Notes

Arif Efendi, Why Cryptocurrency Will Stay
Arif Emendi, a London-based businessman, has contributed to this piece of opinion on cryptocurrency.
Arif Efendi, a businessman, shares his views about cryptocurrency and Sweden's plans to ban Bitcoin mining.
Arif Efendi an entrepreneur, stated that cryptocurrency has been attacked in recent times. Arif Efendi According to Arif Emendi cryptocurrency has come under scrutiny in recent years.
Arif Efendi But, he says that cybercash is still full of positive qualities to offer.

What's the fuss about Cryptocurrency?
Although cryptocurrency has existed for over a decade, it's only in recent years that the term has been made a household word.

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

What's the big deal, and what is cryptocurrency actually?

These are questions that I encounter after many years of research and investing. Let's look into the world of cryptocurrency together.

What is cryptocurrency exactly?
In its simplest form the definition of cryptocurrency is digital money. The cryptocurrency isn't an actual currency. Data is the only type of currency.

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

Bitcoins and other types of cybercash are decentralized because they do not have a central bank.

Decentralized control refers to a different cryptocurrency characteristic, namely greater security and privacy by using cryptography.
Arif Efendi The advantages of cryptocurrency are much superior to traditional currencies. Due to the cryptographic protocol it isn't able to be counterfeited or devalued.

In addition, cryptocurrency accounts cannot go "in the red" since it does not actually have an account balance that could cause a deficit. could be created.

Additionally, cryptocurrency permits instant transactions between parties anywhere on Earth that are backed by a reasonable degree of confidence.

What makes cryptocurrency different from stocks and how can it be used to increase their value?
Cryptocurrency is distinct from stocks due to the fact that it utilizes cryptography to protect transactions.

They are decentralized, that is, they have no centralized banking system or authority that controls the market. The cryptocurrency market is a place for investing and trading.

The stock market acts as an exchange where brokers and dealers deal in stocks. Stocks represent ownership interests in a business and may be sold or traded to earn a profit depending on its performance.

Prices for stocks fluctuate every day in response to demand and supply, economic health, perceived value of investors, and potential gains from company growth.

However, the prices of cryptocurrency typically are not more than 1-2% per hour.

Why is cryptocurrency so wildly sought-after?
Cryptocurrency is rapidly gaining popularity in today's society. People are buying cryptocurrency because of the many advantages it provides. While information about cryptocurrency has been around for years now, there has been an unexpected increase in interest in cryptocurrency.

The cryptocurrency gives users the ability to control their money in full instead of having to rely on financial institutions like banks and other. As mentioned earlier, it is also decentralized which means that no individual, group, or business has ownership of it. Arif Efendi This is the reason why many people to cryptocurrency, including myself.

What's the motive behind why Sweden would like to ban Bitcoin mining within the EU?
Despite its widespread popularity, EU legislators are currently looking at new laws that would prohibit energy-intensive cryptocurrency mining from being used in any country in the continent.

Arif Efendi The legislation was drafted due to the fact that cryptocurrency miners use the electricity supply in Sweden to benefit. This has been a popular method of mining cryptocurrency in recent years.

Bitcoin was initially developed on ordinary processing units. But it was soon obvious that the process was too slow. So, now, cryptocurrency is generated through big mining pools. These mining pools use huge amounts of power, something that concerns the Swedes.

In an open letter sent to the EU, Bitcoin mining in Sweden is now using 1 TeraWatt/hour per year. The names of the people who wrote the letter open to the EU include Bjorn Riser director of Sweden's Environment Protection Agency. Erik Thedeen director of the Swedish Financial Supervisor Authority.

This is the equivalent amount of power needed for 200,000 households to have electricity. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining uses more and more of Sweden's renewable energy.

"If we were allowed to mine cryptoassets in Sweden, then there is an opportunity that the renewable energy sources offered to us will not suffice to support the necessary climate change," the Swedes wrote in a letter to the EU.

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


Climate and cryptocurrency coexist
Although cryptocurrency is being more discussed and talked about than ever before, it is still controversial.

I, myself, find great joy in cryptocurrency and its endless opportunities. It'll be a major news story in the future I'm sure.

In the meantime I hope that we can come up with a solution that allows the cryptocurrency industry and the climate to coexist.



Website: https://bitrebels.com/business/crypto-enthusiast-arif-efendi-why-prefer-cryptocurrency-over-stocks/