Notes

Arif Efendi - Why Cryptocurrency is here to stay
Arif Efendi, a London-based businessman writes in this opinion piece about his view on cryptocurrency and Sweden's demand to the EU to prohibit Bitcoin mining.
Arif Efendi The businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to stop Bitcoin mining.
Arif Elfendi, a businessman from Pakistan claims that cryptocurrency has become controversial in recent times. According to Arif Elfendi, cryptocurrency has been in the news lately.
He added that there are still numerous positive aspects of cybercash.

What's the buzz about Cryptocurrency?
Although cryptocurrency has been around for more than 10 years, it's only in recent years that it is now a common term.

https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 Cryptocurrencies have been featured in the news recently. This is because Sweden would like to ask the European Union, (EU) to stop allowing mining of Bitcoins.

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

These are the types of questions I frequently encounter after years of investment and research. Let's gather and dive into the world of cryptocurrency.

Arif Efendi Arif Efendi What exactly is cryptocurrency?
In its most basic form the term cryptocurrency is defined as digital money. It is a digital form of money. There are no physical coins or notes. All money is in the form of data.

Furthermore, cryptocurrencies can be described as digital currencies 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 are not centralized since they don't have a central bank.


The decentralized control is tied to a different characteristic of cryptography greater security and anonymity because of cryptography.
Cryptocurrency has many benefits when compared to traditional currencies. The cryptographic protocols that support cryptocurrency's existence guarantee that it cannot be debased or counterfeited.

Additionally, cryptocurrency accounts can't go "into the red" as cryptocurrency doesn't have an account balance that can result in deficit.

Finally, crypto allows for fast transactions between people anywhere across the globe with acceptable level of confidence.

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

Cryptocurrencies have no central banking system and are decentralized. Arif Efendi The market for cryptocurrency typically involves cryptocurrency investing and trading.

Stock market: This is where brokers and dealers trade stocks. Stocks are ownership rights in businesses and are traded at a profit or resold for profit, based on the business's performance.

Stock prices fluctuate each day because of supply and demand and economic health overall and the perception of value by investors and potential profits from company expansion, etc.

However, the prices of cryptocurrency do not fluctuate by more than 1% each day.

What is the reason why cryptocurrency is so popular?
The modern society is rapidly embracing cryptocurrency. People are purchasing cryptocurrency because of the benefits it can provide. While cryptocurrency has been around for years, it has recently been popularized, resulting in more cryptocurrency transactions than ever before.

Cryptocurrency lets people have full control over their funds and not be dependent on financial institutions like banks and other. It is also distributed, which means no company, group or individual is able to control it. Many people are drawn to cryptocurrency because they have the ability to manage their money.

Arif Efendi What is the reason Sweden opposed to Bitcoin mining being banned by the EU
Despite the increasing popularity of cryptocurrency mining, EU lawmakers are currently examining new legislation that would stop energy-intensive cryptocurrency mining any EU member country.

This legislation was proposed due to the fact that cryptocurrency miners use the power supply in Sweden to benefit. It is a well-known way to mine cryptocurrency in recent years.

Bitcoin was initially created on ordinary processing equipment. However it soon became evident that the procedure was slow. Therefore, cryptocurrency is now produced by large mining pools. They consume massive amounts of energy, and this is what concerns the Swedes.

According to an open letter to the EU, Bitcoin mining in Sweden is now using 1 TeraWatt per hour annually. The people who wrote the letter are Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

This is the same amount of electricity needed to supply 200,000 homes with energy. Bjorn Risinger Erik Thedeen and others affirm that cryptocurrency mining makes use of more and more Sweden's renewable energy.

"If we were to permit the mining of crypto assets in Sweden there is a possibility that the amount of renewable energy resources available to us will be insufficient to meet the requirements of the climate transition that we need to undertake," the two Swedes wrote in their letter to EU.

Bjorn Risinger and Erik Thedeen refer to Sweden's climate obligations according to the 2015 Paris Agreement.

Arif Efendi The cryptocurrency and the climate can coexist
While cryptocurrency is more popular and discussed than ever before, it's still controversial, as you can hear.

I am a huge fan of cryptocurrency and the numerous opportunities it offers. It's going to be a major news story in the future I'm certain.

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



My Website: https://www.walmart.com/ip/Kecegizade-Mehmed-Arif-Efendi-Diwan-1854-Leather-Bound/3439516519