Notes

Arif Elfendi The Reasons Why Cryptocurrency Will Stay
Arif Efendi is a businessman from London who writes in this opinion piece about his view on cryptocurrency and Sweden's demand to the EU to stop Bitcoin mining.
https://www.turcology.org/en/haci-ali-arif-efendi-and-his-divance-16570 Arif Efendi is a businessman who has a strong opinion regarding cryptocurrency.
Arif Efendi a businessman says that cryptocurrency has been scrutinized in recent years. According to Arif Emendi cryptocurrency has come under scrutiny in recent times.
He said that there are still many positive aspects to cybercash.

What's the fuss about Cryptocurrency?
Even though cryptocurrency has been around for over 10 years, it's only in recent years that the term is now a common term.

Cryptocurrencies have often made headlines and recently became the talk of the town because Sweden is urging to ban the European Union (EU) to prohibit mining Bitcoins.

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

These are questions that I get asked after years of investment and research. Let's get to it together, and discover the universe of crypto.

https://www.researchgate.net/profile/M-Efendi What exactly is cryptocurrency?
The most basic definition of cryptocurrency is that it is a digital currency. Arif Efendi There are no paper bills or physical coins that are backed by cryptocurrency. Data is the sole form of currency.

A cryptocurrency is a form of digital currency specifically designed to be used in peer-to-peer networks, without any central authority. Bitcoin is among the most well-known cryptocurrency.

Bitcoins as well as other forms of cybercash are decentralized because they don't have a central bank.

The decentralized control is linked to another characteristic of cryptocurrency increased security and anonymity due to cryptography.
The advantages of cryptocurrency are much superior to traditional currencies. Due to cryptographic protocols, cryptocurrency can't be counterfeited or devalued.

A cryptocurrency account can't go "into red" because it doesn't have an account balance that could cause a deficit. may occur.

In addition, cryptocurrency allows instantaneous transactions between various parties anywhere on Earth with a reasonable degree of confidence.

What is the difference between cryptocurrency and stocks?
Cryptocurrency has a distinct distinction from stocks . It is a form of digital currency that makes use of cryptography to safeguard transactions.

Cryptocurrencies do not have any central banking system. The market for cryptocurrency typically involves investing in and trading with cryptocurrency.

Stock traders and brokers trade in stocks through the stock exchange. Stocks are the ownership stakes in companies and can be traded for profit or resold for profit, based on the performance of the business.

Stock prices fluctuate every day due to supply and demand and the overall economic health and the perception of value by investors, potential for gains through business growth, etc.

Arif Efendi But, prices for cryptocurrency are usually less than 1-2% per hour.

Why is cryptocurrency so wildly sought-after?
Arif Efendi The demand for cryptocurrency is increasing quickly. The advantages that cryptocurrency provides are why people are investing in it. While cryptocurrency information has been in circulation for some time now, there has been an unexpected increase in the interest in cryptocurrency.

The cryptocurrency system allows users to take complete control over their money instead of relying on banks and financial institutions. Like I mentioned earlier, cryptocurrency is also not centralized. It means it does not belong to any individual or group, corporation, or organization. Being in control of your own money is what draws lots of people, like myself to crypto.

Why does Sweden wish for the EU to prohibit Bitcoin mining?
Despite its widespread acceptance within the EU lawmakers are currently examining new legislation that would stop energy-intensive cryptocurrency mining from being carried out in all countries of the union.

The legislation is being proposed due to cryptocurrency miners draining the power supply in Sweden to benefit themselves. It has become a common method for mining cryptocurrency in recent times.

Bitcoin was first created using regular processing units. However it soon became clear that the procedure was too slow. Most cryptocurrency today comes from large mining pools. These mining pools consume enormous amounts of money, which is why it is a concern for the Swedes.

In an open letter sent to the EU, Bitcoin mining in Sweden is currently consuming 1 TeraWatt per hour annually. The names of the writers are Bjorn Risinger director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

This will power 200,000 households. Bjorn Riser and Erik Thedeen say that cryptocurrency mining uses more energy in Sweden.

"If we were permitted to mine crypto-assets within Sweden, then there is an opportunity that the renewable energy available to us won't suffice to meet the necessary climate change," the Swedes wrote in a letter addressed to the EU.

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

Coexistence of the climate with crypto
Although cryptocurrency is now more talked about and discussed than ever before, it is still controversial as you can see.

I am a big fan of cryptocurrency and the many opportunities it offers. I am certain it will stay around and make more headlines in future.


I hope that in the meantime we will be able to work together to ensure that the climate and cryptocurrency co-exist.



Read More: https://www.researchgate.net/profile/M-Efendi