Arif Efendi (a London-based entrepreneur) offers his views on cryptocurrency and Sweden's call to the EU to prohibit Bitcoin Mining.
Businessman Arif Efendi shares his view on cryptocurrency and Sweden's proposal to ban Bitcoin mining.
Arif Elfendi, a businessman from Pakistan claims that cryptocurrency has become controversial in recent months. In the aftermath, Sweden called on the EU to stop bitcoin mining, a development that has grown globally.
But he says that cybercash still has a lot of positive aspects to offer.
What's all the fuss about Cryptocurrency and the hype surrounding it?
Although cryptocurrency has been in existence for more than a decade however, it is only popular in the last few times.
Bitcoin and other cryptocurrency-related currencies have been in the news a lot lately. This is due to Sweden is urging to ask the European Union, (EU), not to allow mining of Bitcoins.
What's the significance to all this? And what exactly is cryptocurrency?
These are questions that I encounter after many years of investing and research. Let's look into the world of cryptocurrency together.
What exactly is cryptocurrency?
Digital money is crypto in its most basic form. You don't need physical notes or coins for using cryptocurrency. The only method to earn money is to use data.
In addition, cryptocurrencies could be defined as digital currency intended to be used in peer-to–peer networks without central authority. Bitcoin is probably the most well-known cryptocurrency.
Bitcoins and various other forms of cybercash have elements of decentralization because they do not have a central bank or single administrator.
The decentralized control is linked to a different characteristic of cryptography increased security and anonymity through cryptography.
Cryptocurrency has many benefits compared to traditional currency. Cryptocurrency is not easily counterfeited or debased because of the protocols for cryptography that assure its existence.
A cryptocurrency account is not able to go "into red" since it does not have an account balance, from which a deficit could occur.
https://siet.ub.ac.id/info/staff/390eac2 In addition, cryptocurrency allows fast transactions between different parties from any part of the globe that have a reasonable degree trust.
What is the difference between cryptocurrency and stocks?
Cryptocurrency is more than stocks as it is a digital currency that uses cryptography for transactions.
Cryptocurrencies do not have any central banking system. The markets for cryptocurrency typically include cryptocurrency trading and investment.
Brokers and stock traders trade in stocks through the stock exchange. Arif Efendi Stock represents ownership in an organization, and it can either be traded or bought at a profit based upon its performance.
https://www.kolnkutuphane.de/de/menakib-i-kethudazade-el-hac-mehmed-arif-efendi-bir-var-imis-bir-yog-imis-490874Arif Efendi Stock prices fluctuate each day due to supply and demand as well as the overall health of the economy, perception value by investors, potential gains through company expansion, etc.
However, the prices of cryptocurrency seldom vary between 1-2% per day.
Why is cryptocurrency so popular?
Nowadays, the world is rapidly adopting cryptocurrency. https://www.scienceworldreport.com/articles/62025/20230306/arif-efendi-explains-why-reliance-on-renewable-energy-is-arriving-quickly.htm The advantages that cryptocurrency provides are why people are investing in it. While cryptocurrency information has been around for a number of years, it is now receiving more recognition.
Cryptocurrency lets people have total control over their money , and not rely on banks or other financial institutions. Like I mentioned earlier it is also not centralized. This means that it doesn't belong to any single person, group, company, or organization. It's the freedom to control your money that attracts many people including me.
What is it that makes Sweden so determined to see Bitcoin mining shut down by the EU?
Arif Efendi Despite the growing popularity of mining cryptocurrency, EU lawmakers are currently examining new legislation to ban energy-intensive cryptocurrency mining in any member of the bloc.
This legislation is being made due to the fact that cryptocurrency miners were using electricity to benefit themselves in Sweden. It has been popularized as a cryptocurrency mining method over the past years.
Bitcoin was initially mined on regular processor units. It soon became apparent that this was far too slow. Arif Efendi Bitcoin is now created through large mining companies. These mining pools use huge amounts of energy, which is why this issue is a problem for the Swedes.
Open letter to the EU: Bitcoin mining in Sweden consumes 1 TeraWatt each year, according to authors. The names are Bjorn risinger, director at the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisory Authority.
This is about the equivalent amount of power needed to provide 200,000 households with energy. Bjorn Riser and Erik Thedeen say that mining cryptocurrency consumes more of Sweden's energy.
"If we allow extensive mining crypto-assets into Sweden it is a chance that the renewable power that we have will not suffice to meet our needs for climate transition," wrote the Swedes in a letter to EU.
Erik Thedeen and Bjorn Risinger refer to Sweden's climate obligations under the 2015 Paris Agreement.
Coexistence between the climate and cryptocurrency
Although cryptocurrency is more widely discussed and well-known than it ever was, it remains controversial as you can tell.
I am a huge fan of cryptocurrency and all the opportunities it provides. I'm certain that cryptocurrency is going to be around for a while and it will generate many more headlines in the coming years.
As of now, I'm hopeful we can come up with a solution that allows the climate and cryptocurrency can coexist.