Notes

Arif Elfendi: Why Cryptocurrency is Here to remain

Arif Efendi is a businessman from London who writes in this opinion piece about his thoughts on cryptocurrency as well as Sweden's demand for the EU to prohibit Bitcoin mining.
Arif Efendi is a businessman who has a strong opinion about cryptocurrency.
Arif Efendi is a businessman who says cryptocurrency has come under scrutiny in recent years. According to Arif Elfendi, cryptocurrency has been in the news lately.
However, he asserts that cybercash still holds many positive aspects.

What's all the buzz about? Cryptocurrency.
While cryptocurrency has been around for more than a ten year period, it's only in the last few years that the term is a household name.

Cryptocurrencies have often made headlines and were recently the hot topic due to the fact that Sweden would like the European Union (EU) to ban the mining of Bitcoins.

What's the issue with cryptocurrency?

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

What is cryptocurrency?
In its simplest sense it can be described as digital money. The cryptocurrency is not an actual currency. Data is the only type of currency.

Additionally, cryptocurrencies can be described as digital currencies that are designed to be used on peer-to-peer networks that do not have a central authority. Bitcoin is among the most well-known cryptocurrency.

Bitcoins and cybercash also have elements decentralization as they work without a central banking system or a single administrator.

Another characteristic of cryptocurrency is its decentralised control, which enhances security and anonymity because it uses cryptography.
There are numerous benefits to cryptocurrency over traditional currencies. Because of cryptographic protocols it isn't able to be counterfeited or debased.

Also, cryptocurrency accounts are not allowed to be "into red" because they don't have a deficit in the account.

Finally, cryptocurrency allows for instantaneous transactions between various parties from all over Earth with a certain amount of confidence.

What is the difference between stocks and cryptocurrency?
Cryptocurrency has a distinct difference from stocks . It is a kind of digital currency that makes use of cryptography to safeguard transactions.

The cryptocurrency market is not governed by a central bank or authority. The market for cryptocurrency typically includes investing and trading in cryptocurrency.

Stock traders and brokers trade stocks through the stock exchange. https://www.amazon.com/Bir-Defterin-Isiginda-Selanikli-1852-1941/dp/6052380497 are ownership stakes in businesses and are traded for profit or resold for profit, based on the company's performance.

Stock prices fluctuate each day due to demand and supply, overall economy health, perceived value for investors and the possibility of gains from company expansion, etc.

However, cryptocurrency prices rarely vary by more than 1-2% per day.

Why is cryptocurrency so in demand?
The popularity of cryptocurrency is growing in our modern society. The people who buy cryptocurrency are buying it for the numerous benefits it offers. While information on cryptocurrency is available for a long time, the recent interest in the topic has resulted in an increase in purchase of cryptocurrency.

Cryptocurrency gives people total control over their money instead of having to rely on financial institutions like banks and other. It's also decentralized because there is no single person, business, or organization has the right to control it. Many people are drawn to cryptocurrency because they have the ability to manage their money.

What is it that makes Sweden so determined to see Bitcoin mining be banned by the EU?
Despite its ubiquity, cryptocurrency mining is not being taken into consideration as a viable option EU legislators. They are currently contemplating new laws to stop the use of energy-intensive cryptocurrency mining carried out across the EU.

The legislation is proposed because cryptocurrency miners are draining the power supply in Sweden for their own gain. It's been a well-known method of mining cryptocurrency in recent years.

Bitcoin was initially mined using ordinary processing units. However it was found to be too slow when it first came out. Today, cryptocurrency is produced by big mining pools. The Swedes are concerned about the huge electricity consumption of these mining pools.

A letter addressed to EU authors claims that Bitcoin mining in Sweden now consumes 1 TeraWatt per hour each year. The names of the writers are Bjorn Risinger director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

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

"If we allow widespread mining of crypto-assets in Sweden, there is the possibility that the renewable energy we can access will not be enough to meet our needs for climate change," wrote the Swedes in a letter to EU.

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

The cryptocurrency and the climate coexist
While cryptocurrency is more widely discussed and debated than ever before, it's still controversial.

It gives me great joy and offers so many opportunities. I believe it will exist for quite some time, and will be the subject of a lot of headlines in the future.

In the meantime, I hope we can find a way to allow the cryptocurrency and the climate to coexist.


My Website: https://www.amazon.com/Bir-Defterin-Isiginda-Selanikli-1852-1941/dp/6052380497