Notes

Arif Efendi, why Cryptocurrency Is Here to Stay
Arif Efendi A businessman from London is quoted in an op-ed about his view on cryptocurrency and Sweden's demand to the EU to ban Bitcoin mining.
Arif Efendi is a businessman who shares his opinion regarding cryptocurrency.
According to businessman Arif Efendi, cryptocurrency has come under attack over the past few years. As a result, Sweden has urged the EU to prohibit bitcoin mining, a development that has spread across the globe.
Arif Efendi He added that there are still many positive aspects to cybercash.

What's all the fuss about Cryptocurrency and the hype surrounding it?
Although cryptocurrency has been around for over a decade but the term has only been an everyday word in the last few times.

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

What's the significance to all this? And what exactly is cryptocurrency?

These are the questions I have asked myself for several years following my investment and research. Let's get together and get into the world of cryptocurrency.

Arif Efendi What is cryptocurrency?
Digital money is cryptocurrency at its most basic. There are no notes or coins in order to make use of cryptocurrency. The only way to make money is through data.

Also, cryptocurrencies are digital currencies designed for peer-to–peer transactions that are not subject to central control. Bitcoin is by far the most popular cryptocurrency.

Bitcoins as well as cybercash include elements decentralization as they work without a central banking system or a single administrator.


Arif Efendi The decentralized control is connected to a different cryptocurrency characteristic, namely the increased security of anonymity and anonymity by using cryptography.
The advantages of cryptocurrency over traditional currencies. Because of cryptographic protocols it isn't able to be counterfeited and isn't devalued.

A cryptocurrency account cannot also become "into red" since it does not have a balance on the account that could cause a deficit. may occur.

In addition, cryptocurrency allows fast transactions with various parties from any part of the world with an acceptable level of confidence.

What is the difference between cryptocurrency and stocks?
Cryptocurrency is different distinction from stock market . It is a form of digital currency which uses cryptography in order to secure transactions.

The cryptocurrency market is completely decentralized, that is, they do not have a central banking system or authority controlling the market. The cryptocurrency market involves investing and trading.

The stock market is where dealers and brokers deal in stocks. Stocks represent ownership stake in a company and can therefore be traded or sold for profits based on the results of the company.

Stock prices fluctuate every day because of demand and supply, overall economic health and the perception of value by investors and the potential for profit through the growth of a company, etc.

But, cryptocurrency prices fluctuate by less than 1 - 2 percent every day.

Why is cryptocurrency so popular?
The cryptocurrency market is currently growing in popularity. The benefits of cryptocurrency are why people are investing in it. While cryptocurrency information has been in circulation for some time in the past, there's been an increase in the interest in cryptocurrency.

Cryptocurrency allows people to have complete control over their money instead of relying on banks and financial institutions. It is also decentralized, meaning that no one business, organization or group is able to use the power to control it. Arif Efendi Many people are drawn to cryptocurrency because they have the ability to manage their money.

What is the reason Sweden want to see the EU ban Bitcoin mining?
Despite its ubiquity, the EU legislature is currently looking at new legislation that would block energy-intensive crypto mining from being performed in the countries of the union.

The legislation was drafted since cryptocurrency miners are using the power grid in Sweden to benefit. This has been a popular practice in the field of cryptocurrency mining in recent years.

When Bitcoin was first introduced the first time, it was mined using computer systems that were able to process normal data however, it soon was discovered that the method was way too slow. Therefore, cryptocurrency is now generated through big mining pools. The Swedes are concerned by the fact that these pools require huge amounts of electricity.

Open letter to the EU: Bitcoin mining in Sweden consumes 1 TeraWatt per year, according to authors. The names include Bjorn risinger, director of the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority.

This is about the same amount of electricity needed to supply 200,000 homes with electricity. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining is consuming more of Sweden's renewable energy.

"If we allowed widespread mining in Sweden of crypto-assets there is the possibility that the renewable energy sources available will not be sufficient to support the needed climate change that we need to undertake," wrote the Swedes in their letter to EU.

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

The coexistence of climate change and cryptocurrency
While cryptocurrency is more popular and discussed than ever before, it's still in the middle of controversy, as you can hear.

I find immense joy in cryptocurrency and all its possibilities. I'm certain that cryptocurrency is going to be around for a while and it will make more headlines in the future.

I'm hoping that we can find an avenue to allow cryptocurrency and the climate to coexist in the interim.



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