Notes

Arif Efendi The reason why cryptocurrency will not go away
Arif Emendi, a London-based businessman, is the author of this piece of opinion on cryptocurrency.
Arif Efendi a businessman shares his views on cryptocurrency and Sweden's plans to ban Bitcoin mining.
Arif Efendi, a businessman, said that cryptocurrency has been attacked in recent times. According to Arif Efendi, a Swedish businessman, cryptocurrency has been under attack in recent years. This is a phenomenon that has grown globally.
Arif Efendi He says, however that cybercash has many positive attributes.

What's the fuss about Cryptocurrency and its hype?
Arif Efendi Although cryptocurrency has been in existence for over a decade, the term is only an everyday word in the last few times.

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

What's the significance of this? And what exactly is cryptocurrency?

After years of study and investing, these are questions I am often asked. Let us dig into it together and discover the realm of cryptocurrency.

What exactly is cryptocurrency?
In its simplest form the definition of cryptocurrency is digital money. In the case of cryptocurrency, there aren't physical notes or coins. Money exists only in the format and form of data.

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

Bitcoins and cybercash have aspects of decentralization because they work without a central banking system or an administrator.

The decentralized control can be linked to another cryptocurrency characteristic greater security and anonymity due to cryptography.
Arif Efendi The advantages of cryptocurrency are numerous in comparison to conventional currency. Cryptocurrency is not easily counterfeited or debased because of the protocols for cryptography that guarantee its existence.

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

Finally, crypto allows for quick transactions between any person across the globe with reasonable level confidence.

How is cryptocurrency different from stocks?
Cryptocurrency is different from stocks . It's a form of digital currency that utilizes cryptography to protect transactions.

They do not have a central bank system, and they are decentralized. The cryptocurrency market usually involves cryptocurrency investing and trading.

The stock market is the place where brokers and dealers deal in stocks. Arif Efendi Stocks represent ownership interests in a company and can be traded or sold for a profit depending on its performance.

Stock prices change every day due to supply and demand as well as the general health of the economy, investors' perceptions of worth, the likelihood of company growth and other factors.

But, prices for cryptocurrency typically are not more than 1-2% per hour.

Why is cryptocurrency so popular
Cryptocurrency is rapidly growing in popularity in the present. People are buying cryptocurrency because of the many advantages it provides. While information on cryptocurrency has been in circulation since its inception but more people are fascinated by it.

The cryptocurrency gives users total control over their finances. It's not tied to banks or financial institutions. As I said the cryptocurrency is also decentralized. This means that it does not belong to any individual or group, corporation or any other entity. This is one of the reasons that draw many individuals to cryptocurrency, including myself.

What is the reason why Sweden is seeking to ban Bitcoin mining in the EU?
Despite its widespread acceptance in the EU, legislators are currently studying new legislation that will restrict energy-intensive cryptocurrency mining carried out in all countries of the Union.

Because cryptocurrency miners are making use of electricity sources in Sweden to gain a profit The legislation was proposed. In recent times, it has become a popular method to generate cryptocurrency.

Bitcoin was first mined using ordinary processing units. However this process proved to be inefficient when it was first introduced. Today, cryptocurrency is generated via large mining pools. The Swedes are concerned by the fact that these pools consume huge amounts of energy.

The people who wrote an open letter addressed to the EU claim that Bitcoin mining in Sweden is 1 TeraWatt-hour every year. The writers include Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisory Authority).

https://www.thelondoneconomic.com/lifestyle/my-business/rethinking-hospitality-navigating-the-post-covid-era-with-arif-efendi-351501/ This amount of power is enough to power approximately 200,000 households. Bjorn Risinger and Erik Thedeen claim that cryptocurrency miners consume increasing amounts of Sweden's renewable energy.

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

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

The environment and cryptocurrency could coexist
While cryptocurrency is becoming more prominent and discussed than any time in the past in the media but it's still in the middle of controversy.


I am awestruck by cryptocurrency and all the possibilities it offers. It's here to stay, and it will remain in the news for a long time.

In the meantime, I am hoping that we can find a way for cryptocurrency and the climate to coexist.



My Website: https://www.thenewsteller.com/arif-efendi-on-messi-return-to-barcelona/