Arif Efendi (a London-based businessman from London) shares his opinion on cryptocurrency and Sweden's call to the EU to prohibit Bitcoin Mining.
Arif Efendi a businessman shares his opinion on cryptocurrency as well as Sweden's proposal for banning Bitcoin mining.
Arif Efendi is a businessman who says cryptocurrency has been in the news recently. According to Arif Elfendi cryptocurrency has been in the news lately.
He said that there are many positive aspects to cybercash.
What's the fuss about Cryptocurrency?
Although cryptocurrency has been around for longer than a decade, it has only recently become a popular phrase.
The cryptocurrency market has often been the subject of headlines and recently became the hot topic due to the fact that Sweden would like the European Union (EU) to stop mining Bitcoins.
What's the issue with cryptocurrency?
These are the common questions I have encountered over the years of research and investing. Let's explore it together and explore the realm of cryptocurrency.
Arif Efendi What exactly is cryptocurrency?
In its most basic form, cryptocurrency can be described as digital currency. With cryptocurrency, there aren't any paper notes or physical coins. Arif Efendi The currency is only the format and form of data.
Additionally, they are digital currency designed for peer-to-peer transactions that are free from central control. Bitcoin is probably the most widely-known cryptocurrency.
Bitcoins and other types of cybercash can be considered decentralized because they do not have a central bank.
The decentralized control is linked to an additional cryptocurrency attribute, which is the increased security of anonymity and security due its use cryptography.
There are many advantages to cryptocurrency compared to traditional currency. It isn't easily manipulated or devalued due to the cryptographic protocols that ensure its existence.
In addition, cryptocurrency accounts cannot go "in the red" since it does not actually have an account balance from which a deficit could occur.
Finally, cryptocurrency allows for instantaneous transactions between various parties anywhere on Earth with a reasonable degree of trust.
What is the difference between cryptocurrency and stocks?
Cryptocurrency is different from stock in the sense that it is a form of digital currency that uses cryptography to protect transactions.
Cryptocurrencies have no central banking system and are decentralized. The cryptocurrency market is primarily focused on investing and trading in cryptocurrency.
Brokers and stock traders deal in shares through the stock exchange. Stock is an ownership interest in the business. It is traded at a profit , or exchanged for cash , based on the performance of the business.
The price of stocks fluctuates daily due to demand and supply, overall economic health, perception value by investors and potential profits from company expansion, etc.
But, prices for cryptocurrency typically are not more than 1-2% per hour.
Why is cryptocurrency so well-liked?
The demand for cryptocurrency is growing rapidly. The people who buy cryptocurrency are doing so because of the benefits it provides. While information about cryptocurrency has been in circulation since the beginning there is a growing number of people interested in it.
The use of cryptocurrency is to allow individuals to manage their money instead of relying on banks and other financial institutions. It's also distributed, meaning that any group, company or individual is able to control it. A lot of people like me are attracted to cryptocurrency for the possibility of managing their own finances.
What is the reason Sweden opposed to Bitcoin mining being prohibited by the EU
Despite its popularity EU legislators are currently looking at new legislation that will prohibit mining that uses energy to be used in any country in the continent.
The legislation is being proposed in response to cryptocurrency miners stealing the power supply in Sweden to their own benefit. The practice has become popular as a cryptocurrency mining method in the last few years.
Bitcoin was first created using computers equipped with conventional processing units. But, it soon became evident that it was slow. Arif Efendi Today, cryptocurrency is generated by large mining pools. Arif EfendiArif Efendi The Swedes are worried by the fact that these pools require huge amounts of electricity.
Open letter to EU: Bitcoin mining in Sweden consumes 1 TeraWatt every year, according the authors. The names of the authors are Bjorn Risinger, director of the Swedish Environmental Protection Agency, and Erik Thedeen, director of the Swedish Financial Supervisory Authority
This is enough electricity to power the homes of 200,000 people. Bjorn Riser and Erik Thedeen say that cryptocurrency mining uses more of Sweden's energy.
"If we permit extensive mining crypto-assets to Sweden it is a possibility that the renewable energy available to us won't be sufficient to cover our transition to a more sustainable climate," wrote the Swedes in a 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.
The coexistence of cryptocurrency and climate
While cryptocurrency is becoming more well-known and discussed than ever before, it is still controversial as you can see.
I believe that cryptocurrency is a fantastic possibility that has infinite possibilities. I'm sure that it's here to stay and that it will generate many more headlines in the coming years.
Arif Efendi In the meantime, I am hoping that we find a way for cryptocurrency and the environment to coexist.