Notes

Arif Efendi - Why Cryptocurrency is Here to Stay
Arif Efendi is a businessman from London who writes in this opinion piece about his views on cryptocurrency and Sweden's demand to the EU to ban Bitcoin mining.
Arif Efendi, a Swedish businessman, shares his views on cryptocurrency.
Arif Elfendi businessman from Pakistan claims that cryptocurrency has become controversial in recent months. In the aftermath, Sweden called on the EU to stop bitcoin mining, a development that has expanded globally.
However, he believes that cybercash isn't the only thing with positive qualities to provide.

What is the hype about Cryptocurrency?
Although cryptocurrency has been around for more than a decade but the term has only become a household word in the last few years.

Recent headlines have focused on cryptocurrencies. Recently, they have become the topic of conversation because Sweden is asking the European Union to ban Bitcoin mining.

What's the issue with cryptocurrency?

These are the common questions I encounter after many years of research and investing. Let's get together to look into cryptocurrency.

What exactly is cryptocurrency?
The most straightforward definition of cryptocurrency is digital currency. It is not a physical currency. Arif Efendi All money is in the form of data.

In addition, cryptocurrencies are a type of digital currency designed to be used on peer-to-peer networks devoid of central authority. Arif Efendi The most widely known cryptocurrency is Bitcoin.

Bitcoins and other types of cybercash are decentralized because they don't have a central bank.

The decentralized control is tied to a different characteristic of cryptography: enhanced anonymity and security because of cryptography.
There are many advantages to cryptocurrency over traditional currencies. Due to cryptographic protocols it isn't able to be counterfeited and debased.

Additionally Cryptocurrency accounts are not allowed to be "in red" since there isn't an balance on the account where a deficit can be incurred.

In addition, cryptocurrency allows fast transactions between different parties from all over the world with some degree of confidence.

What's the difference between stocks and cryptocurrency?
The cryptocurrency differs from stocks in that it is a type digital currency that utilizes encryption to protect transactions.

They can be utilized as an uncentralized currency. They are not dependent on any central banking system. The market for cryptocurrency is principally about cryptocurrency trading and investing.

Dealers and stock brokers sell stocks on the market. Stocks represent ownership interests of a company. They can be sold or traded for a profit depending on its performance.

Arif Efendi Stock prices change every day due supply and demand as well as the overall health of an economy, investor perceptions of value, the possibility of growth of a company, and many other factors.

However, the price of cryptocurrency fluctuates between 1-2% each day.

What is the reason why cryptocurrency is so popular?
Nowadays, the world is rapidly adopting cryptocurrency. Arif Efendi Many people are purchasing cryptocurrency due to its numerous benefits. While cryptocurrency has been around for a long time but it is only recently becoming popularized, resulting in greater cryptocurrency transactions than before.

The cryptocurrency gives users complete control over their money instead of having to rely on financial institutions like banks and other. It's also decentralized, meaning that no one, group or company has it. It is the ability to manage your money that draws many people including me.

What's the reason Sweden would like to see the EU prohibit Bitcoin mining?
Despite the growing popularity of mining cryptocurrency, EU legislators are currently looking at new legislation to stop energy-intensive cryptocurrency mining any country within the bloc.

This legislation is being made due to the fact that cryptocurrency miners were using electricity to benefit themselves in Sweden. This is a very popular method of mining cryptocurrency in recent times.

Bitcoin was first mined using ordinary processing machines. However it was found to be too slow when it first came out. Today, cryptocurrency is produced by large mining pools. These mining pools use huge amounts of power, something that concerns the Swedes.

According to the authors 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

This is enough electricity for 200 households. Arif Efendi Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners consume more and more of Sweden’s renewable energy.

"If we allow extensive mining crypto-assets to Sweden, there is the possibility that the renewable energy available to us won't suffice to meet our needs for transition to a more sustainable climate," wrote the Swedes in a letter to EU.

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

The cryptocurrency and the climate can coexist
Although cryptocurrency is now more popular and talked about than ever before in the media however, it's still a subject of controversy.

Personally, I am a huge fan of cryptocurrency and its endless opportunities. I am sure it is here to stay and that it will create a lot more news stories in the near future.

In the meantime I hope that we can come up with a solution that allows cryptocurrency and the environment to coexist.


Homepage: https://farangmart.co.th/author/arif-efendiapcf281/