Notes

Arif Efendi: Why Cryptocurrency is Going to Be Around for the Long Term

Arif Emendi is a businessman from London, and contributes to this Op-Ed. Emendi shares his views about cryptocurrency and Sweden's call to have the EU ban Bitcoin mining.
The businessman Arif Efendi shares his view about cryptocurrency and Sweden's plans to prohibit Bitcoin mining.
Arif Efendi , a businessman, has said cryptocurrency is featured in the news recently. According to Arif Efendi , cryptocurrency has come under fire in recent years.
He claims, however, that cybercash has many positive attributes.

What is the hype about Cryptocurrency?
While cryptocurrency has been around more than a decade now, it has only recently been made a common phrase.

Bitcoins have been featured in numerous news reports and were recently the topic of conversation due to the fact that Sweden wants to ban the European Union (EU) to ban the mining of Bitcoins.

What's the matter with cryptocurrency?

After years of study and investing, these are questions I often meet. Let's get to it together and explore the world of crypto.

What is cryptocurrency?
The cryptocurrency is essentially digital money. It doesn't require physical coins or notes for using cryptocurrency. The currency is only in the form of data.

A cryptocurrency is a type of digital currency that is utilized on peer-to-peer networks, without the need for central authority. The most well-known cryptocurrency is Bitcoin.

Bitcoins and other forms of cybercash are not centralized since they don't have a central banking institution.

Another characteristic of cryptocurrency is its decentralized control, which is enhanced security and security due to the use of cryptography.
There are many advantages to cryptocurrency over conventional currency. The cryptographic protocols supporting the existence of cryptocurrency ensure that it cannot be debased or counterfeited.

Additionally, cryptocurrency accounts can't be "in the red", as they do not have a balance on their accounts.

Finally, cryptocurrency allows for instant transactions between parties anywhere on Earth with a fair level of trust.

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

They are completely decentralized. That means they do not have an official central bank system or authority to control their use. The market for cryptocurrency typically involves trading and investing in cryptocurrencies.

Stock market is an exchange where dealers and brokers exchange stocks. Stocks are an ownership interest within the company. It is traded for profit or exchanged for cash , based on the performance of the business.

The price of stocks fluctuates based on supply and need, economic health, perceptions of value by investors, the potential for growth of the company and many more factors.

But, cryptocurrency prices fluctuate less than 1-2% each day.

Why is cryptocurrency so popular
The modern society is rapidly embracing cryptocurrency. The people who buy cryptocurrency are doing so due to the benefits it provides. Although information about cryptocurrency has been available for a long time, the recent interest in the subject has led to an increase in the number of cryptocurrency transactions.

The use of cryptocurrency is to allow individuals to manage their money instead of relying on banks and other financial institutions. It is also distributed, which means it is a possibility for anyone, every group, or even a company. Many people are drawn to cryptocurrency because they can control their money.

Why is Sweden so determined to have Bitcoin mining outlawed by the EU?
Despite its popularity EU lawmakers are currently examining new legislation that will prohibit the use of energy-intensive cryptocurrency mining carried out in countries across the union.

This law was introduced because cryptocurrency miners are using the power supply in Sweden to their advantage. Recently it has become extremely popular for cryptocurrency mining.

When Bitcoin was first introduced in the early 2000s, it was mined on computers with normal processing units however, it quickly was discovered that the method was way too slow. Therefore, cryptocurrency is now produced by large mining pools. These mining pools use huge amounts of energy and this is a reason that worries the Swedes.

Open letter to the EU: Bitcoin mining in Sweden consumes 1 TeraWatt every year, according the authors. The names of the individuals who have written the open letter include Bjorn Raisinger, Director for the Swedish Environmental Protection Agency, Erik Thedeen and Erik Thedeen from the Swedish Financial Supervisory Authority.

This amount of electricity can power up to the homes of 200,000 people. Bjorn Risinger and Erik Thedeen claim that cryptocurrency miners make use of more of Sweden’s renewable energy.

In https://techbullion.com/arif-efendi-discusses-how-to-get-started-with-cryptocurrency-in-2022/ to the EU in a letter to the EU, the Swedes stated that allowing extensive mining of crypto-assets in Sweden could lead to insufficient renewable energy to cover the required climate change.

Erik Thedeen, Bjorn Risinger Bjorn Risinger, and Erik Thedeen are both referring to Sweden's climate obligations in the 2015 Paris Agreement.

The cryptocurrency and the climate coexist
Although cryptocurrency is now more talked about and widely discussed than ever before, it's still a source of controversy as you can hear.

Personally, I am a huge fan of cryptocurrency and its many opportunities. It is going to be around for a while, and it's going to remain in the news for a long time.

I do hope that, in the between. we will come up with a solution to climate and cryptocurrency coexistence.


Homepage: https://techbullion.com/arif-efendi-discusses-how-to-get-started-with-cryptocurrency-in-2022/