Notes

Arif Elfendi: Why Cryptocurrency will Be Around to
Arif Efendi (a London-based entrepreneur) gives his thoughts on cryptocurrency and Sweden's call to the EU to prohibit Bitcoin Mining.
The businessman Arif Efendi shares his view about cryptocurrency and Sweden's plans to ban Bitcoin mining.
Arif Efendi, a businessman, said that bitcoin mining has come under attack in recent years. https://bbs.pku.edu.cn/v2/jump-to.php?url=https://twitter.com/ArifOUO/status/1733449376251380102 According to Arif Efendi, an entrepreneur, cryptocurrency has come under fire in recent times. A development that has seen bitcoin grow globally, mining was banned by EU.
However, he says that cybercash has many positive attributes.

What's all the fuss about? Cryptocurrency.
Although the term "cryptocurrency" which has been in use since around 10 years ago, it only gained prominence in the last few years.

Bitcoin and other cryptocurrency-related currencies have been in the news recently. Arif Efendi This is because Sweden wants to ask the European Union, (EU), not to allow the mining of Bitcoins.

What is cryptocurrency, and what exactly are all these terms?

These are the kinds of questions I have been asking myself for several years after investing and researching. Let's get to it together, and discover the cryptocurrency world.

Arif Efendi What exactly is cryptocurrency?
At its simplest, cryptocurrency is digital money. Cryptocurrency is digital money. There aren't any physical notes or coins. Data is the sole form of currency.

Additionally, cryptocurrencies can be described as digital currencies that are designed to be used on peer-to-peer networks that do not have a any central authority. Bitcoin is perhaps the most well-known cryptocurrency.

Bitcoins as well as other forms of cybercash are decentralized because they don't have a central bank.

One of the other advantages of cryptocurrency is its decentralized control, which is more secure and private due to the use of cryptography.
There are numerous advantages of cryptocurrency over traditional currency. Due to the cryptographic protocol the cryptocurrency cannot be hacked and debased.

A cryptocurrency account is not able to go "into red" because it doesn't have a balance in the account that could cause a deficit. could occur.

Finally, cryptocurrency allows near-instantaneous transactions between different parties from all over the world with some degree of confidence.

What is the difference between cryptocurrency and stocks?
The cryptocurrency market is distinct from stocks in the sense that it's a type of digital currency that utilizes cryptography to secure transactions.

The cryptocurrency market is completely decentralized, meaning they do not have a central banking system or authority to regulate their operations. The markets for cryptocurrency typically include cryptocurrency trading and investment.

Stock brokers and dealers sell stocks on the market. Stocks are the ownership stakes in firms and may be traded to earn profit or sold for profit, based on the business's performance.

Prices for stocks fluctuate daily because of demand and supply as well as the overall health of the economy, investor perceptions of value, the possibility of growth of a company, and many other factors.

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

Why is cryptocurrency so popular?
The popularity of cryptocurrency is increasing quickly. Many people are purchasing cryptocurrency due to the numerous benefits it offers. While cryptocurrency has been around for years however, it is now being widely used, leading to more cryptocurrency transactions than ever before.

Arif Efendi Cryptocurrency allows people to have complete control over their money , instead of relying on banks or financial institutions. Like I mentioned earlier, cryptocurrency is also not centralized. It means it doesn't belong to any single person, group, company, or organization. It is the freedom to control your money that entices many people including me.

What's the reason Sweden wish to see EU 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 country within the bloc.

Due to cryptocurrency miners making use of electricity sources in Sweden for their own gain, the legislation has been proposed. It has been popularized as a cryptocurrency mining method over the past years.

Bitcoin was first mined using ordinary processing machines. However, the process proved to be too slow when it was first introduced. Thus, today, cryptocurrency is created by massive mining pools. These pools use huge amounts energy, which poses a threat for the Swedes.

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

This electricity is enough to power 200,000 households. Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners consume the increasing amount of Swedish renewable energy.

"If we permit extensive mining crypto-assets into Sweden, there is the chance that the renewable power available to us won't be enough to support our transition to a more sustainable climate," wrote the Swedes in a letter to EU.

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

Coexistence of the climate with crypto
Although cryptocurrency is now more frequently discussed and debated about than it ever was, it remains a source of controversy.

I am a huge supporter of cryptocurrency and the numerous opportunities it offers. I'm sure it will be around for a long time and will make headlines in the future.

In the meantime, I am hoping that we can come up with a solution that allows the cryptocurrency industry and the climate to coexist.

Arif Efendi
Homepage: https://bbs.pku.edu.cn/v2/jump-to.php?url=https://twitter.com/ArifOUO/status/1733449376251380102