencies. Moreover, the rise of mobile payments has enabled users to make payments anytime, anywhere through their smartphones, which has further facilitated the spread of online currencies.

Another factor contributing to the rise of online currencies is the increasing popularity of cryptocurrency. Bitcoin and other cryptocurrencies offer a secure method of making payments without the need for a third party, such as a bank or other financial institution. The decentralised nature of cryptocurrency has made it attractive to many investors, who view it as a safe haven from traditional banking systems.

The emergence of online currencies has both positive and negative implications. On the one hand, it has opened up new opportunities for people to conduct business, trade and make payments worldwide. Moreover, it has made it easier for people to access financial services, such as loans and investments, that may not have been available to them before. On the other hand, there are concerns about the security of online currencies, as they are susceptible to fraud and cybercrime. Additionally, there is the risk of price volatility, as the value of online currencies can fluctuate significantly.

In conclusion, the rise of online currencies is largely due to the expansion of the internet and the increasing popularity of cryptocurrency. While it has opened up new opportunities for people to conduct business and access financial services, there are also concerns about the security and stability of online currencies.