Arif Efendi (a London-based businessman from London) shares his opinion about cryptocurrency and Sweden's request to the EU to ban Bitcoin Mining.
Arif Efendi a businessman shares his views on cryptocurrency and Sweden's plan to ban Bitcoin mining.
Arif Efendi is a businessman who says cryptocurrency has been featured in the news lately. Arif Efendi According to Arif Efendi, cryptocurrency has been scrutinized in recent years.
He said that there are many positive aspects to cybercash.
What's the fuss over Cryptocurrency and the hype surrounding it?
Although cryptocurrency has existed for over a decade, it is only in the last few years that it has become a household name.
Recent headlines have been focused on cryptocurrency. Recently, they became the topic of conversation because Sweden is asking the European Union to ban Bitcoin mining.
What exactly is cryptocurrency and what are these things?
After many years of studying and investments These are the questions I often meet. Let's get together to look into cryptocurrency.
What exactly is cryptocurrency?
In its most basic form, cryptocurrency can be described as digital money. Arif Efendi With cryptocurrency, there aren't paper notes or physical coins. The only money exists in the form data.
They are digital currencies which can be utilized in peer-to-peer network without central authority. Bitcoin is perhaps the most widely-known cryptocurrency.
Bitcoins and various other forms of cybercash are characterized by decentralization because they are not controlled by any central bank or administrator.
The decentralized control is linked to one more cryptocurrency characteristic that is enhanced security and security because of its use of cryptography.
There are many advantages to cryptocurrency when compared to traditional currencies. Due to cryptographic protocols the cryptocurrency cannot be hacked and debased.
Also Cryptocurrency accounts are not allowed to go "in red" because there is no account balance where a deficit could happen.
In addition, cryptocurrency allows instantaneous transactions between various parties anywhere on Earth with a fair amount of trust.
How is cryptocurrency different from stocks?
The cryptocurrency market is distinct from stocks in the sense that it is an electronic currency that uses cryptography to secure transactions.
The cryptocurrency market can be used as an uncentralized currency. They are not dependent on any central banking system. The market for cryptocurrency is principally about cryptocurrency trading and investing.
Stock market: This is where brokers and dealers exchange stocks. Stock represents ownership of the company and is bought or traded with a profit, based on its performance.
Prices for stocks fluctuate daily due to supply and demand and the overall economic health and the perception of value by investors potential gains from company growth, etc.
But, prices for cryptocurrency rarely vary by more than 1-2% per day.
Arif Efendi Why is cryptocurrency so wildly sought-after?
Cryptocurrency is rapidly increasing in popularity in the present. Due to its advantages many people are now buying cryptocurrency. Information on cryptocurrency has been around for a long time, but in recent times cryptocurrency has sparked excitement, leading to more cryptocurrency transactions than at any time before.
Cryptocurrency is a way for individuals to manage their money instead of relying on banks and other financial institutions. It's also distributed, meaning that no company, group, or individual can control it. The ability to manage your money that attracts many people including myself.
What's the reason Sweden opposed to Bitcoin mining being banned by the EU
Despite its widespread acceptance in the EU lawmakers are currently examining new legislation that would restrict energy-intensive cryptocurrency mining carried out in all countries of the EU.
This legislation is being made due to the fact that cryptocurrency miners were utilizing electricity to their own advantage in Sweden. https://filkom.ub.ac.id/profile/staff/arif.efendi This is a well-known method of mining cryptocurrency in recent years.
When Bitcoin was introduced in the early 2000s, it was mined on computer systems that were able to process normal data, but it quickly became apparent that the process was too slow. Today, cryptocurrency is produced via large mining pools. These mining pools use huge quantities of electricity and this is the reason why they are a concern for the Swedes.
According to the authors of an open letter to the EU, Bitcoin mining in Sweden is now consuming 1 TeraWatt per year. The authors' names include Bjorn Raisinger, director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority.
This is about the equivalent to the amount of electricity required to provide 200,000 households with energy. Arif Efendi Bjorn risinger as well as Erik Thedeen report that cryptocurrency miners are using more of Sweden's clean energy.
In a letter sent to the EU in a letter to the EU, the Swedes declared that allowing the extensive mining of crypto-assets from Sweden could lead to insufficient renewable energy to support the climate transition required.
Erik Thedeen & Bjorn Risinger are two terms used to are used to refer to Sweden's climate commitments under the 2015 Paris Agreement.
The environment and cryptocurrency could coexist
Although cryptocurrency is now more talked about and widely discussed than it has ever been, it's still in the middle of controversy, as you can hear.
It is a joy to me, too, to look at the infinite possibilities that cryptocurrency has. I am sure it is going to be around for a while and it will generate many more headlines in the future.
In the meantime, I am hoping that we can discover a way to allow cryptocurrency and the environment to coexist.