Arif Efendi , a British-born businessman, shares in this opinion piece his views on cryptocurrency.

Arif Efendi , a businessman has his own opinions regarding cryptocurrency and Sweden’s plan to prohibit Bitcoin mining.

Arif Efendi is a businessman whose views on cryptocurrency has been scrutinized in recent years. According to Arif Efendi , who is a Swedish businessman, cryptocurrency has come being attacked in recent years. This is a trend that has led to an increase in bitcoin’s global mining.

He also says that the cryptocurrency still has a lot of positive aspects to offer.

What’s the problem about Cryptocurrency hype?

While cryptocurrency has been around for over a decade, the term has only become a household term in the last few years.

Cryptocurrencies often make the front of news stories. They recently gained attention due to the fact that Sweden is seeking to prohibit Bitcoin mining in the European Union (EU).

What is all this about and what exactly is cryptocurrency actually?

After years of study and investing this is a question I often meet. Let us dig into it together and discover the world of cryptocurrency.

What is cryptocurrency exactly?

In its simplest form, cryptocurrency is digital money. The cryptocurrency is not a physical currency. It is only the form of data.

Also, cryptocurrencies are digital currencies designed for use on peer-to–peer networks that lack central authority. Bitcoin is perhaps the most well-known cryptocurrency.

Bitcoins as well as other forms of cybercash have elements of decentralization because they are not governed by the central bank or administrator.

Decentralized control is another characteristic of cryptocurrency, which is greater security and privacy through its use of cryptography.

The advantages of cryptocurrency in comparison to traditional currencies. Because of the cryptographic protocols used to ensure the existence of the currency the currency is not susceptible to counterfeiting nor debased.

In addition, cryptocurrency accounts do not have the ability to go “in the red” because it does not actually have an account balance that could cause a deficit. could occur.

Additionally, cryptocurrency permits instant transactions between anyone on Earth that are backed by a reasonable amount of trust.

What makes cryptocurrency different to stocks?

Cryptocurrency is different from stocks because it employs cryptography to safeguard transactions.

The cryptocurrency market can be used as an uncentralized currency. They are not tied to any central banking system. The cryptocurrency market is principally about cryptocurrency trading and investing.

Stock market acts as an exchange in which dealers and brokers exchange stocks. Stocks represent ownership interests in companies and can be sold for profit or traded at a profit based upon the performance of the business.

The price of stocks fluctuates daily due to supply-demand, general economic health, the perception of investors of value, potential for expansion by the company and other factors.

However, the prices of cryptocurrency do not fluctuate by more than 1% each day.

Why is cryptocurrency so popular?

The modern society is rapidly embracing cryptocurrency. Because of the numerous benefits that it offers, cryptocurrency is becoming increasingly well-known. Although information about cryptocurrency is available for many years, the current interest in the field has led to an increase in the number of cryptocurrency transactions.

Cryptocurrency gives people complete control over their finances. It is not dependent on banks or other financial institution. It’s also distributed, meaning that it is accessible to anyone, any group or even a company. Many people like me are drawn to cryptocurrency due to the capability to control their own finances.

Why does Sweden want to see the EU prohibit Bitcoin mining?

Despite its popularity, EU lawmakers are currently examining new legislation that would bar the mining of cryptocurrency that is energy-intensive from being carried out in countries across the union.

Due to cryptocurrency miners taking advantage of electricity supplies in Sweden, the legislation is being introduced. In recent times, it has been very popular to mine cryptocurrency.

Bitcoin was created initially using computers with standard processing units. However, it quickly became apparent that it was not fast enough. Bitcoin is now created through large mining companies. These pools consume large amounts of energy and this is a reason that worries the Swedes.

In an open letter to the EU, Bitcoin mining in Sweden is now consuming 1 TeraWatt/hour per year. The authors include Bjorn Riser Director of Sweden’s Environment Protection Agency, Erik Thedeen director of the Swedish Financial Supervisor Authority.

This amount of electricity can power up to the homes of 200,000 people. Bjorn Risinger and Erik Thedeen claim that cryptocurrency miners make use of more renewable energy from Sweden.

“If we allow large-scale crypto-asset mining in Sweden there is a chance that our renewable energy resources will not cover the required climate change we have to achieve,” said the Swedes in their letter to EU.

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

The coexistence of climate and crypto

Even though cryptocurrency is now more widely discussed and discussed than ever before it remains a source of controversy as you will hear.

I am awestruck by cryptocurrency and all the possibilities it offers. I am sure it is here to stay and that it will create a lot more headlines in the coming years.

I’m hoping that we can find a way to allow the cryptocurrency and climate to coexist for a while.