Notes

Arif Efendi - Why Cryptocurrency is Here to Stay
Arif Efendi (a London-based entrepreneur) gives his thoughts on cryptocurrency and Sweden's call for the EU to prohibit Bitcoin Mining.
Arif Efendi is a businessman who is a skeptic about cryptocurrency.
Arif Efendi is a businessman who says cryptocurrency has been in the news lately. According to Arif Efendi, an entrepreneur cryptocurrency has come under fire in recent times. Arif Efendi A development that has seen bitcoin grow globally, mining was banned by the EU.

He added that there are still many positive aspects to cybercash.

What's the fuss about Cryptocurrency?
While the term "cryptocurrency" that has been around since around a decade ago, it only been popularized in recent years.

The cryptocurrency market has often been the subject of headlines and in recent times, they were the hot topic because Sweden wants to ban the European Union (EU) to prohibit mining Bitcoins.

What exactly is cryptocurrency and what are these things?

These are the types of questions I am often asked after many years spent researching and investing. Let's get together to explore cryptocurrency.

What is cryptocurrency?
Arif Efendi In its simplest form, cryptocurrency is digital money. The cryptocurrency isn't a physical currency. The money exists only in the format and form of data.

Additionally, cryptocurrencies can be described as digital currencies that are intended to be used in peer-to–peer networks without any central authority. Bitcoin is among the most well-known cryptocurrency.

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

Decentralized control refers to another cryptocurrency characteristic, namely an increase in security and security due to the use of cryptography.
Cryptocurrency has many benefits compared to traditional currency. Cryptocurrency is not easily counterfeited or devalued because of the cryptographic protocols that ensure its existence.

A cryptocurrency account cannot also go "into red" because it doesn't have a balance in the account and a deficit may occur.

With a decent level of trust, cryptocurrency permits almost instantaneous transactions between various parties on Earth.

Arif Efendi How is cryptocurrency different than stocks?
The cryptocurrency is more than stocks as it is a digital currency that makes use of cryptography to conduct transactions.

There is no central banking system. The market for cryptocurrency usually involves investing in and trading with cryptocurrency.

The stock market allows brokers and dealers to trade stock. Stock is a symbol of ownership in an organization, and it can either be bought or traded for profit based on its performance.

Prices for stocks fluctuate based on supply and need, overall economy health, value viewed from investors, growth prospects, etc.

However, the prices of cryptocurrency do not change more than 1-2% each day.

Why is cryptocurrency so popular
Today's society is quickly embracing cryptocurrency. The advantages that cryptocurrency provides are the reason why people are investing in it. Arif Efendi While cryptocurrency information is available for many years, it is now receiving more interest.

The cryptocurrency gives users total control over their money. It's not dependent on banks and financial institutions. As mentioned earlier, it is also decentralized, which means that no individual, group, or business has ownership of it. A lot of people like me are attracted to cryptocurrency for the ability to manage their own money.

What is the reason Sweden would like to see the EU prohibit Bitcoin mining?
Despite the growing popularity of cryptocurrency mining EU legislators are currently looking at new legislation that would ban energy-intensive cryptocurrency mining in any member of the bloc.

Due to cryptocurrency miners making use of electricity sources in Sweden to gain a profit Legislation is being considered. This has been a common method for cryptocurrency mining in the last few years.

Bitcoin was first mined using ordinary processing units. However it was found to be too slow when it first came out. Most cryptocurrency today is generated by large mining pools. These pools consume huge amounts power, an issue that worries the Swedes.

Open letter to the EU: Bitcoin mining in Sweden consumes 1 TeraWatt each year, according the authors. The names of the writers are Bjorn Risinger, director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority

This is the equivalent amount of power needed for 200,000 households to have power. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining uses more and more of Sweden's renewable energy sources.

"If we were to allow extensive mining of crypto-assets in Sweden There is a possibility that the renewable energy available to us won't be sufficient to meet the requirements of the climate transition we'll need to undertake," the two Swedes sent in their letter to EU.

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

Climate and cryptocurrency
While cryptocurrency is now more widely discussed and well-known than ever before, it remains controversial as you can hear.

I am awestruck by cryptocurrency and its many possibilities. It is here to stay, and will remain in the news for a long time.

In the meantime, I'm hoping we can come up with a solution for cryptocurrency and the environment to be in harmony.

Arif Efendi

Website: https://pinetbook.com/Arif26