Notes

Arif Efendi Why Cryptocurrency Is Here to Stay

Arif Efendi is a businessman from London who shares his views on cryptocurrency, as well as Sweden's request for the EU to prohibit Bitcoin mining.
Arif Efendi , a Swedish businessman, shares his views on cryptocurrency.
According to businessman Arif Efendi , cryptocurrency has come under fire in recent years. According to Arif Emendi, cryptocurrency has been criticized in recent times.
However, he says that cybercash has many positive attributes.

What's the fuss about? Cryptocurrency.
While cryptocurrency has existed for more than a decade, it's only recently that it has become an everyday word.

The media has been talking about cryptocurrency and they were recently the talk of the town because of Sweden's wish for the European Union (EU), to stop mining Bitcoins.

What's the issue with cryptocurrency?

After many years of research and investments, these are questions I am often asked. Let's get together and explore the world that is cryptocurrency.

What is cryptocurrency exactly?
The most basic definition of cryptocurrency is that it is a digital currency. There aren't any physical coins or paper bills that are backed by cryptocurrency. Data is the only type of money.

Furthermore, cryptocurrencies are types of digital currency designed for use on peer-to peer networks devoid of central authority. Bitcoin is the most prominent cryptocurrency.

Bitcoins and cybercash also have features of decentralization since they operate without a central bank system or single administrator.

Decentralized control is a reference to another cryptocurrency characteristic, namely an increase in security and security by using cryptography.
Cryptocurrency has many benefits when compared to traditional currencies. It is for instance, it cannot be counterfeited or devalued due to the cryptographic protocols which support the existence of cryptocurrency.

A cryptocurrency account cannot also go "in red" since it does not have an account balance that could result in the account being in deficit.

In addition, cryptocurrency allows instantaneous transactions between various parties anywhere on Earth with a fair amount of trust.

How does cryptocurrency differ from stocks?
Cryptocurrency is more valuable than stocks , because cryptocurrency is a digital currency which uses cryptography for transactions.

The cryptocurrency market does not have a central banking system. The cryptocurrency market is primarily focused on investing and trading in cryptocurrency.

Stock market: This is where dealers and brokers deal in stocks. Stocks represent ownership interests in a business and may be traded or sold to earn profits based on its performance.

Stock prices fluctuate every day because of supply and demand, overall health of the economy, perceived value by investors, potential for gains through business growth, etc.

The price of cryptocurrency fluctuates by less than 1percent per day.

What is the reason why cryptocurrency is so popular?
The modern society is rapidly embracing cryptocurrency. Due to its advantages that cryptocurrency offers, more people are purchasing it. Although information on cryptocurrency is available for many years, it is now receiving more attention.

The cryptocurrency gives users total control over their finances. It is not tied to banks or other financial institutions. It is also decentralized as there is no single person, organization, or group can own it. The freedom to control your money which draws a lot of people like me.

Why is https://www.alamy.com/stock-photo-hilye-bakkal-ahmed-arif-efendi-139964997.html opposed to Bitcoin mining being prohibited by the EU
Despite the increasing popularity of mining cryptocurrency, EU legislators are currently looking at new legislation that would ban cryptocurrency mining that is energy-intensive within any member of the EU.

Because cryptocurrency miners are using electricity supplies in Sweden to gain a profit Legislation is being considered. https://www.newsanyway.com/2021/10/18/arif-efendi-donates-200000-to-norwich-university-as-a-testament-to-its-impact-on-his-life/ has become a common method of mining cryptocurrency in recent time.

When Bitcoin was introduced in the early 2000s, it was mined on computer systems that were able to process normal data However, it soon was discovered that the method was too slow. Bitcoin is now produced using large mining pools. These pools consume large quantities of electricity, and this is what worries the Swedes.

The writers of an open letter addressed to the EU claim that Bitcoin mining in Sweden is 1 TeraWatt-hour every year. The writers include Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

It is about the quantity of electricity required to power 200 households. Bjorn Riser and Erik Thedeen say that mining for cryptocurrency is consuming increasing amounts of Sweden's renewable energy.

In a letter sent to the EU, the Swedes stated that allowing extensive mining of cryptoassets by Sweden could result in a lack of renewable energy sources to meet the climate transition required.

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

The coexistence of climate change and cryptocurrency
While cryptocurrency is more popular and widely discussed than it has ever been, it's still a source of controversy, as you can hear.

I have a lot of fun with cryptocurrency and all its possibilities. It will continue to be one of the most talked about topics in the near future, I'm sure.

I really hope that in the in the meantime. we will come up with a solution to the climate and cryptocurrency coexistence.


Here's my website: https://www.sabah.com.tr/sozluk/biyografi/abdulbaki-arif-efendi-kimdir-meshur-hattat-arif-efendi-ve-eserleri