Notes

Arif Elfendi: Why Cryptocurrency is Here to Stay

Arif Efendi A businessman from London is quoted in an op-ed about his view on cryptocurrency and Sweden's request to the EU to prohibit Bitcoin mining.
Arif Efendi is a businessman who shares his opinion on cryptocurrency.
According to businessman Arif Efendi, cryptocurrency has come under fire over the past few years. This is why Sweden has urged the EU to prohibit bitcoin mining, a development that has spread across the globe.
But, https://reporterbyte.com/technology/1407/businessman-arif-efendi-shares-insights-on-crypto-investment/ says that cybercash still has lots of positive things to provide.

What's the issue about Cryptocurrency hype?
Although https://books.google.com/books?id=hKg-rQcBNXsC&pg=PA116&lpg=PA116&dq=arif+efendi&source=bl&ots=EFD8QfM2yj&sig=ACfU3U3GdZ-31XWMjGcZONdV05WAWggoSQ&sa=X&ved=2ahUKEwil37-E2e32AhVqxzgGHWVUDYs4FBDoAXoECBIQAw has existed since more than decade year period, it's only within the last few years that the term is an everyday word.

Cryptocurrencies have often made headlines and were recently the talk of the town due to the fact that Sweden is urging the European Union (EU) to ban the mining of Bitcoins.

What's the significance of this? What exactly is cryptocurrency?

These are the types of questions I often get after many years of researching and investing. Let's all get together and dive into the world of cryptocurrency.

What is cryptocurrency exactly?
In its most basic sense, cryptocurrency is digital money. It is not a physical currency. The money exists strictly in the form of data.

Also, cryptocurrencies are digital currencies that are designed to be used on peer-to-peer networks without central authority. The most well-known cryptocurrency is Bitcoin.

Bitcoins as well as other forms of cybercash, contain elements that allow decentralization. They work without the interference of a central administrator or bank.

The decentralized control is connected to a different characteristic of cryptocurrency that is greater anonymity and security with the use of cryptography.
Cryptocurrency is more secure alternative to traditional currency. Because of cryptographic protocols, it isn't able to be counterfeited or devalued.

Also, cryptocurrency accounts are not allowed to be "into red" as it doesn't actually have an account deficit.

With a decent level of trust, cryptocurrency allows for almost instantaneous transactions between different parties on Earth.

What is the difference between cryptocurrency and stocks and how does it differ from stocks?
Cryptocurrency is distinct from stocks in the sense that it's an electronic currency that uses cryptography to ensure transactions.

There is no central banking system or authority. The cryptocurrency market is a place for investing and trading.

The stock market is the place where brokers and dealers trade stocks. Stocks are ownership stakes in businesses and are sold for profit or traded at a profit depending on the company's performance.

Stock prices fluctuate each day because of supply and demand and overall economic health. the perception of value by investors, and potential for gains through company expansion, etc.

However, the price of cryptocurrency fluctuates less than 1-2% per day.

Why is cryptocurrency in such demand?
Cryptocurrency is rapidly gaining popularity in our modern society. The people who buy cryptocurrency are buying it for the numerous benefits it offers. The subject of cryptocurrency has been in circulation for many years, but more recently cryptocurrency has been arousing excitement, which has led to more purchases of cryptocurrency than ever before.

Cryptocurrency lets people have total control over their money , instead of relying on banks and financial institutions. It's also completely decentralized. That means it is not controlled by any individual company, group, or individual. It's the ability to control your finances which draws a lot of people, including me.

Why is Sweden opposed to Bitcoin mining being outlawed by the EU
Despite its popularity the EU legislative body is currently examining new legislation which would ban energy-intensive crypto mining from being used in any EU country.

Due to cryptocurrency miners making use of electric power in Sweden for personal gain Legislation has been proposed. It has become a popular method of mining cryptocurrency in recent years.

Bitcoin was created initially using computers with conventional processing units. However, it soon was apparent that it was slow. Most cryptocurrency today comes from large mining companies. The Swedes are concerned about the huge electricity consumption of these pools.

In an open letter sent to the EU, Bitcoin mining in Sweden is now consuming 1 TeraWatt per hour annually. The writers include Bjorn Riser, director of Sweden's Environmental Protection Agency, Erik Thedeen director of Sweden's Financial Supervisor Authority.

This amount of electricity would be enough to provide electricity to 200,000 homes. Bjorn Risinger Erik Thedeen and others affirm that cryptocurrency mining uses more and more Sweden's renewable energy sources.

"If we were to permit an extensive mining of crypto-assets in Sweden There is a possibility that the amount of renewable energy available to us won't be sufficient to cover the required climate change that we have to undertake," the two Swedes wrote in their letter to the EU.

Erik Thedeen & Bjorn Risinger are two terms that refer to Sweden's climate obligations in accordance with the 2015 Paris Agreement.

Coexistence of the climate and crypto
Although cryptocurrency is more frequently discussed and debated than ever before , it is still controversial as you'll listen to.

It's an absolute pleasure to metoo to be able to envision the endless possibilities that cryptocurrency has. It's going to be around for a while, and it's going to remain in the news for a long time.

As of now, I'm hopeful we'll be able to discover a way to ensure that the climate and cryptocurrency can coexist.


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