Notes

Arif Efendi: Why cryptocurrency will not go away
Arif Efendi (a London-based entrepreneur) shares his opinion regarding cryptocurrency, and Sweden's appeal to 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 in the news lately. This is why Sweden has urged the EU to prohibit bitcoin mining, a development that has expanded globally.
However, he claims that cybercash is still full of positive qualities to provide.

What's the fuss about Cryptocurrency and the hype surrounding it?
Although cryptocurrency has been in existence for more than a decade, the term has only become popular in the last few times.

Cryptocurrencies are frequently the subject of news stories. Recently, they have received attention due to Sweden is seeking to prohibit mining Bitcoin within the European Union (EU).

What is the point of all this? What exactly is cryptocurrency?

These are the kinds of questions I have asked myself for a number of years following my investment and research. Let's look into the world of cryptocurrency together.

What is cryptocurrency?
It is basically a digital currency. With cryptocurrency, there aren't paper notes or physical coins. All money is in the form of data.

https://www.researchgate.net/profile/M-Efendi Furthermore, cryptocurrencies are types of digital currencies developed to be used on peer-to-peer networks without central authority. Bitcoin is by far the most well-known cryptocurrency.

Bitcoins and cybercash also have aspects of decentralization because they work without a central bank system or a single administrator.

The decentralized control also linked to an additional cryptocurrency characteristic, namely the greater security of anonymity and security by using cryptography.
There are many benefits to cryptocurrency over traditional currencies. The cryptographic protocols behind the existence of cryptocurrency ensure that it cannot be debased or counterfeited.

Furthermore, cryptocurrency accounts are not allowed to go "in red" because there isn't any account balance where a deficit can occur.

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

How is cryptocurrency different from stocks?
Arif Efendi Cryptocurrency is different from stocks because it uses cryptography to safeguard transactions.

They are completely decentralized. That means they do not have a central bank system or authority to manage the market. The market for cryptocurrency is principally about investing in and trading with cryptocurrency.

Stock traders and brokers trade stocks on the stock exchange. Stocks represent ownership stake in a business and can therefore be traded or sold for profits based on the performance of the company.

Prices for stocks fluctuate every day because of supply and demand economic health, the perceived value of investors and the potential benefits from growth of companies.

However, prices for cryptocurrency fluctuate between 1-2% every day.

Why is cryptocurrency so popular?

The popularity of cryptocurrency is growing in our modern society. People are buying cryptocurrency because of the many benefits it offers. Although cryptocurrency information is known for years, it has recently been popularized, resulting in more cryptocurrency transactions than ever before.

Cryptocurrency lets people have total control over their money , instead of relying on banks or financial institutions. https://www.instagram.com/arifefendi80/ As I mentioned, cryptocurrency is also not centralized. It means it doesn't belong to any individual or group, corporation, or organization. A lot of people like me are drawn to cryptocurrency due to the possibility of managing their personal finances.

What is the motivation behind Sweden wants to ban Bitcoin mining within the EU?
https://www.facebook.com/arif.masbremen/ Despite its popularity , the EU legislature is currently looking at new legislation which would ban the use of energy-intensive crypto mining performed in the countries of the Union.

https://www.librakitap.com.tr/index.php?option=com_content&view=article&id=441&Itemid=105 Since cryptocurrency miners have been using electricity sources in Sweden for their own benefit the legislation is currently being drafted. The practice has become popular in the field of cryptocurrency mining in the last few years.

Bitcoin was first mined with conventional processing machines. However, the process proved to be too slow when it first came out. Arif Efendi Bitcoin is now produced through large mining companies. These pools use huge amounts energy, which poses a threat for the Swedes.

The people who wrote an open letter sent to the EU claim that Bitcoin mining in Sweden utilizes 1 TeraWatt per 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 amount of power could power around 200,000 homes. Arif Efendi According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining makes use of more of Sweden's renewable energy.

In a letter sent to the EU in which they addressed the EU, the Swedes said that allowing massive mining of cryptoassets by Sweden could lead to a shortage of renewable energy sources to meet the necessary climate change.

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

The coexistence of climate and crypto
While cryptocurrency is becoming more well-known and widely discussed than ever before, it is still a source of controversy as you can hear.

I am a huge fan of cryptocurrency and the numerous opportunities it presents. I am sure it is going to be around for a while and it will create a lot more news stories in the near future.

I'm hopeful that we can find an avenue to allow cryptocurrency and the climate to coexist in the interim.



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