Question

Please write down your thoughts after reading the paragraphs ie. agree or disagree and why? (Min 5 sentences 150 words + )

At the rate of these currency transactions, I feel like our currencies and economic system will slowly gravitate towards these "cryptocurriencies" and "bitcoins." People are slowly distrusting banks and the government in handling their money. As we become more reliant on technology, these online systems are more convenient and efficient to use. There are even some places where you can only pay by card instead of both cash and card. As mentioned in the Tedtalk, these online economic systems are private and anonymous. People don't like interference and to trust the government in handling their money and rather do it themselves and to be aware of their transactions.

It is also why apps like Venmo, Circle, Quickpay, WeChat, and many more money apps are popular among society now. It is paperless, convenient, and can be used in a timely fashion. I feel like banks would go digital to accommodate to this change, as some banks are already doing now. I use Chase and I have the mobile app so it is easy for me to check my savings, deposit money, and pay for goods.

Answer 1

It is a fact that people are preferring to use less and less of cash when doing economic transactions and when buying and selling commodities. People are now using more and more cashless mediums for payments like use of cards (both credit cards as well as debit cards), m-banking (mobile banking), and net banking. Besides these conventional banking tools people have also started using e-wallets which are connected to their banks and which makes payment easier and convenient. All these modes have emerged as the preferred mode for transactions due to rapid progress in technology in this area. People now do not have to carry cash with them and still they can easily do transactions using any of the modes discussed above.

Having said this economic system has still not gravitated towards cyrptocurrencies and bitcoins. This is because the use of bitcoins and cryptocurrencies is very limited at the moment and hence not many people are using it on a daily and regular basis as a medium of exchange. Secondly there has been large volatility in the amount of bitcoins and so a large chunk of consumers do not trust bitcoins and other similar cryptocurrencies to put their savings in and then use them as a medium of exchange.

Hence, I disagree with the thought that economic system will slowly gravitate towards cryptocurrencies.

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