Notes

Arif Efendi - Why Cryptocurrency is Going to Be Around for the Long Term
Arif Efendi is a businessman from London who is quoted in an op-ed about his thoughts on cryptocurrency as well as Sweden's call for the EU to prohibit Bitcoin mining.
Arif Efendi, a Swedish businessman, gives his opinion on cryptocurrency.
Arif Efendi is a businessman whose views on cryptocurrency has been in the news lately. https://elevateducation.com/members/arif-efendikjdm231/activity/697925/ As a result, Sweden called on the EU to ban bitcoin mining, a development that has expanded globally.
Arif Efendi But, he says that cybercash still has lots of positive aspects to offer.

What's the fuss about? Cryptocurrency.
Although cryptocurrency has been in existence for more than a decade but the term is only a household word in the last few years.

Cryptocurrencies have been featured in the news lately. This is due to Sweden is urging to ask the European Union, (EU) to stop allowing the mining of Bitcoins.

What's the deal with cryptocurrency?

After years of study and investment this is a question I frequently get asked. Let's tackle it together and learn more about the world of crypto.

What is cryptocurrency?
Cryptocurrency is simply digital money. You don't need physical notes or coins for using cryptocurrency. The currency is only the form and format of data.

They are digital currencies that can be used in peer-to-peer network without central authority. Bitcoin is the most prominent cryptocurrency.

Bitcoins as well as other forms of cybercash, have elements that allow for decentralization. They work without the involvement of central bank or administrator.

The decentralized control is connected to a different cryptocurrency feature, which is the greater security of anonymity and anonymity by using cryptography.
There are numerous advantages of cryptocurrency over conventional currency. For instance, it is unable to be debased or counterfeited due to the cryptographic protocols that support the currency's existence.

Additionally, cryptocurrency accounts do not have the ability to go "in the red" because cryptocurrency does not have a real balance, from which a deficit could be created.

Finally, crypto allows for fast transactions between people anywhere across the globe with reasonable level trust.

What's the difference between stocks and cryptocurrency?
Cryptocurrency is more than stocks as it is a digital currency that uses cryptography for transactions.

Cryptocurrencies can be used as a decentralized currency. They are not subject to any central banking system. The cryptocurrency market involves trading and investing.

The stock market is where dealers and brokers exchange stocks. A stock is an ownership stake within the company. It is traded at a profit , or exchanged for cash , based on the performance of the company.

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

However, prices for cryptocurrency do not fluctuate by more than 1-2 percent per day.

Why is cryptocurrency so popular?
The demand for cryptocurrency in the present day is increasing quickly. The benefits that cryptocurrency offers is the main reason people are investing in it. While information about cryptocurrency is available for many years, the cryptocurrency market is now gaining more recognition.

It is a method for people to control their money instead of being dependent on banks or other financial institutions. Arif Efendi It is also decentralized, which means that no single person, group or company owns it. The ability to be in control of your own money is what attracts many people, including me, to cryptocurrency.

Why is Sweden so determined to get Bitcoin mining shut down by the EU?
Despite its popularity , the EU legislative body is currently examining new legislation that would block the use of energy-intensive crypto mining carried out in any country within the union.

This legislation is being made because cryptocurrency miners were using electricity for their own benefit in Sweden. This has become a popular method to mine cryptocurrency in recent times.

https://click4r.com/posts/g/14662875/ Bitcoin was first mined with ordinary processing units. However this process proved to be too slow when it was first introduced. Thus, Bitcoin is now generated through big mining pools. They consume massive amounts, which is why it concerns the Swedes.

In an open letter sent to the EU, Bitcoin mining in Sweden is now using 1 TeraWatt/hour per year. The names of the people who sent the open letter to EU include Bjorn Riser director of Sweden's Environment Protection Agency. Erik Thedeen director of Sweden's Financial Supervisor Authority.

The power produced by this amount is enough to supply power to 200,000 homes. Arif Efendi Bjorn Risinger and Erik Thedeen report that cryptocurrency miner uses increasing amounts of Sweden's clean energy.

"If we allowed widespread mining in Sweden of crypto-assets there is an opportunity that the renewable energy available will not be sufficient to cover the necessary climate transition that we have to undertake," wrote the Swedes in their letter to EU.

Erik Thedeen & Bjorn Risinger are two terms used to are used to refer to Sweden's climate commitments as per the 2015 Paris Agreement.

Coexistence between the climate and cryptocurrency
Although cryptocurrency is now more widely discussed and debated than any time in the past in the media however, it's still a subject of controversy.

I am awestruck by cryptocurrency and all its possibilities. I am certain it will be around for a long time and make more headlines in future.

I am hopeful that we can come up with ways to allow cryptocurrency and the climate to coexist in the interim.


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