Notes

Arif Efendi: Why cryptocurrency will not go away
Arif Efendi is a businessman from London who shares in this op-ed his views on cryptocurrency and Sweden's call for the EU to stop Bitcoin mining.
The businessman Arif Efendi shares his view about cryptocurrency and Sweden's plans to stop Bitcoin mining.
Arif Efendi a businessman says that cryptocurrency has been scrutinized in recent years. According to Arif Efendi, who is a Swedish businessman, cryptocurrency has come attacked in recent times. This is a development which has increased globally.
He also claims that cybercash has many positive aspects.

What's all the hype around Cryptocurrency?
While the term "cryptocurrency" that has been around since around a decade ago, it only gained prominence in the last few times.

Recent news stories have been focused on cryptocurrency. In recent times, they have become the subject of discussion because Sweden is requesting for the European Union to ban Bitcoin mining.

What is the point of all this? What exactly is cryptocurrency?

These are the types of questions I often get asked following years of investing and research. Let's explore it together and learn more about the realm of cryptocurrency.

Arif Efendi What is cryptocurrency?
It is basically a digital currency. There aren't any paper notes or physical coins. Arif Efendi The only way to make money is via data.

Furthermore, cryptocurrencies are currencies designed for peer-to–peer transactions, which are unaffected by central control. Bitcoin is perhaps the most widely-known cryptocurrency.

Bitcoins and various other kinds of cybercash, contain elements that permit decentralization. They function without the involvement of central banks or a central administrator.

The decentralized control is linked to a different characteristic of cryptocurrency that is enhanced security and anonymity because of its use of cryptography.
The benefits of cryptocurrency are far greater than traditional currencies. For example, cryptocurrency cannot be counterfeited or debased due to the cryptographic protocols that ensure the currency's existence.

Additionally, cryptocurrency accounts can't be "in the red" because they don't have a balance on their accounts.

Arif Efendi Finally, cryptocurrency allows for instant transactions between parties anywhere on Earth that are backed by a reasonable degree of confidence.

How does cryptocurrency differ from stocks?
The cryptocurrency is more than stocks as it is a digital currency which utilizes cryptography to make transactions.

There is no central bank system. The cryptocurrency market is primarily focused on investing and trading in cryptocurrency.

The stock market is the place where dealers and brokers exchange stocks. Arif Efendi A stock is an ownership stake in a company and can therefore be traded or sold for profits based on the results of the company.

The price of stocks fluctuates based on supply and need, overall economy health, value viewed by investors, the company's growth potential, etc.

Arif Efendi But, the prices of cryptocurrency rarely fluctuate more than% per 24 hours.

Why is cryptocurrency so popular
Cryptocurrency is rapidly increasing in popularity today. The advantages that cryptocurrency provides are the reason why investors are making investments in it. Although cryptocurrency information has been available for many years, cryptocurrency is gaining more interest.

Cryptocurrency allows users to take full control over their funds and not be dependent on financial institutions like banks and other. It's also distributed, which means nobody, no group or person can manage it. The freedom to manage your money that attracts many people including myself.

What's the reason Sweden opposing Bitcoin mining being banned by the EU
Despite its popularity within the EU legislators are examining new legislation that would stop energy-intensive cryptocurrency mining from being performed in any country in the union.

The law is being considered because cryptocurrency miners are draining electricity supplies in Sweden to their own benefit. It has been popularized in cryptocurrency mining in recent years.

Bitcoin was initially mined on ordinary processors. Then it became evident that this was far too slow. Consequently, cryptocurrency is now generated by large mining pools. These pools consume huge quantities of electricity and this is what concerns the Swedes.

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

This is enough electricity for the power of 200,000 homes. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining makes use of more of Sweden's renewable energy sources.

"If we were to allow extensive mining of crypto-assets in Sweden there is a risk that the renewable energy available to us would not be enough to support the necessary climate transition we'll need to undertake," the two Swedes sent in their letter to the EU.

Bjorn Risinger and Erik Thedeen refer to Sweden's obligations regarding climate in accordance with the 2015 Paris Agreement.

The coexistence of cryptocurrency and climate
While cryptocurrency is now more widely discussed and well-known than ever before but it's still controversial as you'll hear.

It's a pleasure for myself, too, to see the endless possibilities that cryptocurrency has. It's here to stay, and it will continue to be a major topic of discussion.

In the meantime, I'm hopeful we can come up with a solution that allows the cryptocurrency and the climate can coexist.


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