As you all know that SBI PO exam is near.One of the most important parts of this Exam is Descriptive Writing that test Your writing skills, here we are providing you ESSAY/LETTER WRITING Which are asked in the SBI PO Exam.
Bitcoin : Boon or Bane
Currencies play an important role in shaping the economy of a country. Every nation has its own legal currencies like euro, dollar, rupee, pounds, etc. But Bitcoin is a unique currency on which there is no control of any government or financial institutions in its process till today. It is also referred as cryptocurrency. It is completely a free mode of transaction asset which comes in an encrypted form developed by cryptographic algorithms.
The concept of Bitcoin was developed around the year 2009 by an anonymous person named ‘Satoshi Nakamoto’. At present it is one of the most widely used alternative currencies in the world. The value of one Bitcoin depends on its demand and purchasing power. People are likely to be attracted towards it more and more due to the drastic rise in the price of Bitcoins. Moreover, it is transparent since the transactions happen over the internet and they cannot be erased. It has also made the payment easier, especially for those areas where paper currencies are hard to get. It is used through an e-wallet for any kind of payment. It also provides freedom to the users since the identity is hidden and the fee charged is negligible. But every coin has two faces so with the Bitcoin too.
The use of cryptocurrency could also potentially harm our society in various ways. It could increase the crimes and rampant illegal activities. Since it is generated from an unknown source, it gives lawbreakers an opportunity for performing criminal activities. The illegal dealing of transactions and shady activities can intensify a flourishing black market. If once the id and password of the wallet are missed then it is hard to get them back. So there is a need of being very careful in the use of Bitcoins to avoid any threats.
Hence, Bitcoins should be judiciously used. It should always be kept in mind that it involves both positive and negative sides. A careful approach is needed to be maintained in order to use it lucratively.