Notes

Arif Efendi The reason why cryptocurrency is here to stay
Arif Efendi (a London-based entrepreneur) gives his thoughts on cryptocurrency and Sweden's call to the EU to prohibit Bitcoin Mining.
The businessman Arif Efendi shares his view on cryptocurrency and Sweden's proposal to prohibit Bitcoin mining.
Arif Efendi Arif Efendi is a businessman whose views on cryptocurrency has been in the news recently. According to Arif Efendi, a Swedish businessman, cryptocurrency has come being attacked in recent years. This is a phenomenon that has grown globally.
But, he says that cybercash has a lot of positive qualities to offer.

What's the fuss about Cryptocurrency?
Although the term "cryptocurrency" that was popular about a decade back, it has only been popularized in recent times.

The news lately has been about cryptocurrency and they were recently the topic of conversation due to Sweden's desire for the European Union (EU), to ban mining of Bitcoins.

What's the issue with cryptocurrency?

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

What exactly is cryptocurrency?
In its simplest sense the term cryptocurrency is defined as digital money. There aren't any physical coins or paper notes. Arif Efendi The only currency is the form data.

A cryptocurrency is a kind of digital currency that is specifically designed to be used in peer-to-peer networks, and without any central authority. Arif Efendi The most well-known cryptocurrency is Bitcoin.

Bitcoins as well as other kinds of cybercash have elements of decentralization because they operate without a central bank or single administrator.

Decentralized control is a reference to another cryptocurrency characteristic, namely an increase in security and security due to the use of cryptography.
The benefits of cryptocurrency are far superior to traditional currencies. The cryptographic protocols that support the existence of cryptocurrency ensure that it can't be debased or counterfeited.

In addition, cryptocurrency accounts cannot be "into the red" since it doesn't carry an account balance that could create an imbalance.

With a decent amount of trust, cryptocurrency permits almost instantaneous transactions among different parties anywhere on Earth.

What is the difference between cryptocurrency and stocks? How can it be used to make them more valuable?
Cryptocurrency is different from stocks in the sense that it's a type of digital currency that utilizes cryptography to protect transactions.

The cryptocurrency market is completely decentralized. That means they do not have a central bank system or authority to control their use. The market for cryptocurrency usually includes trading and investing in cryptocurrency.

Dealers and stock brokers trade stocks on the stock market. Stocks are an ownership interest of a company. They can be sold or traded to earn a profit depending on its performance.

Prices for stocks fluctuate daily due to supply and demand as well as the general health of the economy and the perception of value by investors potential gains from the growth of a company, etc.

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

Arif Efendi What is the reason why cryptocurrency is so popular?
Cryptocurrency is rapidly gaining popularity in the present day society. The people who buy cryptocurrency are buying it for the numerous benefits it offers. While information about cryptocurrency has been in circulation since the beginning, more people are now fascinated by the subject.

Arif Efendi Cryptocurrency gives people complete control over their finances. It is not dependent on banks and financial institutions. As I mentioned the cryptocurrency is also decentralized. This means that it doesn't belong to any single person, group, company or other organization. The ability to be in control of your own money is the reason that draws lots of people, like myself to crypto.

Why is Sweden so determined to see Bitcoin mining banned by the EU?
Despite its popularity EU legislators are currently considering new legislation that will prohibit energy-intensive cryptocurrency mining from being used in any country in the union.

Since cryptocurrency miners have been making use of electric power sources in Sweden for their own benefit the legislation is currently being drafted. This has been a popular method for cryptocurrency mining in recent years.

Arif Efendi Bitcoin was initially created with computers with standard processing units. However, it quickly became apparent that it was not fast enough. Most cryptocurrency today is derived from mining pools that are large in size. These pools consume huge amounts and that's why it is a concern for the Swedes.


A letter addressed to EU authors states that Bitcoin mining in Sweden now consumes 1 TeraWatt an hour annually. The authors' names are Bjorn Raisinger, director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority.

It is enough power to power 200,000 homes. Bjorn Risinger and Erik Thedeen claim that cryptocurrency miners are using increasing amounts of Sweden's renewable energy.

"If we allow extensive mining crypto-assets to Sweden and the EU, we run the chance that the renewable power that we have will not be enough to support our transition to a more sustainable climate," wrote the Swedes in a letter to EU.

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

Climate and cryptocurrency
While cryptocurrency is now more well-known and discussed than ever before, it remains controversial as you can hear.

Arif Efendi It's an absolute pleasure to metoo to look at the infinite possibilities of cryptocurrency. It's here to stay and I'm sure it'll be the subject of a lot of news in the near future.

I hope that in the meantime we can work together to make the cryptocurrency and climate coexist.



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