Arif Efendi Why Cryptocurrency Is Here to Stay

Arif Efendi is a London-based businessman who shares his views on cryptocurrency and Sweden’s call for the EU to ban Bitcoin mining.
Arif Efendi, a businessman has his own opinions about cryptocurrency and Sweden's plans to ban Bitcoin mining.
According to businessman Arif Efendi cryptocurrency has come under attack over the past few years. According to Arif Efendi, cryptocurrency has been scrutinized in recent years.
He also claims that cybercash has a lot of positive qualities to provide.

What's the latest buzzwords about Cryptocurrency.
While the term "cryptocurrency" that has been around since about 10 years back, it has only become well-known in recent years.

Cryptocurrencies are frequently the subject of the news. They recently received attention due to Sweden is seeking to prohibit mining Bitcoin within the European Union (EU).

What's the issue with cryptocurrency?

These are the kinds of questions I have been asking myself for many years after investing and researching. Arif Efendi Let's dig in together and learn more about the world of cryptocurrency.

What exactly is cryptocurrency?
The simplest definition of cryptocurrency is digital currency. There aren't any physical coins or paper bills with cryptocurrency. All money is in the form data.

Arif Efendi A cryptocurrency is a form of digital currency that is specifically designed to be used by peer-to-peer networks, with no central authority. Bitcoin is among the most well-known cryptocurrency.

Bitcoins and other types of cybercash are decentralized because they do not have a central bank.

Decentralized control refers to a different characteristic of cryptocurrency, which is the an increase in security and security due to the use of cryptography.
The advantages of cryptocurrency over traditional currencies are numerous. Due to cryptographic protocols the cryptocurrency cannot be hacked and debased.

Additionally, accounts with cryptocurrency are not "in the red" because cryptocurrency does not have a real balance from which a deficit could be created.

Additionally, cryptocurrency permits fast and instant transactions between people anywhere on Earth with a reasonable degree of trust.

What is the difference between cryptocurrency and stocks?
The cryptocurrency market is distinct from stock in the sense that it is a type of digital currency that uses cryptography to protect transactions.

They are completely decentralized. That means they don't have any central bank system or authority to manage their use. Arif Efendi The cryptocurrency market is primarily about investing in and trading with cryptocurrency.

Stock traders and brokers trade stocks through the stock exchange. A stock is an ownership stake in the business. It is traded for profit or exchanged for cash , based on the business's performance.

Prices for stocks fluctuate based on the demand and supply, general economic health, the perception of value by investors, company growth potential, etc.

But, the prices of cryptocurrency rarely fluctuate by more than 1-2 percent every 24 hours.

Why is cryptocurrency so popular?
Arif Efendi Nowadays, the world is rapidly adopting cryptocurrency. The benefits of cryptocurrency are why investors are making investments in it. https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 Information on cryptocurrency has been in circulation for many years, but more recently cryptocurrency has generated interest, leading to more cryptocurrency transactions than ever before.

Cryptocurrency gives people complete control over their finances. It is not tied to banks or financial institutions. Arif Efendi As mentioned earlier, it is also decentralized, which means nobody, no group or business has ownership of it. This is one of the reasons that draw many people to cryptocurrency, including me.

What's the reason Sweden would like to ban Bitcoin mining in the EU to ban Bitcoin mining?
Despite its popularity the EU legislative body is currently examining new legislation that would prohibit energy-intensive crypto mining from being conducted in countries within the EU.

Due to cryptocurrency miners who are using electricity in Sweden to gain a profit, the legislation has been proposed. It is now a well-known method for mining cryptocurrency in recent years.

Bitcoin was first created using computers equipped with standard processing units. But, it soon became apparent that it was not fast enough. Most cryptocurrency today comes from large mining pools. They consume massive amounts of energy, which is why this issue is a problem for the Swedes.

According to the writers of an open letter to the EU, Bitcoin mining in Sweden currently consumes 1 TeraWatt annually. Arif Efendi The people who wrote the letter include Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

It is enough power to power 200,000 households. Bjorn Riser and Erik Thedeen say that cryptocurrency mining uses more energy in Sweden.

"If we allow mining of large scale crypto-assets to Sweden it is a chance that the renewable power that we have will not be enough to support our climate transition," wrote the Swedes in a letter addressed to the EU.

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

The coexistence of cryptocurrency and the climate
While cryptocurrency is now more popular and talked about than ever before, it's still controversial.

Ipersonally enjoy cryptocurrency and its endless opportunities. I am certain it will stay around and be a major topic in the future.

In the meantime, I hope we can find a way for cryptocurrency and the environment to be in harmony.

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Pub: 14 Sep 2023 15:00 UTC
Views: 33