Notes

Arif Efendi, Why Cryptocurrency Will Stay

Arif Efendi is a businessman from London who writes in this opinion piece about his thoughts on cryptocurrency as well as Sweden's call for the EU to ban Bitcoin mining.
Arif Efendi, a Swedish businessman, shares his views on cryptocurrency.
Arif Efendi a businessman says cryptocurrency is in the news lately. According to Arif Efendi,, a Swedish businessman, cryptocurrency has come attacked in recent times. This is a trend that has led to an increase in bitcoin's global mining.
He also states that cybercash is still a source of positive advantages.

What's the fuss over Cryptocurrency and its hype?
While cryptocurrency has been around for a while but the term is only a household word in recent times.

Bitcoin and other cryptocurrency-related currencies have been in the news lately. This is due to Sweden wants to ask the European Union, (EU) to stop allowing the mining of Bitcoins.

What's the issue with cryptocurrency?

These are common questions I've been asked during many years of investing and research. Let's dive in together and look into cryptocurrency.

What exactly is cryptocurrency?
The simplest definition of cryptocurrency is digital currency. It is a digital form of money. There are no physical coins or notes. The only currency available is data.

Furthermore, cryptocurrencies are currency designed to be used on peer-to–peer networks that lack central authority. Bitcoin is the most popular cryptocurrency.

Bitcoins and various other kinds of cybercash, have elements that permit decentralization. They work without the interference of central bank or administrator.

The decentralized control is linked to another characteristic of cryptocurrency, which is increased security and privacy by using cryptography.
The advantages of cryptocurrency over traditional currencies. The cryptographic protocols supporting cryptocurrency's existence ensure that it is not debased or counterfeited.

A cryptocurrency account cannot also go "in red" because it doesn't have a balance in the account, which could lead to a deficit.

Finally, cryptocurrency allows for near-instantaneous transactions between different parties from all over Earth with a reasonable degree of confidence.

What is the difference between stocks and cryptocurrency?
Cryptocurrency is more than stocks , because cryptocurrency is a digital currency that makes use of cryptography to conduct transactions.

Arif Efendi The cryptocurrency market can be used as an uncentralized currency. They are not tied to any central bank system. The cryptocurrency market typically involves trading and investing in cryptocurrencies.

Stock market: This is where brokers and dealers deal in stocks. Stock is an ownership interest in the company. It is traded at a profit , or exchanged for cash , based on the company's performance.

Arif Efendi Stock prices fluctuate every day because of supply and demand as well as the general health of the economy, perceived value by investors and the potential for profit through business growth, etc.

However, the prices of cryptocurrency are rarely more than 1-2% per hour.

https://orcid.org/0000-0002-0882-8385 Why is cryptocurrency so popular?
It is rapidly growing in popularity in today's society. People are purchasing cryptocurrency due to the advantages it can provide. Although information on cryptocurrency isn't new, it has become more well-known in recent times.

The cryptocurrency system allows users to take complete control over their finances instead of relying on banks or financial institutions. It is also decentralized, meaning that no one or group, business or other entity is the owner. Many people are drawn to cryptocurrency because they have the ability to manage their money.

What is the reason Sweden opposing Bitcoin mining being outlawed by the EU
Despite its ubiquity, cryptocurrency mining is not currently being taken into consideration by EU lawmakers. The EU is currently mulling new laws to stop mining with energy intensive technology from being used throughout the EU.

Due to cryptocurrency miners using electricity sources in Sweden for personal gain The legislation has been proposed. In recent years the country has been popular for cryptocurrency mining.

Bitcoin was initially created with computers equipped with standard processing units. However, it quickly was discovered that it was too slow. Today, cryptocurrency is generated by big mining pools. The Swedes are concerned about the enormous electricity use of these pools.

A letter addressed to EU authors asserts that Bitcoin mining in Sweden now consumes 1 TeraWatt of energy per hour. The writers are Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisory Authority).

This amount of power is enough to power 200,000 households. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining makes use of more of Sweden's renewable energy.

"If we allowed extensive mining in Sweden of crypto-assets there is a danger that the renewable energy sources available will not be enough to meet the demands of the climate change transition we have to complete," the Swedes wrote in a letter to the EU.

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

The coexistence of climate and cryptocurrency
While cryptocurrency is now more widely discussed and debated than ever before but it's still a source of controversy.

Arif Efendi Arif Efendi Personally, I am a huge fan of cryptocurrency and its many opportunities. Arif Efendi I believe it will exist for a long time and that it will make many news stories in the near future.

In the meantime, I'm optimistic we'll be able to come up with a solution that allows the environment and cryptocurrency can coexist.


Website: https://www.newsanyway.com/2021/10/18/arif-efendi-donates-200000-to-norwich-university-as-a-testament-to-its-impact-on-his-life/