Arif Efendi - Why Cryptocurrency Is Here to Stay

Arif Efendi (a London-based businessman from London) offers his views on cryptocurrency and Sweden's call to the EU to ban Bitcoin Mining.
Businessman Arif Efendi shares his view on cryptocurrency and Sweden's proposal to stop Bitcoin mining.
Arif Efendi an entrepreneur, stated that cryptocurrency has been being targeted in recent years. According to Arif Efendi,, a Swedish businessman, cryptocurrency has come attacked in recent times. This is a trend that has accelerated across the globe.
He said that there are many positive aspects to cybercash.

What's all the fuss about Cryptocurrency.
Although the term "cryptocurrency" that has been around since around 10 years back, it has only been popularized in recent years.

Bitcoins have been featured in numerous news reports and recently became the hot topic because Sweden wants to ban the European Union (EU) to prohibit mining Bitcoins.

What exactly is cryptocurrency and what exactly are all these terms?

These are the types of questions I am often asked after years of researching and investing. Let's explore the world cryptocurrency together.

What is cryptocurrency?
In its simplest form, cryptocurrency can be described as digital currency. There aren't any paper bills or physical coins with cryptocurrency. The money exists strictly in the form of data.

In addition, cryptocurrencies could be described as digital currencies designed to be used on peer-to-peer networks, without any central authority. Bitcoin is probably the most well-known cryptocurrency.

https://www.abcmoney.co.uk/2022/09/20/arif-efendi-on-how-crypto-is-used-in-the-football-industry/ Bitcoins as well as other forms of cybercash have features that allow decentralization. They function without the interference of central bank or administrator.

Decentralized control refers to a different characteristic of cryptocurrency, which is the greater security and privacy through its use of cryptography.
There are many benefits to cryptocurrency over traditional currency. Due to cryptographic protocols that guarantee the currency's existence it is not able to be counterfeited and cannot be debased.

Also Cryptocurrency accounts are not allowed to be "in red" because there isn't any account balance where a deficit could happen.

In addition, cryptocurrency allows instantaneous transactions between various parties anywhere on Earth with a fair amount of confidence.

Arif Efendi What's the difference between cryptocurrency and stocks?
Cryptocurrency is distinct from stocks due to the fact that it utilizes cryptography to secure transactions.

The cryptocurrency market does not have a central banking system. The cryptocurrency market involves trading and investing.

Stock market acts as an exchange on which brokers and dealers exchange stocks. A stock is an ownership interest in a company therefore it is able to be sold or traded at profits based on the results of the business.

Prices for stocks fluctuate daily due to supply and demand as well as the general health of the economy and the perception of value by investors, potential for gains through business growth, etc.

But, cryptocurrency prices fluctuate less than 1-2% per day.

Why is cryptocurrency so wildly well-liked?
The demand for cryptocurrency is growing rapidly. Because of its benefits that cryptocurrency offers, more people are purchasing it. While cryptocurrency has been around for years, it has recently been popularized, resulting in more transactions in cryptocurrency than ever before.

Cryptocurrency is a way for people to control their money, rather than being dependent on banks or other financial institutions. As I mentioned it is also uncentralized. This means that it is not the property of any single person or group, corporation or any other entity. Many people are drawn to cryptocurrency because they are able to control their money.

What is the reason Sweden would like to see the EU prohibit Bitcoin mining?
Arif Efendi Despite its huge popularity, it is not being considered as a viable option by EU lawmakers. The EU is currently examining new legislation, which would prevent energy-intensive cryptocurrency miners from being employed across the EU.

This legislation was proposed since cryptocurrency miners are using the electricity supply in Sweden to benefit. It is a well-known method to mine cryptocurrency in the last few years.

When Bitcoin was first introduced the first time, it was mined using machines that had normal processing units however, it soon was discovered that the process was way too slow. Bitcoin is now produced by large mining pools. They consume massive amounts of electricity, which is an issue that worries 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 of the authors are Bjorn Raisinger, director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority

This is enough electricity to power 200,000 homes. Bjorn Risinger, Erik Thedeen and others claim that cryptocurrency mining makes use of the increasing amount of renewable Swedish energy sources.

In a letter to the EU in which they addressed the EU, the Swedes stated that allowing extensive mining of crypto-assets from Sweden could lead to a shortage of renewable energy to cover the required climate change.

Erik Thedeen & Bjorn Risinger are two terms that are used to refer to Sweden's climate commitments in accordance with the 2015 Paris Agreement.

Arif Efendi Climate and cryptocurrency
While cryptocurrency is more widely discussed and debated than ever before in the media but it's still in the middle of controversy.


I am awestruck by cryptocurrency and all the possibilities it offers. I am sure it will be around for a long time and be a major topic in the future.

I'm hopeful that we will find a way to allow the cryptocurrency and climate to coexist for a while.

Arif Efendi