Notes

Arif Efendi, Why Cryptocurrency Is Here to Stay
Arif Efendi (a London-based entrepreneur) gives his thoughts regarding cryptocurrency, and Sweden's appeal for the EU to prohibit Bitcoin Mining.
Arif Efendi, a Swedish businessman, shares his thoughts on cryptocurrency.
Arif Efendi is a businessman who says cryptocurrency has been in the news recently. According to Arif Efendi, who is a Swedish businessman, cryptocurrency has been under attack in recent years. This is a phenomenon that has grown globally.
He also said that there are numerous positive aspects of cybercash.

What is all the hype about? Cryptocurrency.
Although cryptocurrency has existed since more than decade year period, it's only since the last couple of years that it has become a household word.


The media has been talking about crypto and the cryptocurrency was recently the talk of town because of Sweden's desire to join the European Union (EU), to stop mining Bitcoins.

What's the deal with cryptocurrency?

After many years of research and investments These are the questions I am often asked. Let's get together and explore the world that is cryptocurrency.

What exactly is cryptocurrency?
At its simplest the definition of cryptocurrency is digital money. There are no physical coins or paper bills that are backed by cryptocurrency. The currency is only the format and form of data.

In addition, cryptocurrencies could be defined as digital currency that are specifically designed to be used on peer-to–peer networks without any central authority. Bitcoin is the most well-known cryptocurrency.

Bitcoins as well as other forms of cybercash, contain elements that allow for decentralization. They operate without the intervention of central bank or administrator.

The decentralized control is connected to one more cryptocurrency characteristic, namely enhanced security and anonymity through the use of cryptography.
There are many advantages to cryptocurrency over traditional currency. The cryptographic protocols behind cryptocurrency's existence guarantee that it is not devalued or counterfeited.

Furthermore, cryptocurrency accounts cannot be "in the red" because they do not have a balance in the account.

Finally, cryptocurrency allows near-instantaneous transactions with various people from around the globe that have some degree of trust.

How is cryptocurrency different to stocks?
Cryptocurrency is different from stocks because it uses cryptography to safeguard transactions.

They do not have a central bank system and are decentralized. The cryptocurrency market is a place for trading and investing.

https://steemit.com/@arifefendi https://www.unwomenuk.org/product/marina-perez-simao-arifefendi Stock brokers and dealers deal in stocks on the stock market. Stock represents ownership in a company, and it can either be traded or bought with a profit, based on its performance.

Stock prices fluctuate daily in response to demand and supply economic health, the perceived value of investors and the possibility of profit from growth in a company.

However, cryptocurrency prices rarely vary more than 1-2% a day.

Why is cryptocurrency so well-liked?
Cryptocurrency is rapidly growing in popularity in the present. The people who buy cryptocurrency are doing so because of the many benefits it offers. Information about cryptocurrency has been around for years, but recently cryptocurrency has generated interest, leading to more cryptocurrency purchases than ever before.

Cryptocurrency allows people to have complete control over their finances instead of having to rely on banks or financial institutions. It's also distributed, which means no company, group or individual is able to control it. Arif Efendi A lot of people like cryptocurrency due to the fact that they can control their money.

What's the reason Sweden wish for the EU to ban Bitcoin mining?
Despite the increasing popularity of cryptocurrency mining EU lawmakers are currently examining new legislation to ban energy-intensive cryptocurrency mining in any EU member country.

The legislation is being proposed in response to cryptocurrency miners stealing electricity supplies in Sweden for their own gain. It has become a common method of mining cryptocurrency in the past few years.

Bitcoin was initially created on ordinary processing equipment. However , it became evident that the process was too slow. https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 Consequently, cryptocurrency is now produced by huge mining pools. The Swedes are worried about the fact that these pools require huge amounts of electricity.

Arif Efendi A letter addressed to EU authors states that Bitcoin mining in Sweden now consumes 1 TeraWatt per hour each year. 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

This amount of power would be enough to provide electricity to around 200,000 households. Bjorn Risinger as well as Erik Thedeen report that cryptocurrency miner uses increasing amounts of Sweden's renewable energy.

In a letter addressed to the EU, the Swedes stated that allowing extensive mining of crypto-assets from Sweden could lead to insufficient renewable energy sources to meet the necessary climate change.

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

Coexistence of the climate with crypto
While cryptocurrency is now more talked about and popular than ever, it remains controversial.

Ipersonally am a huge fan of cryptocurrency and its endless opportunities. It's here for a long time, and I'm confident it'll make a lot of headlines within the next few years.

I am hopeful that we can find an avenue to allow cryptocurrency and climate to co-exist in the interim.



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