Notes

Arif Efendi - Why Cryptocurrency is Going to Be Around for the Long Term
Arif Emendi from London, a businessman, is the author of this opinion piece on cryptocurrency.
Businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to prohibit Bitcoin mining.
Arif Elfendi businessman from Pakistan claims that cryptocurrency has become controversial in recent years. According to Arif Elfendi cryptocurrency has been featured in the news recently.
However, he claims that cybercash still offers many benefits.

What's the fuss about Cryptocurrency?
Although cryptocurrency has been around for more than a decade, it's only recently that the term has become a household name.

Cryptocurrencies often make the front of news stories. https://myclc.clcillinois.edu/web/mycampus/home?p_p_id=19&p_p_lifecycle=1&p_p_state=normal&p_p_mode=view&p_p_col_id=column-1&p_p_col_pos=1&p_p_col_count=2&_19_struts_action=%2Fmessage_boards%2Fedit_message Recently, they received attention due to Sweden plans to ban mining Bitcoin in the European Union (EU).

What is all this about and what exactly is cryptocurrency actually?

These are common questions that I encounter after many years of investing and research. Let's discuss it and learn more about the world of crypto.

Arif Efendi What is cryptocurrency?
In its simplest sense, cryptocurrency can be described as digital money. There are no paper bills or physical coins that are backed by cryptocurrency. The only method to earn money is through data.

The cryptocurrency is a digital currency that can be used in peer-to-peer network without central authority. Bitcoin is by far the most well-known cryptocurrency.

Bitcoins and various other kinds of cybercash, contain elements that allow for decentralization. They function without the interference of central bank or administrator.

Another characteristic of cryptocurrency is its decentralized controlthat provides increased security and privacy since it utilizes cryptography.
There are numerous advantages of cryptocurrency over traditional currency. Because of cryptographic protocols, cryptocurrency can't be counterfeited or devalued.

In addition, cryptocurrency accounts cannot fall "into the red" since it doesn't carry an account balance which could result in deficit.

Finally, crypto allows for fast transactions between people anywhere in the world with a moderate level of trust.

What is the difference between crypto and stocks?
Cryptocurrency is different from stocks due to the fact that it utilizes cryptography to secure transactions.

There is no central banking system. The market for cryptocurrency is principally about cryptocurrency trading and investing.

The stock market allows brokers and dealers to trade stocks. Stocks represent ownership stake in a company therefore it is able to be traded or sold for an profit depending on the results of the business.

The price of stocks fluctuates based on the demand and supply, general economy health, perceived value by investors, company growth potential, etc.

However, cryptocurrency prices typically are not more than 1-2% per day.

What is the reason why cryptocurrency is so popular?
Today's society is quickly embracing cryptocurrency. The benefits of cryptocurrency are why people are investing in it. Although information about cryptocurrency has been known for many years however, it is now being popularized, resulting in greater cryptocurrency transactions than before.

It is a method for people to control their money, instead of having to rely on banks and other financial institutions. It's also decentralized, which means that no individual, group or company is able to use access to it. Being the sole owner of your money is what attracts many people, including myself to cryptocurrency.

Why is Sweden so determined to have Bitcoin mining banned by the EU?
http://ezproxy.cityu.edu.hk/login?url=http://www.ispir.gov.tr/kadizade-mehmed-arif-efendi Despite its popularity in the EU lawmakers are currently studying new legislation that will stop energy-intensive cryptocurrency mining from being performed in any country in the Union.

Because cryptocurrency miners have been using electricity sources in Sweden to their advantage and benefit, legislation is now being introduced. Arif Efendi It is a well-known method of mining cryptocurrency in the last few years.

Bitcoin was first created using computers with conventional processing units. But, it soon became evident that it was slow. https://500px.com/p/sanderlfzjoensen Today, cryptocurrency is generated by large mining pools. They consume massive amounts, which is why it's a problem for the Swedes.

According to the writers of an open letter to the EU, Bitcoin mining in Sweden currently consumes 1 TeraWatt each year. http://star-ton.com/user/Arif.Efendicggq956/ The names of the authors are Bjorn Raisinger, Director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority

This amount of electricity is enough to supply power to 200,000 homes. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining is consuming more of Sweden's renewable energy.

"If we allow extensive mining crypto-assets into Sweden and the EU, we run the possibility that the renewable energy that we have will not be sufficient to cover our climate change," wrote the Swedes in a letter addressed to the EU.

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

Coexistence of the climate with crypto
Although cryptocurrency is being more popular and talked about than ever before, it is still controversial.

I am a big fan of cryptocurrency and the many opportunities it offers. It'll be a major news story in the future I'm certain.

I am hopeful that we can find a way to allow the cryptocurrency and climate to coexist for a while.


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