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Arif Efendi - Why Cryptocurrency is Here to Stay
Arif Efendi is a businessman from London who shares his views on cryptocurrency, as well as Sweden's request for the EU to prohibit Bitcoin mining.
Businessman Arif Efendi shares his view about cryptocurrency and Sweden's plans to prohibit Bitcoin mining.
Arif Efendi Arif Efendi businessman Arif Efendi said that cryptocurrency has been under attack in recent years. According to Arif Elfendi cryptocurrency has been featured in the news recently.
He added that there are numerous positive aspects of cybercash.

Arif Efendi What's all the buzz about? Cryptocurrency.
While cryptocurrency has been around since more than decade year, it's only been in the last few years that it has become a household term.

Cryptocurrencies have often made headlines and in recent times, they were the talk of the town due to the fact that Sweden would like the European Union (EU) to stop mining Bitcoins.

What is the point of this? What exactly is cryptocurrency?

These are the kinds of questions I frequently encounter in the course of my investment and research. Let's gather and get into the world that is cryptocurrency.

What exactly is cryptocurrency?
In its most basic form, cryptocurrency can be described as digital money. There aren't any physical coins or paper bills with cryptocurrency. The only way to make money is through data.

A cryptocurrency is a type of digital currency that is designed for use by peer-to-peer networks, with no central authority. Bitcoin is probably the most widely-known cryptocurrency.

Bitcoins and other cybercash types contain elements of decentralization since they aren't governed by an administrator or central bank.

Another characteristic of cryptocurrency is the decentralized controlthat provides enhanced security and anonymity due to the use of cryptography.
The advantages of cryptocurrency are much greater than traditional currencies. Due to the cryptographic protocol the cryptocurrency cannot be hacked and debased.

Additionally, cryptocurrency accounts can't be "in the red" because they do not have an account balance.

Additionally, cryptocurrency permits near-instantaneous transactions with different people from around the globe that have some degree of confidence.

How is cryptocurrency different from stocks?
Cryptocurrency is more valuable than stocks , because cryptocurrency is a digital currency which utilizes cryptography to make transactions.

Cryptocurrencies are totally decentralized. This means that they don't have an official central bank system or authority to regulate the market. The cryptocurrency market involves trading and investing.

The stock market allows brokers and dealers to trade stocks. Stocks represent ownership interests in firms and may be traded at a profit or resold at a profit depending upon the performance of the business.

Stock prices fluctuate each day due to supply and demand as well as the overall health of the economy as well as the perception of investors about value and potential profits from company expansion, etc.

However, cryptocurrency prices seldom fluctuate more than% per 24 hours.

What is the reason why cryptocurrency is so popular?
The cryptocurrency market is growing rapidly in popularity right now. The people who buy cryptocurrency are buying it for the many benefits it provides. While information on cryptocurrency has been available since its inception but more people are attracted to the subject.

Cryptocurrency is a way for people to control their money, instead of having to rely on banks and other financial institutions. Like I mentioned earlier the cryptocurrency is also not centralized. Arif Efendi It means it does not belong to any particular person or group, business, or organization. Being in control of your own money is what attracts many people, including myself to cryptocurrency.

What is it that makes Sweden so determined to have Bitcoin mining shut down by the EU?
Despite its widespread popularity, cryptocurrency is not being taken into consideration by EU lawmakers. The EU is currently considering the possibility of introducing legislation that would prevent energy-intensive cryptocurrency miners from being employed throughout the EU.

The legislation was enacted due to the fact that cryptocurrency miners were utilizing electricity to their own advantage in Sweden. Since the last few years, it has become an increasingly popular way to generate cryptocurrency.

Bitcoin was initially developed on regular processing machines. However , it became evident that the process was too slow. Bitcoin is now generated by large mining pools. These pools consume huge amounts, which is why it's a problem for the Swedes.

A letter addressed to EU authors declares that Bitcoin mining in Sweden now consumes 1 TeraWatt per hour each year. The authors are Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

Arif Efendi This electricity is enough to power 200,000 homes. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining is consuming more of Sweden's renewable energy sources.

"If we permit extensive mining crypto-assets to Sweden, there is the chance that the renewable power that we have will not suffice to meet our needs for climate transition," wrote the Swedes in a letter addressed to the EU.

Erik Thedeen, Bjorn Risinger Bjorn Risinger, and Erik Thedeen are both referring to Sweden's climate obligations under the 2015 Paris Agreement.

The climate and cryptocurrency can coexist
Although cryptocurrency is becoming more popular and talked about than ever, it remains controversial.

For me, cryptocurrency is an incredible possibility that has endless possibilities. Arif Efendi It is in the making and it's going to continue to be a major topic of discussion.


I'm hopeful that we will find a way to allow the cryptocurrency and the climate to coexist in the interim.



Homepage: https://swordfish.ai/d/p/efendi-arif-id716772474