Arif Efendi (a London-based businessman from London) gives his thoughts regarding cryptocurrency, and Sweden's appeal to the EU to prohibit Bitcoin Mining.
Arif Efendi Arif Efendi, a Swedish businessman, shares his thoughts on cryptocurrency.
Arif Efendi a businessman says that cryptocurrency has been scrutinized over the last few years. According to Arif Efendi cryptocurrency has been featured in the news lately.
https://businesscloud.co.uk/news/arif-efendi-answers-all-your-questions-about-cryptocurrency/ But he says that cybercash still has many positive things to provide.
What's the latest buzzwords about? Cryptocurrency.
While cryptocurrency has existed for more than 10 years, it's only recently that the term has become a household name.
Cryptocurrencies often make the front of news stories. They recently received attention due to Sweden plans to ban Bitcoin mining in the European Union (EU).
What is all this about and what is the actual meaning of cryptocurrency?
Arif Efendi These are questions that I have encountered over the years of investment and research. Let's dig in together and explore the world of cryptocurrency.
What exactly is cryptocurrency?
The simplest definition of cryptocurrency is that it is a digital currency. Cryptocurrency is digital money. There aren't physical coins or notes. All money is in the form of data.
Furthermore, cryptocurrencies are currencies designed for peer-to–peer transactions that are not subject to central control. Bitcoin is the most well-known cryptocurrency.
Bitcoins as well as other forms of cybercash are decentralized because they are not governed by an administrator or central bank.
Decentralized control refers to a different cryptocurrency characteristic, namely an increase in security and security through its use of cryptography.
The benefits of crypto over conventional currencies are numerous. The cryptographic protocols supporting cryptocurrency's existence guarantee that it can't be debased or counterfeited.
Additionally the cryptocurrency accounts aren't permitted to be "in red" because there is no balance on the account where a deficit could happen.
Additionally, crypto permits fast transactions between people anywhere on the planet with a acceptable level of confidence.
What makes cryptocurrency different from stocks and how can it be used to increase their value?
Cryptocurrency is different from stocks due to the fact that it utilizes cryptography to secure transactions.
Cryptocurrencies have no central banking system, and are not centralized. The cryptocurrency market involves investing and trading.
Stock market: This is the place where brokers and dealers exchange stocks. A stock is an ownership stake in a company so it can be traded or sold for an profit depending on the performance of the business.
The price of stocks fluctuates daily due to demand and supply and the overall health of the economy, perceived value by investors, potential for gains through the growth of a company, etc.
Arif Efendi However, prices for cryptocurrency do not fluctuate by more than 1-2% per 24 hours.
What is the reason why cryptocurrency is so popular?
Nowadays, the world is rapidly adopting cryptocurrency. The benefits that cryptocurrency offers are the reason why investors are making investments in it. Although information about cryptocurrency has been around since the beginning there is a growing number of people fascinated by it.
The use of cryptocurrency is to allow people to control their money, instead of being dependent on banks or other financial institutions. It is also distributed, which means no company, group, or individual can control it. This is what attracts many people to cryptocurrency, like me.
What is it that makes Sweden so determined to see Bitcoin mining shut down by the EU?
Arif Efendi Despite its widespread popularity, cryptocurrency isn't currently being thought of as a viable option by EU lawmakers. The EU is currently looking into new legislation, which would stop energy-intensive cryptocurrency miners from being carried out across the EU.
This legislation is being made because cryptocurrency miners were using electricity supplies for their own benefit in Sweden. This has been a popular method for cryptocurrency mining in the last few years.
Bitcoin was initially mined using normal processor units. Then it became evident that this was far too slow. Thus, today, cryptocurrency is produced by huge mining pools. These mining pools consume massive amounts of electricity which is a concern for the Swedes.
According to the authors of an open letter addressed to the EU, Bitcoin mining in Sweden now consumes 1 TeraWatt-hour each year. The names are Bjorn Risinger, Director at the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority.
It is enough power to power 200,000 households. Bjorn Riser and Erik Thedeen say that cryptocurrency mining consumes more of Sweden's energy.
In a letter sent to the EU in a letter to the EU, the Swedes stated that allowing extensive mining of crypto-assets in Sweden could result in a lack of renewable energy sources to meet the required climate change.
Bjorn Risinger and Erik Thedeen refer to Sweden's climate obligations according to the 2015 Paris Agreement.
The coexistence of the climate and cryptocurrency
Although cryptocurrency is now more talked about and discussed than ever before, it is still in the middle of controversy as you can see.
For me, cryptocurrency is a fantastic opportunity that offers infinite possibilities. I am sure it is going to be around for a while and it will generate many more headlines in the future.
While we wait, I hope we can come up with a solution to allow the cryptocurrency and the climate to be in harmony.