Online currencies have become more common in recent years.

 Online currencies have become more common in recent years.

Why is this?
Is this a positive or negative development?

Essay:

In recent years, cryptocurrencies have become increasingly common. In my opinion, this is a result of technological advances and excess capital and is decidedly negative on the whole given the likelihood these coins will never become actual currencies.

The main reasons that online currencies are now gaining in popularity is they are now feasible. In the past, technologies to create currencies such as Bitcoin and Ethereum did not exist. Today, blockchain technology allows private individuals to create cryptocurrencies and seek investment from online communities on websites such as Reddit and Twitter. Added to this fact is an increase in disposable income from a burgeoning middle class. The last several decades have witnessed unprecedented economic growth, profiting all segments of society. Most investment in cryptocurrencies has come from either small, individual investors or large firms and hedge funds. The best evidence for this is that the recent economic downturn and lack of credit and capital available globally has led to the collapse of most online currencies.

In my opinion, cryptocurrencies hinder global economics. Even the most popular cryptocurrencies, including Bitcoin, are at best only likely to serve a very niche purpose. That means these coins are only sustained by further investment, creating an artificial value bubble. The individuals who invest in these coins are likely to lose their investments at some point. Even those who profit are learning the lesson that it is justifiable to invest in a service that provides nothing for the world at large. These factors do not even account for the potential environmental and economic downsides of ultimately valueless cryptocurrencies.

In conclusion, the rise of online currencies is a natural culmination of technological innovation and available capital that negatively impacts the world. It is better for individuals to focus on earning a good salary rather than contributing to risky investments.

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