Online currencies have become common in recent years
Why?
Is this a positive or negative development?
Digital currencies have gained unprecedented popularity recently. The seismic shift towards online currencies is mainly a result of their transferability, which is decidedly positive as there will be less reliance on banking systems in the future.
The prevalence of digitalized currencies is attributable to its facilitation of long-distance transactions. With simply a stable internet connection, even individuals from remote locations can now transfer money wirelessly in seconds to their desired destinations. A good example of this is that parents can send money to their children studying overseas through bank accounts and vice versa. This benefit will only become more convenient due to the rapid pace of technological advancement. Advances made in the technological industry have made mobile phones, laptops and other electronic devices affordable and therefore had led to a natural switch to cashless transactions.
The rise of electronic money greatly benefits society on the whole as banks can no longer freely exploit the financial system. The emergence of cryptocurrencies such as Bitcoin and Ethereum lays a potential foundation for a decentralized system since these virtual coins are known to generally hold their values without being influenced by external events and financial policies. As a result, cryptocurrency owners can protect their wealth in periods when central banks print money in excess and cause inflation, ensuring financial stability during economic recessions. Recent research and surveys conducted have indicated that most cryptocurrency prices went up when governments globally executed quantitative easing to stimulate their respective economies as these currencies only have limited supply and cannot be artificially inflated. Consequently, digital currencies have been consistently proven to be highly effective as a store of value because of their immunity to market volatility.
In conclusion, the proliferation of online currencies likely results from their inherent ability to revolutionize human life and is positive overall as a decentralized system engendered from cryptocurrencies undermines banking monopolies and promotes financial security for the general populace.
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Digital currencies tiền kỹ thuật số
Unprecedented chưa từng được thấy
Seismic shift sự chuyển đổi lớn
Transferability khả năng chuyển nhượng
Decidedly hoàn toàn
Less reliance ít sự phụ thuộc hơn
Banking systems hệ thống ngân hàng
Prevalence sự phổ biến
Attributable to là do
Facilitation làm cho dễ dàng hơn
Transactions giao dịch
Stable ổn định
Remote xa xôi
Wirelessly không dây
Overseas ở nước ngoài
Vice versa ngược lại
Advances sự tiến triển
Affordable có thể chi trả được
Natural switch sự chuyển giao tự nhiên
Cashless không cần tiền mặt
On the whole nói chung
Exploit lợi dụng
The financial system hệ thống tài chính
Emergence sự xuất hiện
Cryptocurrencies đồng tiền ảo
Lays a potential foundation for đặt nền tảng tiềm năng cho
Decentralized system hệ thống phi tập trung
Virtual ảo
Are known to được biết tới là
Hold their values giữ giá
External bên ngoài
Central banks ngân hàng trung ương
In excess quá mức
Inflation đắt đỏ
Financial stability sự ổn định tài chính
Economic recessions khủng hoảng kinh tế
Execute thực hiện
Quantitative easing nới lỏng định lượng
Stimulate thúc đẩy
Limited supply nguồn cung giới hạn
Artificially do người làm
Inflated thổi phồng
Consistently liên tục
A store of value dự trữ giá trị
Immunity sự miễn nhiễm
Volatility dao động / biến động
Proliferation sự tăng mạnh
Inherent vốn có
Revolutionize cách mạng hóa
Engender tạo ra
Undermine làm suy yếu
Banking monopolies sự độc quyền của ngân hàng
Promote thúc đẩy
Financial security an ninh tài chính
The general populace dân chúng nói chung