Arif Efendi: Why cryptocurrency is here to stay

Arif Efendi is a London-based businessman who is a vocal advocate for cryptocurrency and Sweden’s call for the EU to prohibit Bitcoin mining.
Arif Efendi, a businessman, shares his views regarding cryptocurrency and Sweden's plan to ban Bitcoin mining.
Arif Efendi is a businessman who claims that cryptocurrency has been featured in the news lately. As a result, Sweden demanded the EU to ban bitcoin mining, a development that has grown globally.
He claims, however, that cybercash has many positive attributes.

What is all the hype about? https://thelibertarianrepublic.com/arif-efendi-why-cryptocurrency-here-to-stay/ Cryptocurrency.
While the term "cryptocurrency" which has been in use since about 10 years ago, it only been popularized in recent years.

Cryptocurrencies have often made headlines and in recent times, they were the topic of conversation because Sweden would like the European Union (EU) to ban the mining of Bitcoins.

What's the matter with cryptocurrency?

Arif Efendi These are some of the questions I am often asked after years of researching and investing. Let's explore it together and discover the world of cryptocurrency.

What exactly is cryptocurrency?
In its simplest form it is a digital currency. There are no notes or coins in order to make use of cryptocurrency. All money is in the form data.

Additionally, cryptocurrencies can be defined as digital currency specifically designed to be used on peer-to–peer networks without central authority. Arif Efendi Bitcoin is by far the most prominent cryptocurrency.

Bitcoins and various other kinds of cybercash, contain elements that allow for decentralization. They operate without the intervention of central banks or a central administrator.

Another characteristic of cryptocurrency is the decentralized controlthat provides increased security and privacy because it uses cryptography.
The advantages of cryptocurrency are far superior to traditional currencies. Due to the cryptographic protocol, cryptocurrency can't be counterfeited or devalued.

Also the cryptocurrency accounts aren't permitted to be "in red" because there is no balance on the account where a deficit can occur.

https://thehollynews.com/arif-efendi-answers-all-your-cryptocurrency-questions/ In addition, cryptocurrency allows near-instantaneous transactions between different parties anywhere on Earth with a fair amount of confidence.

What is the difference between cryptocurrency and stocks?
The cryptocurrency market is distinct from stock in that cryptocurrency is a form of digital currency that makes use of cryptography to protect transactions.

The cryptocurrency market is not a central banking system and are not centralized. The cryptocurrency market is a place for trading and investing.

Stock market: This is the place where dealers and brokers deal in stocks. A stock is an ownership stake in the company. It is traded at a profit or exchanged for cash , based on the performance of the company.

Prices for stocks fluctuate daily due to demand and supply, overall economic health as well as the perception of investors about value potential gains from business expansion, etc.

However, prices for cryptocurrency fluctuate less than 1-2% each day.

Why is cryptocurrency so popular?
The cryptocurrency market is currently growing in popularity. The people who buy cryptocurrency are doing so because of the many benefits it offers. Arif Efendi While information about cryptocurrency has been available for many years, the cryptocurrency market is now gaining more attention.

The cryptocurrency system allows users to take complete control over their money , instead of having to rely on banks or financial institutions. As I said, cryptocurrency is also uncentralized. It means it doesn't belong to any particular person or group, corporation or any other entity. Arif Efendi Many people love cryptocurrency because they have the ability to manage their money.


What's the reason Sweden wish to see EU ban Bitcoin mining?
Despite its popularity it isn't currently being thought of as a viable option by EU legislators. They are currently considering new laws that could stop energy-intensive cryptocurrency miners from being carried out across the EU.

This legislation was proposed because cryptocurrency miners are using the power grid in Sweden to benefit. This is a very popular method to mine cryptocurrency in the last few years.

Bitcoin was initially created on ordinary processing equipment. However it soon became evident that the process was too slow. Consequently, cryptocurrency is now produced by huge mining pools. These mining pools use huge amounts of electricity, which is an issue that worries the Swedes.

According to an open letter addressed to the EU, Bitcoin mining in Sweden is currently consuming 1 TeraWatt/hour annually. The writers are Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

This amount of power could power approximately 200,000 households. Bjorn risinger as well as Erik Thedeen report that cryptocurrency miners are using more of Sweden's green energy.

"If we permit extensive mining crypto-assets into Sweden and the EU, we run the possibility that the renewable energy that we have will not be sufficient to cover our transition to a more sustainable climate," wrote the Swedes in a letter addressed to the EU.

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

Coins and climate coexist
Although cryptocurrency is more well-known and discussed than ever before, it remains controversial as you can hear.

I am a big fan of cryptocurrency and the many opportunities it provides. I'm sure that it's in the future and it will create a lot more news stories in the near future.

I really believe that we will be able to work together to make the climate and cryptocurrency co-exist.