TUGAS TUTORIAL 1

MATAKULIAH
BAHASA INGGRIS NIAGA (ADBI4201)

TUTOR PEMBIMBING
RIDWAN SA’AT

DISUSUN OLEH

NAMA : JUAN HABEL AGUSTHEIS PURBA

NIM : 051851941
KODE KELAS : 55

PROGRAM STUDI ILMU ADMINISTRASI BISNIS

FAKULTAS HUKUM, ILMU SOSIAL, DAN ILMU POLITIK (FHISIP)
UPBJJ UT MEDAN
UNIVERSITAS TERBUKA
SOAL
Please choose one of the topics below. Then, write an essay consisting of 3 paragraph.
Elaborate your own opinion with the references related to the topic that you choose.
1. Given the rise in popularity of NFTs (Non-Fungible Tokens) and digital art, many
creators are now using auction-based platforms to sell their work. Do you think
auctions are an effective method for selling digital art, considering the unique
dynamics of the digital art market and the behavior of collectors in this space?
Explain your reasoning

2. With the increasing interest in and adoption of cryptocurrencies, some argue that the
role of central banks could diminish in the future. How might the rise of decentralized
digital currencies impact the traditional functions of central banks, such as controlling
inflation, regulating the banking sector, and ensuring financial stability? Explain your
reasoning.

ANSWER

Of the two topics you gave, I will choose topic 2 to make an essay and give my opinion
based on the topic I have chosen.

The concept of digital currency is not new. If we were go back in time to 1983, David Chaum
came up with the digital currency called e-cash. Following the digital currency hullabaloo,
between 1983and 2007, many virtual currencies were launched and disappeared. Because by
then, e-Commerce customers were devoted to credit cards. Later, decentralised and
anonymous money became the foundation for Bitcoin. Satoshi Nakamoto introduced
cryptocurrency through his whitepaper–Bitcoin: a peer-to-peer electronic cash system.

Recently, both Cryptocurrencies and Central Bank Digital Currencies (CBDC) have been a
topical subject and Crypto's in particular has been in the mainstream news since its inception.
The first decentralized cryptocurrency introduced to users was Bitcoin, which first released as
open-source software in 2009 as highlighted earlier by Satoshi Nakamoto (under a
pseudonym). As of October2022 there were more than 9,000 other crypto currencies in the
global marketplace, of which more than 70 had a market capitalization exceeding $1 billion
(this number changes frequently due to the high volatility of the crypto market).

There are multiple interpretations attached to the use of cryptocurrencies which includes
whether it will replace fiat currencies and reduce the demand of central banks’ money, is it
potent enough to be come an alternative means of payment, or if is it as trustworthy as a
replacement for fiat money.
What is Cryptocurrency?

Cryptocurrency is a digital currency (not legal-tender) in which transactions are verified and
records maintained by a decentralized system using cryptography, rather than by a centralized
authority. It’s a peer-to peer system that can enable anyone anywhere to send and receive
payments. Instead of being physical money carried around and exchanged in the real world,
cryptocurrency payments exist purely as digital entries to an online database describing
specific transactions. When you transfer cryptocurrency funds, the transactions are recorded
in a public ledger. Cryptocurrency is stored in digital wallets. The first cryptocurrency was
Bitcoin, which was founded in 2009 and remains the best known today. Much of the interest
in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.

REFERENCE

1. https://www.linkedin.com/pulse/cryptocurrencies-central-bank-digital-currencies-
cbdc-mustafa-sye

2. BMP Bahasa Inggris Niaga ADBI4201/ Modul 1, Modul 2, dan Modul 3