Notes

Arif Efendi The Reasons Cryptocurrency is Here to Stay

Arif Efendi is a businessman from London who is quoted in an op-ed about his view on cryptocurrency and Sweden's demand to the EU to stop Bitcoin mining.
The businessman Arif Efendi shares his view on cryptocurrency and Sweden's proposal to ban Bitcoin mining.
Arif Efendi , a businessman, said that bitcoin mining has come attacked in recent times. According to Arif Efendi an entrepreneur, cryptocurrency has been criticized in recent times. A development that has grown globally, bitcoin mining was banned by the EU.
He also claims that cybercash has a lot of positive qualities to provide.

What's all the fuss about Cryptocurrency.
Although cryptocurrency is known for its existence for over 10 years, it's only recently that it has become a household phrase.

Cryptocurrencies have often made headlines and in recent times, they were the topic of conversation due to the fact that Sweden would like to ban the European Union (EU) to ban the mining of Bitcoins.

What's the big deal and what is cryptocurrency actually?

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

What is cryptocurrency?
The simplest definition of cryptocurrency is digital currency. There are no physical coins or paper bills using cryptocurrency. The only money is data.

A cryptocurrency is a kind of digital currency which can be utilized on peer-to-peer networks, without the need for central authority. Bitcoin is by far the most well-known cryptocurrency.

Bitcoins and other cybercash types contain elements of decentralization since they are independent of a central bank or administrator.

The decentralized control is connected to another characteristic of cryptocurrency which is increased security and anonymity through the usage of cryptography.
The benefits of crypto over conventional currencies are numerous. Cryptocurrency is not easily counterfeited or debased because of the protocols for cryptography that ensure its existence.

Furthermore the cryptocurrency accounts aren't allowed to be "into red" since they don't have a balance in the account.

With a fair amount of trust, cryptocurrency lets for fast transactions between various parties on Earth.

How does cryptocurrency differ from stocks?
Cryptocurrency is distinct from stocks in the sense that it's an electronic currency that utilizes cryptography to ensure transactions.

Cryptocurrencies have no central authority or bank. The market for cryptocurrency typically involves investing in and trading with cryptocurrency.

Stock market: This is the place where dealers and brokers deal in stocks. A stock is an ownership interest within the company. It can be traded for profit or exchanged for cash , based on the performance of the business.

Stock prices fluctuate daily in response to demand and supply, economic health, perceived worth of investors, as well as the possibility of profit from growth in a company.

The cryptocurrency price fluctuates less than 1percent per day.

Why is cryptocurrency so popular
The demand for cryptocurrency in the present day is increasing rapidly. Many people are buying cryptocurrency due to the benefits it offers. Although information on cryptocurrency has been available for many years, cryptocurrency is gaining more interest.

Cryptocurrency offers people total control over their finances. It's not dependent on banks or other financial institutions. It's also decentralized, which means that no single person or group, corporation or other entity is the owner. It is the freedom to manage your money that draws many people including myself.

What is the motivation behind Sweden wants to prohibit Bitcoin mining in the EU?
Despite its ubiquity, cryptocurrency mining is not being considered as a viable option EU lawmakers. The EU is currently mulling new legislation that would prohibit the use of energy-intensive cryptocurrency mining employed throughout the EU.

Because cryptocurrency miners have used the electric power supply of Sweden to their benefit, legislation has been introduced. It's become a popular method of mining cryptocurrency in recent years.

Bitcoin was initially mined using ordinary processing machines. Then it was discovered that this process was slow. https://www.librakitap.com.tr/index.php?option=com_content&view=article&id=441&Itemid=105 is now produced by large mining pools. These pools use huge amounts electricity which is a concern for the Swedes.

In an open letter addressed to the EU, Bitcoin mining in Sweden is now using 1 TeraWatt/hour annually. The authors include Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisory Authority).

The amount of electricity produced can power up to 200 homes. Bjorn Riser and Erik Thedeen say that mining for cryptocurrency is consuming increasing amounts of Sweden's renewable energy.

"If we were to permit the mining of crypto assets in Sweden there is a possibility that the amount of renewable energy resources available to us won't be sufficient to support the necessary climate change that we have to achieve," the two Swedes addressed in their letter to the EU.

Bjorn Risinger and Erik Thedeen refer to Sweden's climate obligations according to the 2015 Paris Agreement.

The coexistence of climate change and cryptocurrency
Although cryptocurrency is much more widely discussed and debated than it has ever been however, it's still in the middle of debate.

It brings me great joy and provides a lot of opportunities. I believe it will exist for quite a while and will be the subject of a lot of headlines in the coming years.

https://www.alamy.com/stock-photo-hilye-bakkal-ahmed-arif-efendi-139964997.html hope that in the meantime we can discover a way to allow cryptocurrency and the climate to coexist.


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