Notes

Arif Efendi - Why Cryptocurrency is Going to Be Around for the Long Term
Arif Efendi is a London-based businessman who has a strong opinion on cryptocurrency as well as Sweden's demand for the EU to prohibit Bitcoin mining.
Arif Efendi, a Swedish businessman, shares his thoughts on cryptocurrency.
Arif Efendi is a businessman who claims that cryptocurrency has been featured in the news lately. According to Arif Emendi cryptocurrency has been scrutinized in recent years.
But he says that cybercash still has a lot of positive aspects to offer.

What's all the buzz about Cryptocurrency.
While the term "cryptocurrency" which has been in use since around a decade back, it has only gained prominence in the last few years.

Recent news stories have been focused on cryptocurrency. In recent times, they were the focus of discussion due to Sweden has asked for the European Union to ban Bitcoin mining.

What exactly is cryptocurrency and what does it mean?

These are the types of questions I frequently encounter following years of investing and research. Let's all get together and get into the world of cryptocurrency.

What exactly is cryptocurrency?
Digital money is cryptocurrency in its most basic form. It doesn't require physical coins or notes to use cryptocurrency. The currency is only in the form of data.

A cryptocurrency is a type of digital currency that is specifically designed to be used on peer to peer networks, without any central authority. Bitcoin is by far the most well-known cryptocurrency.

Bitcoins and other cybercash types are decentralized because they are independent of a central bank or administrator.

The decentralized control can be linked to another characteristic of cryptocurrency greater security and anonymity due to cryptography.
The advantages of cryptocurrency are greater than traditional currencies. Cryptocurrency is not easily counterfeited or devalued because of the protocols for cryptography that ensure its existence.

Additionally, cryptocurrency accounts do not have the ability to go "in the red" since it does not have a real balance that could cause a deficit. could be created.

Additionally, cryptocurrency permits near-instantaneous transactions between different parties anywhere on Earth with a reasonable degree of trust.

What is the difference between stocks and cryptocurrency?
Cryptocurrency is more than stocks since it is a type of digital currency that uses cryptography for transactions.

They are completely decentralized. This means that they don't have any central bank or authorities to manage the market. The cryptocurrency market typically involves investing in and trading with cryptocurrency.

Stock brokers and dealers deal in stocks on the stock market. Stocks are the ownership stakes in firms and may be traded to earn profit or sold at a profit depending upon the business's performance.

The price of stocks fluctuates daily due to supply and demand, overall economic health as well as the value that investors perceive potential gains from the growth of a company, etc.

But, prices for cryptocurrency rarely fluctuate by more than 1 percent per day.

What is the reason why cryptocurrency is so popular?
Cryptocurrency is rapidly growing in popularity in the present. The people who buy cryptocurrency are doing so because of the many advantages it can bring. While information about cryptocurrency has been around for years in the past, there's been an unexpected increase in interest in cryptocurrency.

Cryptocurrency gives people complete control over their money. It is not dependent on banks or financial institutions. It's also distributed, which means that any group, company or individual is able to control it. This is one of the reasons that draw many individuals to cryptocurrency, including me.

What is the reason why Sweden wish for the EU to prohibit Bitcoin mining?
Despite its popularity in the EU legislators are looking at new legislation to stop energy-intensive cryptocurrency mining from being carried out in all countries of the Union.

The legislation is being proposed due to cryptocurrency miners draining the power supply in Sweden for their own gain. It is a well-known method of mining cryptocurrency in recent years.

Bitcoin was initially created with computers equipped with standard processing units. But, it soon became evident that it was too slow. Thus, today, cryptocurrency is produced by huge mining pools. These pools consume huge quantities of electricity which is why this issue is a problem for the Swedes.

According to the writers of an open letter to the EU, Bitcoin mining in Sweden is now consuming 1 TeraWatt each year. The names of the people who wrote the letter are Bjorn Risinger, director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

It is enough power for the power of 200,000 homes. Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners use increasing amounts of Sweden's renewable energy.

"If we permit extensive mining crypto-assets into Sweden and the EU, we run the risk that the renewable power available to us won't be enough to support our climate change," wrote the Swedes in a letter to EU.

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

The environment and cryptocurrency could coexist
While cryptocurrency is becoming more well-known and discussed than it has ever been, it's still in the middle of controversy, as you can hear.

I believe that cryptocurrency is an incredible opportunity with endless possibilities. It's here for a long time, and I believe it will make a lot of headlines in the near future.

I'm hopeful that we can come up with a way to allow the cryptocurrency and the climate to coexist in the interim.


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