Notes

Arif Efendi The reason why cryptocurrency will not go away
Arif Emendi, a London businessman, is the author of this piece of advice on cryptocurrency.
Arif Efendi a businessman shares his view about cryptocurrency and Sweden's plan to ban Bitcoin mining.
Arif Efendi Arif Efendi is a businessman whose views on cryptocurrency has been featured in the news recently. According to Arif Elfendi, a businessman, cryptocurrency has come under scrutiny in recent years. A development that has grown globally, bitcoin mining was banned by EU.
He claims, however, that cybercash is a positive option because of its many benefits.

What's the buzz about Cryptocurrency?
Although cryptocurrency has been around since more than decade year period, it's only in the last few years that it has become a household word.

The media has been talking about crypto and the cryptocurrency was recently the topic of conversation due to Sweden's desire for the European Union (EU), to prohibit mining of Bitcoins.

What's the purpose to all this? And what exactly is cryptocurrency?

These are the questions I have asked myself for a number of 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 sense, cryptocurrency can be described as digital money. In the case of cryptocurrency, there are no physical notes or coins. The money exists strictly in the form of data.

Additionally, they are forms of digital currencies developed to be used on peer-to-peer networks without central authority. The most widely known cryptocurrency is Bitcoin.

Bitcoins and various other types of cybercash contain elements of decentralization since they are not governed by a central bank or administrator.

The decentralized control is also related to an additional cryptocurrency characteristic, namely the greater security of anonymity and security due its use cryptography.
Cryptocurrency offers many advantages over traditional currencies. For instance, it is unable to be counterfeited or debased due to the cryptographic protocols which support the currency's existence.

A cryptocurrency account cannot also be "into red" since it does not have a balance on the account, from which a deficit could occur.

Additionally, crypto permits rapid transactions between anyone in the world with a reasonable level trust.

What is the difference between crypto and stocks?
Cryptocurrency is distinct distinction from stocks . It's a form of digital currency that utilizes cryptography to protect transactions.

There is no central bank system. The cryptocurrency market usually includes trading and investing in cryptocurrency.


The stock market is where dealers and brokers trade stocks. A stock is an ownership stake in a company therefore it is able to be sold or traded at an profit depending on the results of the business.

Prices for stocks fluctuate daily due to demand and supply, overall health of the economy, perceived value by investors potential gains from business growth, etc.

However, the price of cryptocurrency fluctuates less than 1-2% each day.

What is the reason why cryptocurrency is so popular?
The cryptocurrency market is currently growing in its popularity. Due to its advantages that cryptocurrency offers, more people are purchasing it. Although cryptocurrency information has been in circulation for some time in the past, there's been an unexpected increase in interest in cryptocurrency.

Cryptocurrency is a way for individuals to manage their money, rather than being dependent on banks or other financial institutions. As I mentioned the cryptocurrency is also not centralized. It means it doesn't belong to any single person or group, corporation or any other entity. Many of us are drawn to cryptocurrency due to the capability to control their own money.

Why does Sweden would like to see the EU ban Bitcoin mining?
Arif Efendi Despite its popularity , the EU legislature is currently considering new legislation that would prohibit energy-intensive crypto mining from being carried out in any country within the EU.

Arif Efendi Due to cryptocurrency miners using electricity supplies in Sweden to make money for themselves, the legislation is being considered. In recent years, it has become a popular method to mine cryptocurrency.

When Bitcoin was introduced in the early 2000s, it was mined on computer systems that were able to process normal data however, it soon turned out that the method was too slow. Bitcoin is now produced by large mining pools. These mining pools use huge amounts of energy, and this is what concerns the Swedes.

In an open letter to the EU, Bitcoin mining in Sweden is now consuming 1 TeraWatt/hour annually. The authors' names include Bjorn Raisinger, Director of the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority.

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

"If we were to permit the mining of crypto assets in Sweden there is a possibility that the renewable energy resources available to us will be insufficient to cover the required 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 in relation to climate under the 2015 Paris Agreement.

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

I am a huge supporter of cryptocurrency and all the opportunities it provides. Arif Efendi It's here for a long time, and I'm sure it'll be the subject of a lot of news within the next few years.

Arif Efendi In the meantime, I am hoping that we can discover a way to allow cryptocurrency and the environment to coexist.

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