Notes

Arif Efendi Why Cryptocurrency is Here to Stay

Arif Efendi A businessman from London is quoted in an op-ed about his views on cryptocurrency and Sweden's demand for the EU to ban 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. According to Arif Elfendi, cryptocurrency has been in the news recently.
https://www.universityherald.com/articles/77770/20211110/arif-efendi-donates-200-000-to-the-norwich-university-that-helped-shape-his-life.htm claims, however, that cybercash has many advantages.

What's the fuss about Cryptocurrency.
While cryptocurrency has been around more than a decade now but it's only just become a household term.

The news lately has been about crypto and the cryptocurrency was recently the talk of the town due to Sweden's desire for the European Union (EU), to stop mining Bitcoins.

What is cryptocurrency, and what are all these terms?

After years of study and investing, these are questions I often meet. Let's dig in together and discover the world of cryptocurrency.

What exactly is cryptocurrency?
It is basically a digital currency. It is a digital form of money. There are no physical coins or notes. https://books.google.com/books?id=xri9e8h7zIUC&pg=PA134&lpg=PA134&dq=arif+efendi&source=bl&ots=qjBVN2q8dW&sig=ACfU3U3lhfC5GN7OXvc8s3vO5c910rLguA&sa=X&ved=2ahUKEwil37-E2e32AhVqxzgGHWVUDYs4FBDoAXoECBMQAw is the sole form of currency.

A cryptocurrency is a form of digital currency which is used on peer to peer networks without the necessity of a central authority. Bitcoin is by far the most well-known cryptocurrency.

https://www.instagram.com/arifefendi80/ and other types of cybercash have elements of decentralization because they do not have a central bank or single administrator.

Decentralized control is a reference to another characteristic of cryptocurrency, namely an increase in security and security through its use of cryptography.
Cryptocurrency offers many benefits in comparison to traditional currencies. For instance, it is unable to be counterfeited or debased because of the cryptographic protocols that support the existence of cryptocurrency.

Additionally, cryptocurrency accounts can't be "in the red" because they do not have a balance in the account.

Additionally, crypto permits quick transactions between any person on the planet with a reasonable degree trust.

What is the difference between cryptocurrency and stocks?
Cryptocurrency is different from stock in the sense that it is a form of digital currency that makes use of cryptography to ensure transactions.

The cryptocurrency market does not have a central bank system. The cryptocurrency market is principally about investing in and trading with cryptocurrency.

The stock market is where brokers and dealers deal in stocks. A stock represents an ownership stake in a business therefore it is able to be traded or sold at profits based on the performance of the business.

Prices for stocks fluctuate daily because of demand and supply and the overall economic health, perceived value by investors, potential for gains through company growth, etc.

The cryptocurrency price fluctuates less than 1% per day.

What is the reason why cryptocurrency is so popular?
It is rapidly growing in popularity in today's society. The people who buy cryptocurrency are buying it for the many benefits it provides. Although information on cryptocurrency has been available for many years, the cryptocurrency market is now gaining more recognition.

The cryptocurrency gives users the ability to control their money in full instead of relying on banks or other financial institutions. It is also distributed, meaning that it is a possibility for anyone, any group or company. A lot of people like me are attracted to cryptocurrency for the capability to control their own money.

Why is it that Sweden would like to see the EU prohibit Bitcoin mining?
Despite the growing popularity of mining with cryptocurrency, EU legislators are currently considering new legislation to ban cryptocurrency mining that is energy-intensive in any country within the bloc.

Due to cryptocurrency miners making use of electric power in Sweden for their own gain The legislation is being considered. In recent years, it has been very well-known for mining cryptocurrency.

Bitcoin was initially mined with ordinary processing machines. However it was found to be too slow when it first came out. The majority of cryptocurrency now is derived from mining pools that are large in size. They consume huge amounts of electricity which is a concern for the Swedes.

According to an open letter addressed to the EU, Bitcoin mining in Sweden is currently consuming 1 TeraWatt/hour annually. The people who wrote this open letter to EU include Bjorn risinger, director of the Swedish Environmental Protection Agency and Erik Thedeen. They also direct the Swedish Financial Supervisor Authority.

This is about the same amount of electricity needed for 200,000 homes to have electricity. Bjorn Risinger Erik Thedeen and others affirm that cryptocurrency mining is a good use of more and more Sweden's renewable energy.

"If we allow extensive mining of crypto-assets in Sweden, there's a risk that the renewable energy we have sources will not be sufficient to cover the climate change we have to make," said the Swedes in their letter to EU.

Erik Thedeen & Bjorn Risinger are two terms used to are used to refer to Sweden's climate commitments as per the 2015 Paris Agreement.

Coexistence of the climate and crypto
While cryptocurrency is now more discussed and talked about than ever, it remains controversial.

It is a joy to myself, too, to be able to envision the endless possibilities that crypto has. I'm sure that it's here to stay and that it will make more headlines in the coming years.

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


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