Notes

Arif Efendi - Why Cryptocurrency Is here to stay

Arif Emendi is a businessman from London, and contributes to this Op-Ed. Arif Efendi He offers his views on cryptocurrency as well as Sweden's request that the EU prohibit Bitcoin mining.
Arif Efendi, a businessman, shares his views on cryptocurrency and Sweden’s proposal to prohibit Bitcoin mining.
Arif Elfendi an entrepreneur from Pakistan claims that cryptocurrency has come under fire over the past few years. According to Arif Efendi, an entrepreneur, cryptocurrency has been criticized in recent times. A development that has increased worldwide, bitcoin mining was banned by the EU.
He claims, however, that cybercash is a positive option because of its many benefits.

What's all the fuss about Cryptocurrency and the hype surrounding it?
Although cryptocurrency has been around for more than a decade, the term is only a household phrase in the past few times.

Cryptocurrencies have been in the news lately. This is because Sweden is urging the European Union, (EU), not to allow the mining of Bitcoins.

What is cryptocurrency ? And what does it all mean?

These are some of the questions I often get after many years of investing and researching. Arif Efendi Let's gather and explore the world that is cryptocurrency.

What exactly is cryptocurrency?
The cryptocurrency is essentially digital money. It doesn't require notes or coins in order for using cryptocurrency. The currency is only in the form of data.

Cryptocurrencies are digital currencies that are able to be used in peer-to-peer networks without the need for central authority. Bitcoin is perhaps the most well-known cryptocurrency.

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

Another advantage of cryptocurrency is its decentralised control, which enhances security and privacy because it uses cryptography.
Cryptocurrency offers many benefits over traditional currencies. The cryptographic protocols that support the existence of cryptocurrency ensure that it can't be devalued or counterfeited.

Additionally, cryptocurrency accounts can't fall "into the red" since it doesn't carry an account balance which could result in deficit.

In addition, cryptocurrency allows near-instantaneous transactions between different parties anywhere on Earth with a fair amount of confidence.

What distinguishes cryptocurrency from stocks? How is it different from stock?
Cryptocurrency is more than stocks since it is a type of digital currency that makes use of cryptography to conduct transactions.

Cryptocurrencies are totally decentralized. This means they don't have a central bank system or authority to regulate them. It is common to trade and invest in cryptocurrency.

Stock market: This is where dealers and brokers trade stocks. A stock represents an ownership interest in a company so it can be sold or traded at profits based on the results of the company.

The price of stocks fluctuates daily because of supply and demand, overall economy health, perceived value by investors and the possibility of gains from business expansion, etc.

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

Why is cryptocurrency so popular?
The modern society is rapidly embracing cryptocurrency. Arif Efendi The people who buy cryptocurrency are doing so because of the benefits it offers. While cryptocurrency information has been available for many years, there has recently seen a rise in interest in cryptocurrency.

Cryptocurrency is a way for individuals to manage their money instead of having to rely on banks and other financial institutions. It is also decentralized as nobody, no organization, or group is able to own it. It's the freedom to manage your money which draws a lot of people including me.

Why is it that Sweden wish for to join the EU to prohibit Bitcoin mining?
Despite the growing popularity of cryptocurrency mining, EU legislators are currently considering new legislation to ban energy-intensive cryptocurrency mining within any member of the EU.

Because cryptocurrency miners have used the electric power supply from Sweden to their advantage the legislation has been enacted. It has become a popular method to mine cryptocurrency in recent times.

Bitcoin was initially mined using regular processing units. Then it was discovered that this process was slow. Today, cryptocurrency is produced by large mining pools. Arif Efendi The Swedes are worried about the enormous electricity use of these mining pools.

The authors of an open letter addressed to the EU claim that Bitcoin mining in Sweden uses 1 TeraWatt-hour per year. Arif Efendi Arif Efendi The writers are Bjorn Riser Director of Sweden's Environment Protection Agency, Erik Thedeen director of Sweden's Financial Supervisor Authority.

This is equivalent to the power needed to power the homes of 200,000 people. Bjorn risinger and Erik Thedeen report that cryptocurrency mining companies consume more and more of Sweden's energy.

Arif Efendi "If we allow extensive mining of crypto-assets in Sweden there is a chance that the renewable energy we have resources will not be sufficient to cover the climate change that we need to create," said the Swedes in their letter to EU.

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

The cryptocurrency and the climate coexist
While cryptocurrency is more popular and widely discussed than ever before, it is still a source of controversy, as you can hear.

For me, cryptocurrency is an incredible opportunity with unlimited possibilities. It will continue to be a major media topic in the near future, I'm sure.

I'm hoping that in the meantime we can come up with a solution that allows cryptocurrency and the environment to coexist.


Here's my website: https://kemenag.go.id/author/11/m-arif-efendi?page=2