Notes

Arif Efendi, Why Cryptocurrency Will Rather Stay

Arif Efendi is a London-based businessman who is a vocal advocate for cryptocurrency as well as Sweden's demand for the EU to prohibit Bitcoin mining.
Arif Efendi is a businessman who shares his opinion regarding cryptocurrency.
Arif Elfendi, a businessman from Pakistan claims that cryptocurrency has come under fire over the past few years. According to Arif Elfendi cryptocurrency has been in the news recently.
https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 He says, however that cybercash has many advantages.

What is all the hype concerning Cryptocurrency?
Although cryptocurrency has been around for more than a decade now, it has only recently become a household term.

Cryptocurrencies have often made headlines and in recent times, they were the hot topic because Sweden is urging the European Union (EU) to stop mining Bitcoins.

https://www.researchgate.net/publication/294641812_Mesrebzade_Arif_Efendi_a_Seyhulislam_of_the_Tanzimat_Period_and_the_Problem_of_Unemployment_in_the_Institution_of_the_Qadi What is cryptocurrency, and what are these things about?

These are the questions that I often get asked following years of investing and research. Let's get to it together and explore the world of crypto.

What is cryptocurrency?
In its most basic form it can be described as digital money. Cryptocurrency is essentially digital money. There aren't physical notes or coins. The money exists strictly in the form of data.

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

Bitcoins as well as other kinds of cybercash come with elements of decentralization, as they do not have a central bank or single administrator.

The decentralized control is also related to another cryptocurrency characteristic that is enhanced security and anonymity through the use of cryptography.
There are many advantages to cryptocurrency compared to traditional currency. It isn't easy to counterfeit or devalued because of the cryptographic protocols that guarantee its existence.

In addition, accounts with cryptocurrency do not have the ability to go "in the red" because it does not actually have an account balance, from which a deficit can be derived.

Finally, crypto allows for quick transactions between any person around the globe with a reasonable degree confidence.

What is the difference between cryptocurrency and stocks?
The cryptocurrency market is distinct from stocks in that cryptocurrency is a form of digital currency that makes use of cryptography to ensure transactions.

The cryptocurrency market is completely decentralized. That means they do not have a central bank system or authority to control the market. The market for cryptocurrency typically involves cryptocurrency trading and investing.

https://businesscloud.co.uk/news/arif-efendi-answers-all-your-questions-about-cryptocurrency/ Stock traders and brokers deal in shares on the stock exchange. Stocks are an ownership interest in a company and can be traded or sold for an income based on their performance.

Prices for stocks fluctuate daily due to demand and supply as well as the overall health of the economy, perceived value for investors and the possibility of gains from business expansion, etc.

But, cryptocurrency prices fluctuate by less than 1 - 2 percent per day.

What is the reason why cryptocurrency is so well-liked?
Cryptocurrency is rapidly rising in popularity in the present. The advantages that cryptocurrency provides is the main reason people are investing in it. Although information on cryptocurrency is not new, it has become more prominent in recent years.

https://books.google.com/books?id=hKg-rQcBNXsC&pg=PA116&lpg=PA116&dq=arif+efendi&source=bl&ots=EFE1PiM3zl&sig=ACfU3U0taqiPz0ckve0PPDyMbQPLp16JAA&sa=X&ved=2ahUKEwie2ZHH_ML3AhVIq3IEHSC2AQEQ6AF6BAgnEAM Cryptocurrency is a way for people to control their money instead of having to rely on banks and other financial institutions. It's also decentralized because there is no single person, organization, or group has the right to control it. This is one of the reasons that draw many individuals to cryptocurrency, including me.

What is the reason why Sweden is seeking to stop Bitcoin mining within the EU?
Despite its popularity within the EU, legislators are currently examining new legislation that would restrict energy-intensive cryptocurrency mining carried out in any member nation.

The legislation is being proposed in response to cryptocurrency miners stealing electricity supplies in Sweden to benefit themselves. It has become a well-known method of mining cryptocurrency in recent years.

Bitcoin was initially mined with conventional processing units. However this process proved to be slow when it first came out. Therefore, cryptocurrency is now produced by large mining pools. These pools use huge amounts electricity which is a concern for the Swedes.

A letter addressed to EU authors asserts that Bitcoin mining in Sweden now consumes 1 TeraWatt per hour each year. The writers are Bjorn Riser director of Sweden's Environmental Protection Agency. Erik Thedeen director of Swedish Financial Supervisor Authority

The power produced by this amount is enough to power to the homes of 200,000 people. https://books.google.com/books?id=hKg-rQcBNXsC&pg=PA116&lpg=PA116&dq=arif+efendi&source=bl&ots=EFE1PiM3Ai&sig=ACfU3U3oNsT3WmKjIDqIxGtl7RGXYItkHw&sa=X&ved=2ahUKEwjS0pnK_ML3AhUvg4kEHW9cC0E4ChDoAXoECCMQAw Bjorn Riser and Erik Thedeen say that cryptocurrency mining consumes increasing amounts of Sweden's renewable energy.

"If we allowed an extensive mining of crypto-assets in Sweden, there is a possibility that the amount of renewable energy available to us will be insufficient to meet the requirements of the climate transition that we need to undertake," the two Swedes sent in their letter to EU.

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

The coexistence of the climate with crypto
Even though cryptocurrency is now more widely discussed and discussed than it ever was, it remains a source of controversy as you'll hear.

It's a pleasure for myself, too, to look at the infinite possibilities that cryptocurrency has. I'm certain that cryptocurrency is here to stay and that it will generate many more headlines in the coming years.

In the meantime, I hope we find a way for cryptocurrency and the environment to be able to coexist.


Homepage: https://www.researchgate.net/publication/294641812_Mesrebzade_Arif_Efendi_a_Seyhulislam_of_the_Tanzimat_Period_and_the_Problem_of_Unemployment_in_the_Institution_of_the_Qadi