Notes

Arif Efendi Arif Efendi: Why cryptocurrency is here to stay
Arif Efendi (a London-based businessman from London) gives his thoughts on cryptocurrency and Sweden's call to the EU to prohibit Bitcoin Mining.
Arif Efendi, a businessman, shares his views on cryptocurrency and Sweden’s proposal to prohibit Bitcoin mining.
Arif Efendi is a businessman who says cryptocurrency has been featured in the news lately. According to Arif Efendi, cryptocurrency has come under scrutiny in recent times.
But, he says that cybercash is still full of positive qualities to offer.

What's the fuss about Cryptocurrency and its hype?
Although the term "cryptocurrency" which has been in use since at least a decade ago, it only become well-known in recent times.

Cryptocurrencies have often made headlines and in recent times, they were the hot topic because Sweden wants the European Union (EU) to prohibit mining Bitcoins.

Arif Efendi What's the big deal and what exactly is cryptocurrency actually?

These are some of the questions I am often asked after years of research and investing. Let's take a dive together and look into cryptocurrency.

What is cryptocurrency?
The most basic definition of cryptocurrency is digital currency. In the case of cryptocurrency, there aren't any physical coins or paper notes. Arif Efendi The only method to earn money is via data.

In addition, cryptocurrencies could be described as digital currencies that are intended to be used in peer-to-peer networks that do not have a central authority. Bitcoin is the most prominent cryptocurrency.

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

One more characteristic of cryptocurrency is the decentralized controlthat provides increased security and privacy because it uses cryptography.
There are many advantages to cryptocurrency over traditional currency. Arif Efendi The cryptographic protocols that support cryptocurrency's existence ensure that it cannot be debased or counterfeited.

A cryptocurrency account can't become "into red" because it does not have a balance in the account that could cause a deficit. might occur.

With a decent amount of trust, cryptocurrency also allows for almost instantaneous transactions among different parties anywhere on Earth.

What distinguishes cryptocurrency from stocks, and how can it be used to boost their value?
Cryptocurrency differs from stocks in the fact that it is a kind of digital currency that utilizes encryption to safeguard transactions.

They are decentralized, which means they do not have a central banking system or authority to regulate their operations. The cryptocurrency market involves investing and trading.

Dealers and stock brokers deal in stocks on the stock market. A stock represents an ownership interest in a company and can therefore be sold or traded at a profit based on the performance of the company.

The price of stocks fluctuates daily in response to demand and supply, economic health, perceived value of investors and the potential benefits from growth of companies.

But, cryptocurrency prices fluctuate between 1-2% each day.

What is the reason why cryptocurrency is so popular?
http://box5172.temp.domains/~gamescap/forums/users/arif-efendilvhi744/ The popularity of cryptocurrency is growing in today's society. The people who buy cryptocurrency are buying it for the numerous benefits it offers. Although cryptocurrency information is known for years, it has recently been widely used, leading to more cryptocurrency transactions than ever before.

Cryptocurrency allows people to have complete control over their money , instead of relying on banks and financial institutions. As I mentioned it is also decentralized. It means it doesn't belong to any particular person or group, business or any other entity. https://www.question-ksa.com/user/arif-efendicvuk585 Many people like me are attracted by cryptocurrency because of the ability to manage their personal finances.

Arif Efendi Why does Sweden would like to see the EU prohibit Bitcoin mining?
Despite the increasing popularity of cryptocurrency mining, EU legislators are currently looking at new legislation that would ban energy-intensive cryptocurrency mining in any country within the bloc.

The law is being considered due to cryptocurrency miners draining the power supply in Sweden to their own benefit. This is a well-known method for cryptocurrency mining in the last few years.

When Bitcoin was introduced the first time, it was mined using computer systems that were able to process normal data, but it quickly turned out that the method was way too slow. Consequently, cryptocurrency is now generated by large mining pools. These mining pools consume enormous amounts of money, which is why it concerns the Swedes.

In an open letter to the EU, Bitcoin mining in Sweden is currently consuming 1 TeraWatt per hour 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's the equivalent to the amount of electricity required for 200,000 households to have energy. Bjorn Riser and Erik Thedeen say that cryptocurrency mining uses more energy in Sweden.

"If we were to allow the mining of crypto assets in Sweden there is a possibility that the renewable energy available to us would not be enough to support the necessary climate transition that we need to make," the two Swedes sent in their letter to EU.

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

Coexistence of the climate and crypto
Although cryptocurrency is being more popular and talked about than ever, it remains controversial.

It is a joy to myself, too, to look at the infinite possibilities of cryptocurrency. I am sure it is going to be around for a while and it will generate many more news stories in the near future.

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


My Website: http://box5172.temp.domains/~gamescap/forums/users/arif-efendilvhi744/