Arif Efendi is a businessman from London who writes in this opinion piece about his thoughts on cryptocurrency as well as Sweden's demand to the EU to stop Bitcoin mining Arif Efendi, a Swedish businessman, gives his opinion about cryptocurrency https//wwwwebwikicom/wwwpinterestcl/aarifefendi/ Arif Efendi, a businessman, says that cryptocurrency has been scrutinized over the last few years According to Arif Efendi, who is a Swedish businessman, cryptocurrency has been under attack in recent years This is a phenomenon that has grown globally But, he says that cybercash still has lots of positive things to provide What's all the hype about Cryptocurrency https//bikeindexorg/users/arifefendisidk711 Although cryptocurrency has been in existence for over a decade but the term has only become popular in the past few years Bitcoins have been featured in numerous news reports and were recently the talk of the town because Sweden would like to ban the European Union EU to prohibit mining Bitcoins What is cryptocurrency and what does it mean These are the types of questions I get asked after years of research and investing Let us dig into it together and discover the world of cryptocurrency What exactly is cryptocurrency Digital money is crypto in its most basic form Cryptocurrency is a form of digital currency There are no physical notes or coins https//fileforumcom/profile/arif-efendismoq831/ All money is in the form of data Additionally, they are digital currencies that are designed to facilitate peer-to-peer transactions, which are unaffected by central control Bitcoin is the most well-known cryptocurrency Bitcoins and cybercash also have aspects of decentralization because they work without a central bank system or single administrator The decentralized control is related to an additional cryptocurrency feature, which is the enhanced privacy and security due its use cryptography The benefits of cryptocurrency are far higher than traditional currencies https//qoohme/arifefendiihs Because of cryptographic protocols that protect the currency's existence, cryptocurrency cannot be counterfeited or devalued A cryptocurrency account can't be "into red" because it doesn't have an account balance that could cause a deficit may occur In addition, cryptocurrency allows fast and instant transactions between parties anywhere on Earth with a fair amount of confidence How does cryptocurrency differ from stocks The cryptocurrency differs from stocks in that it's a digital currency that uses encryption to safeguard transactions The cryptocurrency market does not have a central banking system The market for cryptocurrency usually includes trading and investing in cryptocurrency The stock market is an exchange in which brokers and dealers trade stocks https//developersoxwallcom/user/arifefendicfry158 A stock is an ownership stake in the business It can be traded at a profit , or exchanged for cash , based on the performance of the business Stock prices fluctuate every day due to supply and demand, general health of the economy, perceived value by investors potential gains from company growth, etc However, cryptocurrency prices are rarely more than 1-2 per hour What is the reason why cryptocurrency is so popular The modern society is rapidly embracing cryptocurrency The benefits of cryptocurrency is the main reason investors are making investments in it While cryptocurrency information is available for many years, cryptocurrency is gaining more attention Cryptocurrency gives people total control over their money rather than depending on banks or other financial institutions https//wwwwebwikinl/pinetbookcom/Arif26 Like I mentioned earlier it is also uncentralized This means that it doesn't belong to any single person or group, corporation, or organization The possibility of being in control of your own money is what attracts lots of people, like myself, to cryptocurrency What's the reason Sweden want the EU to prohibit Bitcoin mining Despite the growing popularity of mining cryptocurrency, EU legislators are currently considering new legislation to stop energy-intensive cryptocurrency mining any country within the bloc Because cryptocurrency miners have been making use of electricity supplies in Sweden to their benefit, legislation is being introduced This is a well-known method for cryptocurrency mining in recent decades https//wwwwebwikipt/awsmonecom When Bitcoin was first introduced, it was mined on machines that had normal processing units, but it quickly was discovered that the method was way too slow Therefore, Bitcoin is now generated by large mining pools The Swedes are worried by the fact that these pools require huge amounts of electricity According to the authors of an open letter to the EU, Bitcoin mining in Sweden currently consumes 1 TeraWatt annually The names of the authors include Bjorn Raisinger, Director of the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority This is the equivalent amount of power needed to supply 200,000 homes with power Bjorn Risinger Erik Thedeen and others affirm that cryptocurrency mining uses more and more Sweden's renewable energy sources "If we were allowed to mine cryptoassets in Sweden, then there is an opportunity that the renewable energy sources offered to us will not suffice to meet the needed climate transition," the Swedes wrote in a letter addressed to the EU Erik Thedeen Bjorn Risinger and Erik Thedeen Erik Thedeen refer to Sweden’s climate obligation in the 2015 Paris Agreement The environment and cryptocurrency could coexist While cryptocurrency is becoming more prominent and discussed than ever before in the mainstream media but it's still in the middle of controversy It's an absolute pleasure to metoo to look at the infinite possibilities that cryptocurrency has It's here to stay, and I'm sure it'll make a lot of headlines in the near future In the meantime, I'm hoping we can find a way to allow the cryptocurrency and the climate to be able to coexist