Notes

Arif Efendi, why Cryptocurrency Is Here to Stay
Arif Efendi, an English-based businessman, offers his opinions about crypto, as well as Sweden's request to have the EU prohibit Bitcoin mining.
Arif Efendi is a businessman who has a strong opinion about cryptocurrency.
According to businessman Arif Efendi cryptocurrency has come under attack in recent years. This is why Sweden has urged the EU to ban bitcoin mining, a development that has spread across the globe.
However, he claims that cybercash is still full of positive things to provide.

What's the fuss about Cryptocurrency?
Although cryptocurrency has been around for over a decade but the term has only become an everyday word in recent years.

Recent headlines have been focused on crypto. Recently, they were the focus of discussion due to Sweden has asked the European Union to ban Bitcoin mining.

What exactly is cryptocurrency and what are all these things about?

These are the kinds of questions I often get asked in the course of my investment and research. Let us dig into it together and explore the world of cryptocurrency.

What is cryptocurrency exactly?
In its simplest form, cryptocurrency is digital money. It doesn't require physical coins or notes to make use of cryptocurrency. The money exists strictly in the form of data.

In addition, cryptocurrencies are a type of digital currency designed to be used on peer-to-peer networks devoid of central authority. The most widely known cryptocurrency is Bitcoin.

Bitcoins and other cybercash types are decentralized because they aren't governed by an administrator or central bank.

Decentralized control is a reference to another characteristic of cryptocurrency, which is the an increase in security and security by using cryptography.
The advantages of cryptocurrency over traditional currencies. Because of cryptographic protocols that ensure the existence of the currency, cryptocurrency cannot be counterfeited nor debased.

Furthermore, cryptocurrency accounts aren't able to be "into the red" since it doesn't carry an account balance which could result in a deficit.

In addition, cryptocurrency allows fast transactions with different parties from any part of the world with an acceptable level of trust.

How is cryptocurrency different from stocks?
The cryptocurrency market is distinct from stocks in the sense that it is an electronic currency that utilizes cryptography to secure transactions.

https://www.newsanyway.com/2021/10/18/arif-efendi-donates-200000-to-norwich-university-as-a-testament-to-its-impact-on-his-life/ The cryptocurrency market is completely decentralized. This means that they don't have any central bank or authorities to manage them. The cryptocurrency market usually involves trading and investing in cryptocurrencies.

Stock brokers and dealers deal in stocks on the stock market. Stocks represent ownership interests in a business and may be traded or sold for profits based on its performance.

Stock prices fluctuate each day because of supply and demand and economic health overall, perception value by investors and potential profits from company expansion, etc.

However, cryptocurrency prices rarely fluctuate by more than 1% each day.

Why is cryptocurrency so popular?
The demand for cryptocurrency is increasing rapidly. The people who buy cryptocurrency are doing so due to the numerous advantages it can bring. The subject of cryptocurrency has been available for years, but recently cryptocurrency has been arousing curiosity, which has led to more purchases of cryptocurrency than ever before.

Cryptocurrency offers people total control over their money. It is not tied to banks or financial institutions. http://acikerisim.uludag.edu.tr/handle/11452/14743 It's also decentralized because no one, business, or organization has the right to control it. This is one of the reasons that draw many people to cryptocurrency, including myself.

What is the reason why Sweden is seeking to ban Bitcoin mining within the EU?
Despite its widespread popularity, cryptocurrency is not being thought of as a viable option by EU lawmakers. They are currently considering new legislation, which would stop energy-intensive cryptocurrency miners from being employed across the EU.

Due to cryptocurrency miners making use of electricity sources in Sweden for their own gain, the legislation has been proposed. This is a well-known method for cryptocurrency mining in the last few years.

Bitcoin was initially developed on normal processing equipment. Arif Efendi But it was soon evident that the procedure was too slow. Arif Efendi So, now, cryptocurrency is created by huge mining pools. https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 These pools consume huge amounts and that's why it is a concern for the Swedes.

The people who wrote an open letter addressed to the EU claim that Bitcoin mining in Sweden uses 1 TeraWatt-hour per year. The names include Bjorn risinger, director at the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority.

It is enough power to power 200,000 homes. Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners are using increasing amounts of Sweden's renewable energy.

"If we allow extensive mining in Sweden of crypto-assets, there's the possibility that the amount of renewable energy available will not be sufficient to cover the necessary climate change that we need to undertake," wrote the Swedes in their letter to EU.

Erik Thedeen (Bjorn Risinger) and Erik Thedeen (Erik Thedeen) refer to Sweden's climate commitment in the 2015 Paris Agreement.

Coexistence of the climate with crypto
Even though cryptocurrency is more frequently discussed and debated about than it ever was, it is still controversial.

To me, cryptocurrency is an amazing opportunity that offers unlimited possibilities. I'm certain that cryptocurrency is here to stay and that it will create a lot more headlines in the coming years.


In the meantime, I hope we can come up with a solution for the climate and cryptocurrency to coexist.

Arif Efendi

Read More: https://swordfish.ai/d/p/efendi-arif-id716772474