Notes

Arif Elfendi The Reasons Why Cryptocurrency Will Stay
Arif Emendi, a London businessman, has contributed to this piece of opinion on cryptocurrency.
Arif Efendi Arif Efendi a businessman shares his view about cryptocurrency and Sweden's plans to ban Bitcoin mining.
According to businessman Arif Efendi cryptocurrency has come under attack over the past few years. According to Arif Elfendi, a businessman cryptocurrency has come under fire in recent times. A development that has seen Bitcoin grow in popularity across the world, mining was banned by the EU.
He claims, however, that cybercash still offers numerous positive benefits.

What's all the hype around Cryptocurrency?
While cryptocurrency has been around since the beginning of time, it has only recently become a household term.

Cryptocurrencies have often made headlines and in recent times, they were the talk of the town due to the fact that Sweden would like the European Union (EU) to prohibit mining Bitcoins.

Arif Efendi What is the point of all this? And what exactly is cryptocurrency?

These are the kinds of questions I am often faced with after years of investment and research. Let's all get together and dive into the world that is cryptocurrency.

What exactly is cryptocurrency?
In its most basic sense the definition of cryptocurrency is digital money. In the case of cryptocurrency, there aren't physical coins or paper notes. The only currency is the form data.

Additionally, they are forms of digital currencies developed for use on peer-to peer networks that are not controlled by a central authority. Bitcoin is by far the most popular cryptocurrency.

Bitcoins and various other types of cybercash are decentralized because they are not governed by an administrator or central bank.

Decentralized control refers to another characteristic of cryptocurrency, which is the greater security and privacy due to the use of cryptography.
The advantages of cryptocurrency are much greater than traditional currencies. Due to cryptographic protocols that guarantee the currency's existence it is not able to be counterfeited and cannot be debased.

Additionally, cryptocurrency accounts are not "in the red" since it does not have a real balance, from which a deficit could be created.

Additionally, cryptocurrency permits near-instantaneous transactions between different parties from all over Earth with a reasonable degree of trust.

What distinguishes cryptocurrency from stocks? How can it be utilized to boost their value?
Cryptocurrency is different from stocks because it employs cryptography to safeguard transactions.

There is no central banking system. The market for cryptocurrency typically involves cryptocurrency trading and investing.

The stock market is the place where brokers and dealers trade stocks. Stock is a symbol of ownership in the company and can be traded or purchased with a profit, based on its performance.

Prices for stocks fluctuate daily due to supply and demand and the general health of the economy and the perception of value by investors potential gains from business growth, etc.

But, prices for cryptocurrency rarely fluctuate more than 1-2 percent per day.

Why is cryptocurrency so hot?
The demand for cryptocurrency in the present day is growing rapidly. Many people are buying cryptocurrency because of the benefits it provides. While cryptocurrency information has been available for many years, the cryptocurrency market is now gaining more interest.

The cryptocurrency system allows users to take complete control over their money instead of relying on banks or financial institutions. Arif Efendi It's also decentralized which means that no individual entity, group, or person owns the power to control it. This is one of the reasons that draw many people to cryptocurrency, like me.

What's the motive behind why Sweden is seeking to ban Bitcoin mining within the EU?
Despite the growing popularity of cryptocurrency mining, EU lawmakers are currently examining new legislation that will stop energy-intensive cryptocurrency mining any country within the bloc.

This law was passed because cryptocurrency miners were utilizing electricity for their own benefit in Sweden. Arif Efendi The practice has become popular in cryptocurrency mining over the past years.

Bitcoin was initially created with computers that had standard processing units. However, it soon came to light that it was slow. Thus, Bitcoin is now generated through big mining pools. The Swedes are concerned by the fact that these pools require huge amounts of electricity.

Open letter to EU authors claims that Bitcoin mining in Sweden is now consuming 1 TeraWatt an hour annually. The writers include Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisory Authority).

This amount of electricity would be enough to power around 200,000 homes. https://books.google.com/books?id=xri9e8h7zIUC&pg=PA134&lpg=PA134&dq=arif+efendi&source=bl&ots=qjFVK8m3iQ&sig=ACfU3U158LXc1B_v7jfLnkOtDKg7nHV3Yg&sa=X Bjorn Riser and Erik Thedeen say that mining cryptocurrency consumes more energy in Sweden.

"If we were to permit an extensive mining of crypto-assets in Sweden, there is a risk that the amount of renewable energy resources available to us will be insufficient to cover the required climate transition that we need to undertake," the two Swedes addressed in their letter to the EU.

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

Coexistence between the climate and cryptocurrency
While cryptocurrency is now more popular and talked about than it ever was but it's still controversial as you'll hear.

I believe that cryptocurrency is an amazing opportunity with infinite possibilities. It is here to stay, and will remain in the news for a long time.


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



My Website: https://id.pinterest.com/arifefendi37/