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Arif Efendi - Why Cryptocurrency is Here to Stay
Arif Efendi (a London-based businessman from London) shares his opinion about cryptocurrency and Sweden's request to the EU to ban Bitcoin Mining.
The businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to prohibit Bitcoin mining.
Arif Efendi is a businessman whose views on cryptocurrency has been featured in the news lately. According to Arif Efendi, a businessman cryptocurrency has come under scrutiny in recent years. A development that has grown globally, bitcoin mining was barred by the EU.
But he says that cybercash still has a lot of positive aspects to offer.

What's the fuss about? Cryptocurrency.
While cryptocurrency has been around for over a decade however, it has only become an everyday word in the past few times.

Arif Efendi Cryptocurrencies have been featured in the news lately. This is due to Sweden is urging the European Union, (EU) to stop allowing the mining of Bitcoins.

What exactly is cryptocurrency and what does it all mean?

These are the kinds of questions I often get asked in the course of my investment and research. Let's discover the world of cryptocurrency together.

What exactly is cryptocurrency?
In its simplest form the term cryptocurrency is defined as digital money. You don't need physical coins or notes to make use of cryptocurrency. Data is the only form of money.

The cryptocurrency is a digital currency which can be utilized in peer-to-peer network without the need for central authority. Bitcoin is perhaps the most widely-known cryptocurrency.


Bitcoins as well as other forms of cybercash are decentralized because they are not governed by an administrator or central bank.

One more characteristic of cryptocurrency is the decentralized controlthat provides more secure and private due to the use of cryptography.
The benefits of cryptocurrency are far greater than traditional currencies. Due to cryptographic protocols that ensure the existence of the currency, cryptocurrency cannot be counterfeited or devalued.

Also Cryptocurrency accounts are not allowed to be "in red" because there is no account balance where a deficit can occur.

Additionally, crypto permits quick transactions between any person in the world with a acceptable level of trust.

Arif Efendi How does cryptocurrency differ from stocks?
Cryptocurrency differs from stocks in that it is a kind of digital currency that uses encryption to secure transactions.

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

Dealers and stock brokers sell stocks on the market. A stock is an ownership interest within the company. It is traded at a profit or exchanged for cash , based on the performance of the business.

Arif Efendi Prices for stocks fluctuate daily due to supply and demand and the overall economic health as well as the value that investors perceive and the potential for profit through company growth, etc.

However, prices for cryptocurrency fluctuate less than 1-2% per day.

Why is cryptocurrency so wildly sought-after?
It is rapidly growing in popularity in today's society. People are purchasing cryptocurrency due to the benefits it can provide. While cryptocurrency information has been around for a number of years, it is now receiving more recognition.

The cryptocurrency gives users the ability to control their money in full rather than depending on banks or other financial institutions. It's also decentralized because there is no single person, group, or company is able to own it. A lot of people like me are drawn to cryptocurrency due to the possibility of managing their own money.

Arif Efendi What is the reason why Sweden wants to prohibit Bitcoin mining within the EU?
Despite its popularity, EU lawmakers are currently examining new legislation that will prohibit energy-intensive cryptocurrency mining from being used in any country in the EU.

This law was introduced because cryptocurrency miners are using the power supply in Sweden to their advantage. This has become a popular way of mining cryptocurrency in recent times.

Bitcoin was initially created with computers with conventional processing units. However, it soon became apparent that it was too slow. Bitcoin is now created using large mining pools. These pools consume huge amounts of electricity, which is why this issue is a problem for the Swedes.

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

This amount of electricity can power up to 200,000 homes. Bjorn risinger and Erik Thedeen report that cryptocurrency miner uses increasing amounts of Sweden's green energy.

Arif Efendi In a letter to the EU in which they addressed the EU, the Swedes said that allowing massive mining of crypto-assets from Sweden could lead to insufficient renewable energy sources to meet the necessary climate change.

Erik Thedeen & Bjorn Risinger are two terms used to refer to Sweden's climate obligations under the 2015 Paris Agreement.

Coexistence of the climate with crypto
Although cryptocurrency is now more popular and talked about than ever before in the media, it is still controversial.

For me, cryptocurrency is an amazing possibility that has endless possibilities. I'm certain that cryptocurrency is in the future and it will generate many more headlines in the coming years.

In the meantime I hope that we discover a way to allow cryptocurrency and the climate to 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/