Arif Emendi, a London businessman, is the author of this opinion piece on cryptocurrency.
Arif Efendi, a businessman has his own opinions regarding cryptocurrency and Sweden's plan to stop Bitcoin mining.
According to businessman Arif Efendi cryptocurrency has come under fire over the past few years. According to Arif Emendi cryptocurrency has come under scrutiny in recent times.
However, he says that cybercash has many positive attributes.
What's the fuss about Cryptocurrency and its hype?
While cryptocurrency has been around more than a decade now but it's only just become a popular term.
The news has been all about cryptocurrency and they were recently the talk of the town because of Sweden's desire to join the European Union (EU), to prohibit mining of Bitcoins.
What is cryptocurrency ? And what does it all mean?
These are the kinds of questions I am often asked after years of researching and investing. Let's look into the world of cryptocurrency together.
What is cryptocurrency exactly?
It is basically a digital currency. It is not an actual currency. https://priceofbusiness.com/businessman-arif-efendi-on-crypto-investment/ The only money exists in the form data.
Additionally, they are digital currency designed for peer-to-peer transactions that are free from central control. Bitcoin is the most well-known cryptocurrency.
Bitcoins and other forms of cybercash can be considered decentralized because they don't have a central bank.
One more characteristic of cryptocurrency is the decentralized control, which is enhanced security and anonymity because it uses cryptography.
There are many benefits to cryptocurrency over traditional currencies. Due to the cryptographic protocols used to guarantee the currency's existence it is not able to be counterfeited and cannot be debased.
A cryptocurrency account cannot also be "into red" since it does not have an account balance and a deficit may occur.
Additionally, cryptocurrency permits near-instantaneous transactions between different people anywhere on Earth with a reasonable degree of trust.
What is the difference between cryptocurrency and stocks?
Cryptocurrency is different from stocks because it uses cryptography to secure transactions.
The cryptocurrency market is not a central banking system, and are decentralized. https://eksisozluk1923.com/arif-efendi--4381274 The cryptocurrency market is a place for trading and investing.
Dealers and stock brokers sell stocks on the market. Stocks represent ownership interests in a business and may be sold or traded for profits based on its performance.
Prices for stocks fluctuate daily due to supply and demand as well as the overall health of the economy and the perception of value by investors, potential gains through company expansion, etc.
However, prices for cryptocurrency fluctuate less than 1-2% each day.
What is the reason why cryptocurrency is so hot?
The cryptocurrency market is currently increasing in its popularity. The people who buy cryptocurrency are doing so due to the benefits it can provide. Arif Efendihttps://www.unwomenuk.org/product/marina-perez-simao-arifefendi While information about cryptocurrency is available for many years, it is now receiving more attention.
Cryptocurrency allows users to take complete control of their money and not depend on banks or other financial institutions. It is also distributed, meaning that no company, group or individual is able to control it. This is one of the reasons that draw many people to cryptocurrency, including myself.
What is the reason Sweden opposed to Bitcoin mining being banned by the EU
Despite its popularity it isn't currently being taken into consideration as a viable option by EU lawmakers. https://dergipark.org.tr/tr/pub/neuifd/issue/19718/210759 They are currently considering new laws that could stop energy-intensive cryptocurrency miners from being used throughout the EU.
Since cryptocurrency miners have been making use of electricity supplies in Sweden for their own benefit and benefit, legislation is now being introduced. It is a well-known method to mine cryptocurrency in the last few years.
Arif Efendi When Bitcoin was introduced the first time, it was mined using computers with normal processing units However, it soon became apparent that the process was way too slow. Nowadays, cryptocurrency is created via large mining pools. They consume huge amounts of energy, which poses a threat for the Swedes.
Open letter to EU authors declares that Bitcoin mining in Sweden now consumes 1 TeraWatt an hour annually. The names of the authors include Bjorn Raisinger, Director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority.
The power produced by this amount is enough to supply power to 200,000 homes. Bjorn Riser and Erik Thedeen say that mining cryptocurrency consumes more energy in Sweden.
"If we were permitted to mine crypto-assets in Sweden and the EU, there's an opportunity that the renewable energy available to us won't suffice to meet the necessary climate change," the Swedes wrote in a letter to the EU.
Erik Thedeen, Bjorn Risinger, and Erik Thedeen are both referring to Sweden's climate obligations under the 2015 Paris Agreement.
The coexistence of cryptocurrency and the climate
While cryptocurrency is more frequently discussed and debated about than ever before , it is still a subject of debate.
I have a lot of fun with cryptocurrency and all its possibilities. It's in the making and it's going to remain in the news for a long time.
In the meantime I hope that we find a way for the cryptocurrency industry and the climate to coexist.
Arif Efendi