Notes

Arif Efendi: Why Cryptocurrency is Here to Stay
Arif Efendi, a London-based businessman shares in this op-ed his views on cryptocurrency and Sweden's request to the EU to prohibit Bitcoin mining.
The businessman Arif Efendi shares his view regarding cryptocurrency and Sweden's plan to stop Bitcoin mining.
Arif Efendi is a businessman whose views on cryptocurrency has been in the news lately. As a result, Sweden demanded the EU to prohibit bitcoin mining, a development that has grown globally.
However, he says that cybercash has many positive attributes.

Arif Efendi What's all the buzz about Cryptocurrency.
Although cryptocurrency is a term that has been around since around 10 years ago, it only become well-known in recent times.

Cryptocurrencies often make the front of headlines. They recently gained attention because Sweden plans to ban Bitcoin mining in the European Union (EU).

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

After years of study and investment, these are questions I frequently get asked. Let's get together and dive into the world of cryptocurrency.

What is cryptocurrency exactly?
Digital money is crypto in its most basic form. It is not an actual currency. The currency is only as data.

Furthermore, cryptocurrencies can be described as digital currencies designed to be used on peer-to–peer networks without any central authority. Bitcoin is among the most popular cryptocurrency.

Bitcoins and cybercash also have features of decentralization since they operate without a central bank system or single administrator.

The decentralized control is tied to a different characteristic of cryptography: enhanced anonymity and security due to cryptography.
Cryptocurrency offers many advantages over traditional currencies. It isn't easy to counterfeit or debased because of the protocols for cryptography that guarantee its existence.

A cryptocurrency account cannot also go "into red" because it does not have an account balance, from which a deficit may occur.

Additionally, crypto permits quick transactions between any person on the planet with a acceptable level of trust.

Arif Efendi What is the difference between cryptocurrency and stocks?
Cryptocurrency is greater than stocks as it is a digital currency which uses cryptography for transactions.

They are decentralized, meaning they have no centralized banking system or authority to regulate their operations. The cryptocurrency market is a place for trading and investing.

Stock brokers and dealers sell stocks on the market. Stocks represent ownership interest in a company so it can be traded or sold for a profit based on the performance of the company.

The price of stocks fluctuates daily due to supply and demand, overall economic health and the perception of value by investors potential gains from business expansion, etc.


https://www.thelondoneconomic.com/lifestyle/my-business/rethinking-hospitality-navigating-the-post-covid-era-with-arif-efendi-351510/ However, the prices of cryptocurrency seldom vary more than 1-2% a day.

What is the reason why cryptocurrency is so popular?
Nowadays, cryptocurrency is quickly rising in its popularity. Many people are purchasing cryptocurrency because of the many advantages it provides. While information about cryptocurrency has been around for years but there is an unexpected increase in interest in cryptocurrency.

Cryptocurrency lets people have complete control of their money , and not rely on banks or other financial institutions. Arif Efendi It is also decentralized, which means no person, group or company has ownership of it. This is what attracts many people to cryptocurrency, like me.

What's the reason Sweden would like to see the EU ban Bitcoin mining?
Despite its popularity, EU legislators are currently looking at new legislation that would bar the mining of cryptocurrency that is energy-intensive from being used in any country in the continent.

Since cryptocurrency miners have been making use of electric power sources in Sweden for their own benefit and benefit, legislation is now being introduced. Arif Efendi This has been a common method of mining cryptocurrency in recent decades.

Bitcoin was initially created on regular processing equipment. However it soon became obvious that the procedure was too slow. Thus, today, cryptocurrency is produced by huge mining pools. These pools consume huge amounts and that's why it's a problem for the Swedes.

Open letter to EU authors claims that Bitcoin mining in Sweden is now consuming 1 TeraWatt per hour each year. The names of the people who wrote the letter are Bjorn Risinger, director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

This amount of electricity is enough to power approximately 200,000 households. Bjorn Risinger Erik Thedeen and others claim that cryptocurrency mining is a good use of more and more Sweden's renewable energy.

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

Erik Thedeen (Bjorn Risinger) and Erik Thedeen (Erik Thedeen) refer to Sweden's climate commitment under the 2015 Paris Agreement.

Coexistence of the climate with crypto
Although cryptocurrency is more well-known and discussed than ever before however, it is still a source of controversy as you can tell.

It is a joy to metoo to be able to envision the endless possibilities of cryptocurrency. It's here to stay and I believe it will generate a lot of attention in the near future.

I really hope that , in the meantime, we can collaborate to make the climate and cryptocurrency co-exist.

Arif Efendi

Homepage: https://www.thelondoneconomic.com/lifestyle/my-business/rethinking-hospitality-navigating-the-post-covid-era-with-arif-efendi-351510/