Notes

Arif Efendi The reason why cryptocurrency is here to stay

Arif Efendi is a London-based businessman who shares his views on cryptocurrency as well as Sweden's demand for the EU's ban on Bitcoin mining.
Arif Efendi , a businessman has his own opinions on cryptocurrency and Sweden’s proposal to prohibit Bitcoin mining.
Arif Efendi businessman Arif Efendi said that bitcoin mining has come under attack in recent years. This is why Sweden has urged the EU to stop bitcoin mining, a development that has grown globally.
However, he asserts that cybercash is still a source of positive benefits.

What's the problem with Cryptocurrency hype?
Although cryptocurrency has been around since more than decade year, it's only been since the last couple of years that the term is a household name.

Cryptocurrencies often make the front of news stories. Recently, they have gained interest because Sweden is seeking to prohibit mining Bitcoin in the European Union (EU).

What is cryptocurrency and what does it all mean?

These are the most common questions I've received over many years of investing and research. Let's dig in together and explore the realm of cryptocurrency.

What exactly is cryptocurrency?
The cryptocurrency is essentially digital money. There are no physical coins or paper bills that are backed by cryptocurrency. The only currency that exists is data.

Additionally, they are forms of digital currency designed to be used on peer-to-peer networks devoid of central authority. The most well-known cryptocurrency is Bitcoin.

Bitcoins and cybercash have elements decentralization as they work without a central bank system or a single administrator.

The decentralized control is related to one more cryptocurrency characteristic, namely enhanced security and security due to its use of cryptography.
The advantages of cryptocurrency are numerous compared to traditional currency. It isn't easy to counterfeit or devalued because of the cryptographic protocols that ensure its existence.

Furthermore, cryptocurrency accounts cannot be "in the red", as they don't have a balance in the account.

Additionally, cryptocurrency permits instant transactions between anyone on Earth that have a reasonable degree of trust.

What's the difference between crypto and stocks?
Cryptocurrency is more valuable than stocks , because cryptocurrency is a digital currency that utilizes cryptography for transactions.

They are completely decentralized. This means that they do not have a central bank or any authority to manage their use. https://www.newsanyway.com/2021/10/18/arif-efendi-donates-200000-to-norwich-university-as-a-testament-to-its-impact-on-his-life/ for cryptocurrency typically involves cryptocurrency trading and investing.

Stock traders and brokers trade in stocks on the stock exchange. A stock is an ownership interest in a company so it can be sold or traded at an profit depending on the results of the business.

Stock prices change every day due to supply-demand, general economic health, investors' perceptions of value, the possibility of expansion by the company and many other aspects.

However, cryptocurrency prices rarely fluctuate more than 1-2% each day.

Why is cryptocurrency so in demand?
The modern society is rapidly embracing cryptocurrency. Because of its benefits that cryptocurrency offers, more people are purchasing it. Although information on cryptocurrency has been around for a number of years, the cryptocurrency market is now gaining more recognition.

Cryptocurrency gives people complete control over their money rather than depending on financial institutions like banks and other. It's also decentralized, meaning that no one, group, or company is able to own it. https://www.facebook.com/AriftetapSLANKERS/ is the freedom to manage your money that attracts many people, including myself.

What is the reason why Sweden wants to prohibit Bitcoin mining in the EU?
Despite its ubiquity, cryptocurrency mining is not being thought of as a viable option EU legislators. They are currently mulling new legislation to prohibit the use of energy-intensive cryptocurrency mining employed across the EU.

Due to cryptocurrency miners making use of electric power in Sweden for personal gain, the legislation has been proposed. It has become a very popular way of mining cryptocurrency in recent times.

When Bitcoin was first introduced in the early 2000s, it was mined on machines that had normal processing units However, it soon turned out that the process was way too slow. Nowadays, cryptocurrency is created by large mining pools. The Swedes are worried by the fact that these pools use huge amounts of electricity.

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 of the authors are Bjorn Risinger director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

It's equivalent to the power needed to power 200,000 households. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining is consuming more of Sweden's renewable energy sources.

"If we were to allow an extensive mining of crypto-assets in Sweden there is a chance that the amount of renewable energy resources available to us will be insufficient to cover the required climate change transition we'll need to make," the two Swedes addressed in their letter to EU.

Erik Thedeen, Bjorn Risinger, and Erik Thedeen are both referring to Sweden's climate obligations in the 2015 Paris Agreement.

Coexistence of the climate and crypto
Even though cryptocurrency is now more extensively discussed and debated than it ever was, it remains a source of controversy as you can listen to.

It's a pleasure for me, too, to look at the infinite possibilities that crypto has. I'm certain that cryptocurrency is going to be around for a while and it will make more 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.


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