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Arif Efendi, why Cryptocurrency Is Here to Stay
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 businessman shares his view about cryptocurrency and Sweden's plans to ban Bitcoin mining.
Arif Efendi a businessman says that cryptocurrency has come under scrutiny over the last few years. According to Arif Elfendi cryptocurrency has been in the news lately.
But, he says that cybercash is still full of positive things to offer.

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

The news lately has been about cryptocurrency and they were recently the talk of the town because of Sweden's wish for the European Union (EU), to prohibit mining of Bitcoins.

What's the deal with cryptocurrency?

These are common questions that I get asked after years of investment and research. Let's explore it together and discover the world of cryptocurrency.

What is cryptocurrency?
In its simplest sense, cryptocurrency can be described as digital money. You don't need physical coins or notes to use cryptocurrency. The only money exists in the form of data.

Furthermore, cryptocurrencies can be defined as digital currency that are designed to be used on peer-to-peer networks, without any central authority. Bitcoin is by far the most popular cryptocurrency.

Bitcoins as well as other forms of cybercash have elements of decentralization because they are not governed by the central bank or administrator.

Decentralized control refers to another characteristic of cryptocurrency, which is increased security and anonymity through its use of cryptography.
There are many benefits to cryptocurrency over traditional currencies. It isn't easy to counterfeit or devalued due to the cryptographic protocols that guarantee its existence.

In addition, cryptocurrency accounts cannot go "into the red" since it doesn't carry an account balance that could result in an imbalance.

In addition, cryptocurrency allows fast transactions with different parties from any part of the world with some degree of trust.

Arif Efendi What's the difference between cryptocurrency and stocks?
Cryptocurrency is different from stocks because it uses cryptography to secure transactions.

Cryptocurrencies can be used as a decentralized currency. They are not tied to any central bank system. The market for cryptocurrency is principally focused on investing and trading in cryptocurrency.

Arif Efendi The stock market acts as an exchange on which dealers and brokers exchange stocks. Stock is an ownership stake within the company. It is traded at a profit , or exchanged for cash , based on the performance of the company.

Prices for stocks fluctuate daily due supply and demand and the general health of the economy, the perception of investors of value, the possibility of expansion of the company and many other variables.

However, the prices of cryptocurrency do not fluctuate by more than 1 percent per day.

Why is cryptocurrency so hot?
The cryptocurrency market is currently increasing in its popularity. Because of its benefits many people are now buying cryptocurrency. Arif Efendi While cryptocurrency information has been available for many years, it is now receiving more recognition.

Cryptocurrency is a way for people to manage their money, rather than being dependent on banks or other financial institutions. It's also decentralized, meaning that no one, group or company is able to use the power to control it. It is the ability to manage your money that draws many people including myself.

What's the reason Sweden wish for the EU to prohibit Bitcoin mining?
Despite its widespread popularity, EU legislators are currently considering new laws that would prohibit energy-intensive cryptocurrency mining from being used in any country in the union.

This legislation was proposed due to the fact that cryptocurrency miners use the power grid in Sweden to their advantage. This is a very popular method to mine cryptocurrency in recent times.

Arif Efendi Bitcoin was initially mined using conventional processing units. However it was found to be slow when it was first introduced. Bitcoin is now produced through large mining companies. These pools consume huge amounts, which is why it concerns the Swedes.

A letter addressed to EU authors states that Bitcoin mining in Sweden currently consumes 1 TeraWatt per hour each year. The names include Bjorn Risinger, Director of the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority.

This is the equivalent to the amount of electricity required to supply 200,000 homes with power. Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners consume more and more of Sweden’s renewable energy.

"If we allowed extensive mining in Sweden of crypto-assets, there's an opportunity that the renewable energy available is not enough to meet the demands of the climate change that we need to complete," wrote the Swedes in their letter to EU.

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

The cryptocurrency and the climate coexist
Although cryptocurrency is becoming more popular and talked about than ever, it remains controversial.

I am a huge fan of cryptocurrency and all the opportunities it provides. I'm sure that it's here to stay and that it will make more headlines in the coming years.

Arif Efendi In the meantime, I'm optimistic we can find a way that the climate and cryptocurrency can coexist.

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