Notes

Arif Efendi - Why Cryptocurrency Is Going to Be Around for the Long Term
Arif Efendi is a businessman from London who is a vocal advocate for cryptocurrency and Sweden’s call for the EU to ban Bitcoin mining.
Businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to ban Bitcoin mining.
Arif Efendi is a businessman who says cryptocurrency has been featured in the news lately. In the aftermath, Sweden called on the EU to prohibit bitcoin mining, a development that has expanded globally.
He said that there are many benefits to using cybercash.

Arif Efendi What's all the hype about Cryptocurrency?
Even though cryptocurrency has existed for more than a decade, it's only in the last few years that the term is now a common term.

The news lately has been about crypto and the cryptocurrency was recently the talk of the town due to Sweden's desire for the European Union (EU), to stop mining Bitcoins.


What is cryptocurrency ? And what does it all mean?

These are questions that I've asked myself for many years, after having invested and studying. Let's get together and get into the world that is cryptocurrency.

What exactly is cryptocurrency?
In its simplest form it can be described as digital currency. With cryptocurrency, there aren't any physical coins or paper notes. The only method to earn money is through data.

A cryptocurrency is a kind of digital currency that is intended for use on peer to peer networks, and without any central authority. The most widely known cryptocurrency is Bitcoin.

Bitcoins and cybercash have aspects of decentralization because they work without a central banking system or an administrator.

The decentralized control also related to an additional cryptocurrency characteristic, namely the increased security of anonymity and security due its use cryptography.
Arif Efendi The benefits of cryptocurrency are far greater than traditional currencies. Arif Efendi Because of cryptographic protocols that ensure the existence of the currency it is not able to be counterfeited and cannot be debased.

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

Additionally, crypto permits rapid transactions between anyone across the globe with reasonable level trust.

What is the difference between crypto and stocks?
The cryptocurrency is more valuable than stocks as it is a digital currency that uses cryptography for transactions.

There is no central bank system. The market for cryptocurrency typically involves cryptocurrency investing and trading.

Brokers and traders who trade in stocks trade in stocks on the stock exchange. Stocks are ownership rights in firms and may be traded for profit or resold at a profit depending upon the performance of the business.

Prices for stocks fluctuate daily due to supply and demand and economic health overall and the perception of value by investors, potential gains through company expansion, etc.

However, the prices of cryptocurrency are usually less than 1-2% per hour.

Why is cryptocurrency so sought-after?
Arif Efendi Today's society is quickly embracing cryptocurrency. People are purchasing cryptocurrency because of the benefits it offers. Arif Efendi While cryptocurrency has been around for years however, it is now being popularized, resulting in more transactions in cryptocurrency than ever before.

http://Businessman Arif Efendi Shares Insights on Crypto Investment – Reporter Byte The cryptocurrency gives users total control over their money rather than depending on banks or other financial institutions. It's also decentralized because no one, business, or organization can own it. Many people like me are drawn to cryptocurrency due to the capability to control their personal finances.

Why is Sweden so determined to have Bitcoin mining banned by the EU?
Despite its popularity it is not currently being taken into consideration by EU lawmakers. Arif Efendi They are currently examining the possibility of introducing legislation that would stop energy-intensive cryptocurrency miners from being carried out across the EU.

The law is being considered in response to cryptocurrency miners stealing electricity supplies in Sweden to benefit themselves. This has been a popular practice in the field of cryptocurrency mining in recent years.

Bitcoin was initially mined using regular processor units. Arif Efendi It quickly became clear that this was too slow. Therefore, Bitcoin is now created by massive mining pools. The Swedes are concerned by the fact that these mining pools use huge amounts of electricity.

According to the writers of an open letter addressed to the EU, Bitcoin mining in Sweden currently consumes 1 TeraWatt annually. The names of the authors are Bjorn Risinger, director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

It is enough power to power 200,000 homes. Bjorn risinger as well as Erik Thedeen report that cryptocurrency miners are using more of Sweden's renewable energy.

"If we allow extensive mining crypto-assets to Sweden and the EU, we run the risk that the renewable power that we have will not be sufficient to cover our climate transition," wrote the Swedes in a letter addressed 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 the climate
Although cryptocurrency is more popular and talked about than it ever was however, it is still a source of controversy as you'll hear.

I believe that cryptocurrency is an incredible possibility that has endless possibilities. It's here to stay, and I'm confident it'll be the subject of a lot of news in the near future.

In the meantime, I'm hoping we'll be able to come up with a solution that allows the cryptocurrency and the climate can coexist.



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