Arif Efendi A businessman from London writes in this opinion piece about his view on cryptocurrency and Sweden's call to the EU to ban Bitcoin mining. Arif Efendi a businessman shares his opinion on cryptocurrency as well as Sweden's plans to ban Bitcoin mining. Arif Efendi is a businessman who says cryptocurrency has been in the news lately. According to Arif Emendi cryptocurrency has been scrutinized in recent times. He says, however that cybercash has many positive attributes. https://find-and-update.company-information.service.gov.uk/officers/Ey_lyqyWi7zYIDz6gqhtbb_89cc/appointments What's all the buzz about Cryptocurrency. Although cryptocurrency has been around for since the beginning of time however, it's only recently become a household word. Cryptocurrencies often make the front of headlines. Recently, they have gained attention because Sweden plans to ban mining Bitcoin in the European Union (EU). What's the issue with cryptocurrency? These are the kinds of questions I frequently encounter following years of investing and research. Let's dive in together and explore cryptocurrency. What exactly is cryptocurrency? The most straightforward definition of cryptocurrency is that it is a digital currency. Cryptocurrency is digital money. There aren't any physical coins or notes. Money exists only in the form and format of data. Furthermore, cryptocurrencies are types of digital currency designed for usage on peer-to-peer networks without central authority. The most well-known cryptocurrency is Bitcoin. Bitcoins as well as other forms of cybercash are not centralized since they do not have a central bank. https://reporterbyte.com/technology/1407/businessman-arif-efendi-shares-insights-on-crypto-investment/ The decentralized control is also linked to an additional cryptocurrency attribute, which is the greater security of anonymity and anonymity through the use of cryptography. There are many benefits to cryptocurrency over conventional currency. Cryptocurrency is not easily counterfeited or debased because of the cryptographic protocols that guarantee its existence. Furthermore the cryptocurrency accounts aren't permitted to be "in red" because there isn't any account balance that could cause a deficit. can occur. Additionally, crypto permits fast transactions between people anywhere across the globe with moderate level of confidence. What makes cryptocurrency different from stocks and how can it be used to make them more valuable? Cryptocurrency is distinct from stock market . It's a kind of digital currency which uses cryptography to safeguard transactions. The cryptocurrency market does not have a central banking system. The cryptocurrency market is primarily focused on investing and trading in cryptocurrency. The stock market permits dealers and brokers to trade stock. Stocks are a form of ownership in a company and can be sold or traded to earn profits based on its performance. Prices for stocks fluctuate every day because of supply and demand economic health, perception of worth of investors, as well as the possibility of profit from growth in a company. However, the price of cryptocurrency fluctuates by less than 1 - 2 percent per day. Why is cryptocurrency so popular? The demand for cryptocurrency in today's society is growing rapidly. The people who buy cryptocurrency are doing so due to the numerous benefits it offers. While information on cryptocurrency has been around since the beginning, more people are now attracted to the subject. https://uk.linkedin.com/in/arif-efendi-4a128a3a Cryptocurrency offers people total control over their finances. It's not tied to banks or financial institutions. It's also decentralized meaning that no one, group or company has access to it. Being in control of your own money is what attracts lots of people, like myself to crypto. Why is Sweden so determined to have Bitcoin mining banned by the EU? Despite its ubiquity, the EU legislature is currently considering new legislation that would prohibit the use of energy-intensive crypto mining conducted in countries within the EU. The legislation is being proposed in response to cryptocurrency miners stealing electricity supplies in Sweden to benefit themselves. This has become a popular method of mining cryptocurrency in recent years. Bitcoin was initially mined using normal processing units. However it was found to be too slow when it first came out. Thus, today, cryptocurrency is produced by huge mining pools. These mining pools consume massive amounts of energy, which poses a threat for the Swedes. A letter addressed to EU authors claims that Bitcoin mining in Sweden is now consuming 1 TeraWatt an hour annually. The names of the authors are Bjorn risinger, director of the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority. This electricity is enough to power 200,000 homes. Bjorn Risinger Erik Thedeen and others assert that cryptocurrency mining is a good use of the increasing amount of renewable Swedish energy sources. https://www.imdb.com/title/tt0254001/characters/nm0022342 "If we were to permit the mining of crypto assets in Sweden there is a chance that the amount of renewable energy resources available to us would not be enough to support the necessary climate transition we'll need to undertake," the two Swedes addressed in their letter to the EU. https://www.slideshare.net/praja1/videos Erik Thedeen and Bjorn Risinger refer to Sweden's climate commitments under the 2015 Paris Agreement. The coexistence of climate and crypto Although cryptocurrency is now more widely discussed and talked about than ever before it is still a subject of debate. I find immense joy in cryptocurrency and all its possibilities. It's going to be around for a while, and it will continue to make headlines. I really believe that we will be able to work together to ensure that the cryptocurrency and climate coexist.