Notes

Arif Elfendi: Why Cryptocurrency will Be Around to

Arif Efendi is a businessman from London who writes in this opinion piece about his views on cryptocurrency and Sweden's request for the EU to ban Bitcoin mining.
The businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to ban Bitcoin mining.
Arif Efendi , a businessman, said that bitcoin mining has come being targeted in recent years. According to Arif Emendi cryptocurrency has been criticized recently.
He also claims that cybercash still offers many benefits.

What is all the hype concerning Cryptocurrency?
While cryptocurrency has been around since the beginning of time however, it's only recently been made a common word.

The cryptocurrency market has often been the subject of headlines and recently became the talk of the town because Sweden wants to ban the European Union (EU) to prohibit mining Bitcoins.

What is cryptocurrency ? And what does it mean?

After years of study and investments, these are questions I often meet. Let us dig into it together and learn more about the realm of cryptocurrency.

What is cryptocurrency?
Digital money is cryptocurrency at its most basic. The cryptocurrency is not an actual currency. The only currency is 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, and other types cybercash, contain elements that permit decentralization. They operate without the interference of central bank or administrator.

Another characteristic of cryptocurrency is the decentralized control, which provides greater security and anonymity since it utilizes cryptography.
It is a safer option than traditional currency. The cryptographic protocols supporting cryptocurrency's existence ensure that it can't be devalued or counterfeited.

In addition, cryptocurrency accounts cannot fall "into the red" as cryptocurrency doesn't have an account balance that can create a deficit.

Additionally, crypto permits fast transactions between people anywhere on the planet with reasonable levels of confidence.

What is the difference between stocks and cryptocurrency?
The cryptocurrency is more than stocks as it is a type of digital currency that makes use of cryptography to conduct transactions.

They are decentralized, that is, they do not have a central banking system or authority to regulate them. The cryptocurrency market usually involves cryptocurrency trading and investing.

The stock market acts as an exchange on which dealers and brokers exchange stocks. A stock represents an ownership stake in a business so it can be traded or sold at a profit based on the results of the company.

The price of stocks fluctuates daily due to supply/demand, economic health, perceived value of investors, and the potential benefits from growth of companies.

But, prices for cryptocurrency rarely change more than 1-2 percent per day.

What is the reason why cryptocurrency is so popular?
The modern society is rapidly embracing cryptocurrency. Due to the numerous benefits that it offers, cryptocurrency is becoming increasingly sought-after. Although information on cryptocurrency isn't new, it has become more prominent in recent years.

The cryptocurrency gives users total control over their finances. It's not tied to banks or other financial institution. It is also completely decentralized. This means they are not controlled by any single person or group of people, nor are they owned by any corporation. It's the ability to control your finances that draws many people like myself.

What is the reason why Sweden wish for the EU to prohibit Bitcoin mining?
Despite its popularity, EU legislators are currently considering new legislation that would bar the use of energy-intensive cryptocurrency mining implemented in all countries of the EU.

The legislation was drafted since cryptocurrency miners are using the electricity supply in Sweden to benefit. This has been a well-known method for mining cryptocurrency in recent time.

Bitcoin was first created using computers with conventional processing units. But, it soon became apparent that it was not fast enough. Consequently, cryptocurrency is now produced by huge mining pools. The Swedes are worried by the fact that these pools require huge amounts of electricity.

Open letter to EU authors asserts that Bitcoin mining in Sweden currently consumes 1 TeraWatt per hour each year. The people who wrote the letter include Bjorn Riser, director of Sweden's Environmental Protection Agency. Erik Thedeen director of the Swedish Financial Supervisor Authority.

This is the equivalent to the amount of electricity required for 200,000 homes to have electricity. Bjorn Riser and Erik Thedeen say that mining for cryptocurrency is consuming more and more Sweden’s renewable energy.

"If https://www.imdb.com/title/tt0254001/characters/nm0022342 allow extensive mining in Sweden of crypto-assets, there is an opportunity that the amount of renewable energy available will not be enough to meet the demands of the climate change that we need to undertake," the Swedes wrote in a letter to the EU.

Erik Thedeen (Bjorn Risinger) and Erik Thedeen (Erik Thedeen) refer to Sweden's climate commitment in the 2015 Paris Agreement.

The coexistence of climate and crypto
While cryptocurrency is more popular and discussed than it has ever been, it's still controversial as you can see.

It is a joy to metoo to be able to envision the endless possibilities that crypto has. It will remain an important media subject in the future I'm certain.

I am hopeful that we will find ways to allow cryptocurrency and climate to coexist in the interim.


Website: https://find-and-update.company-information.service.gov.uk/officers/Ey_lyqyWi7zYIDz6gqhtbb_89cc/appointments