Arif Efendi is a London-based businessman who shares his views on cryptocurrency, as well as Sweden's request for the EU's ban on Bitcoin mining.
Arif Efendi a businessman shares his view about cryptocurrency and Sweden's plans to ban Bitcoin mining.
Arif Efendi Arif Efendi an entrepreneur, stated that bitcoin mining has come being targeted in recent years. This is why Sweden called on the EU to prohibit bitcoin mining, a development that has expanded globally.
He says, however that cybercash is a positive option because of its many benefits.
What's the fuss over Cryptocurrency and the hype surrounding it?
Although cryptocurrency has been around for over a decade but the term has only become an everyday word in recent times.
The media has been talking about cryptocurrencies and they were recently the talk of town due to Sweden's desire for the European Union (EU), to stop mining Bitcoins.
What's the issue with cryptocurrency?
These are the types of questions I often get after years of research and investing. Let's explore the world cryptocurrency together.
What is cryptocurrency?
Digital money is cryptocurrency at its most basic. There are no paper bills or physical coins using cryptocurrency. Arif Efendi The only currency is the form of data.
A cryptocurrency is a form of digital currency that is specifically designed to be used in peer-to-peer networks, with no central authority. Bitcoin is the most well-known cryptocurrency.
Bitcoins and cybercash also have elements decentralization as they work without a central banking system or single administrator.
The decentralized control is linked to another cryptocurrency characteristic greater security and anonymity through cryptography.
There are many advantages to cryptocurrency over conventional currency. Due to cryptographic protocols the cryptocurrency cannot be hacked and isn't devalued.
Arif Efendi Additionally the cryptocurrency accounts aren't allowed to be "in red" since there isn't an balance on the account where a deficit can occur.
With a decent amount of trust, cryptocurrency lets for fast transactions among different parties anywhere on Earth.
How is cryptocurrency different from stocks?
The cryptocurrency market is distinct from stocks in the sense that it is an electronic currency that uses cryptography to secure transactions.
They are completely decentralized. This means that they do not have a central bank system or authority to manage their use. The market for cryptocurrency typically involves cryptocurrency investing and trading.
Stock traders and brokers trade in stocks on the stock exchange. Stock represents ownership in a company, and it is traded or purchased at a profit based upon its performance.
Stock prices fluctuate daily because of supply and demand, economic health, perceived worth of investors, as well as potential gains from company growth.
However, cryptocurrency prices are rarely more than 1-2% per hour.
What is the reason why cryptocurrency is so popular?
Cryptocurrency is rapidly gaining popularity in today's society. The benefits of cryptocurrency are why investors are making investments in it. Although cryptocurrency information has been available for a long time but there is an unexpected increase in interest in cryptocurrency.
Cryptocurrency offers people total control over their money. It's not dependent on banks or financial institutions. It is also decentralized as there is no single person, business, or organization is able to own it. Arif Efendi The ability to manage your money that draws many people including me.
What's the reason Sweden would like the EU to ban Bitcoin mining?
Despite the growing popularity of cryptocurrency mining, EU lawmakers are currently examining new legislation to prohibit energy-intensive cryptocurrency mining in any member of the bloc.
Because cryptocurrency miners have been making use of electric power sources in Sweden to their benefit, legislation is being introduced. This has been a popular method of mining cryptocurrency in recent decades.
Bitcoin was created initially using computers equipped with standard processing units. However, it quickly came to light that it was slow. Today, cryptocurrency is generated via large mining pools. They consume massive amounts of electricity, and this is what concerns the Swedes.
Open letter to the EU: Bitcoin mining in Sweden consumes 1 TeraWatt every year, according the authors. Arif Efendi The names of the individuals who wrote the open letter to EU include Bjorn Riser director of Sweden's Environment Protection Agency. Erik Thedeen director of the Swedish Financial Supervisor Authority.
This is enough electricity for 200,000 households. According to Bjorn Risinger and Erik Thedeen, cryptocurrency mining is consuming more of Sweden's renewable energy sources.
"If we were permitted to mine crypto-assets in Sweden There is a chance that the renewable energies offered to us will not be sufficient to cover the climate change that is required," the Swedes wrote in a letter addressed to the EU.
Erik Thedeen (Bjorn Risinger) and Erik Thedeen (Erik Thedeen) refer to Sweden's climate obligation in the 2015 Paris Agreement.
The cryptocurrency and the climate can coexist
While cryptocurrency is more widely discussed and debated than ever before in the mainstream media but it's still in the middle of controversy.
Personally, I am a huge fan of cryptocurrency and the endless possibilities it offers. It's here to stay and I'm sure it'll make a lot of headlines within the next few years.
I hope that in the meantime we will be able to work together to make the cryptocurrency and the climate coexist.