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Arif Efendi A businessman from London shares in this op-ed his view on cryptocurrency and Sweden’s demand for the EU to stop Bitcoin mining.

Arif Efendi, a businessman, shares his views on cryptocurrency and Sweden’s proposal to prohibit Bitcoin mining.

According to businessman Arif Efendi, cryptocurrency has come under attack over the past few years. Arif Efendi In the aftermath, Sweden demanded the EU to ban bitcoin mining, a development that has grown globally.

Arif Efendi But he says that cybercash isn’t the only thing with positive qualities to offer.

What’s the fuss over Cryptocurrency and the hype surrounding it?

Although cryptocurrency has existed since more than year, it’s only been in the last few years that it’s become a household term.

The cryptocurrency market has often been the subject of headlines and were recently the talk of the town because Sweden would like to ban the European Union (EU) to ban the mining of Bitcoins.

What exactly is cryptocurrency and what are all these things about?

These are the types of questions I often get after many years spent researching and investing. bitrebels.com/business/crypto-enthusiast-arif-efendi-why-prefer-cryptocurrency-over-stocks/ Let’s dig in together and explore the realm of cryptocurrency.

What is cryptocurrency exactly?

Digital money is crypto at its most basic. There are no paper bills or physical coins that are backed by cryptocurrency. The money exists only in the form and format of data.

Additionally, they are digital currencies that are designed to facilitate peer-to-peer transactions that are free from central control. The most widely known cryptocurrency is Bitcoin.

Bitcoins and other forms of cybercash can be considered decentralized because they do not have a central bank.

Another characteristic of cryptocurrency is the decentralized controlthat provides more secure and private since it utilizes cryptography.

There are many advantages to cryptocurrency when compared to traditional currencies. Because of cryptographic protocols the cryptocurrency cannot be hacked and isn’t devalued.

Furthermore, cryptocurrency accounts aren’t able to go “into the red” because it doesn’t have an account balance that can cause an imbalance.

With a reasonable level of trust, cryptocurrency permits almost instantaneous transactions between different parties on Earth.

How does cryptocurrency differ from stocks?

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

Cryptocurrencies can be used as an uncentralized currency. They are not dependent on any central banking system. The cryptocurrency market usually involves trading and investing in cryptocurrencies.

The stock market allows brokers and dealers to trade stocks. Stocks are ownership rights in companies and can be traded to earn profit or sold at a profit based on the performance of the business.

The price of stocks fluctuates daily because of demand and supply, overall health of the economy, perceived value by investors, potential for gains through the growth of a company, etc.

However, prices for cryptocurrency do not fluctuate more than percent per day.

Why is cryptocurrency so popular

It is rapidly growing in popularity in the present day society. The people who buy cryptocurrency are buying it for the numerous benefits it offers. While information on cryptocurrency has been available since its inception, more people are now fascinated by the subject.

Cryptocurrency allows people to have complete control of their funds and not be dependent on financial institutions like banks and other. It is also decentralized, which means that no individual, group or company owns it. Being in charge of your own money is the reason that draws lots of people, like myself to crypto.

Arif Efendi What’s the reason Sweden opposed to Bitcoin mining being prohibited by the EU

Despite its popularity in the EU, legislators are currently looking at new legislation to prohibit energy-intensive cryptocurrency mining being carried out in all countries of the union.

This law was introduced since cryptocurrency miners are using the power supply in Sweden to benefit. This has been a popular practice as a cryptocurrency mining method in the last few years.

Bitcoin was created initially using computers equipped with conventional processing units. Arif Efendi However, it soon became apparent that it was not fast enough. Bitcoin is now produced using large mining pools. These mining pools consume enormous amounts of money and this is the reason it’s a problem for the Swedes.

The writers of an open letter addressed to the EU claim that Bitcoin mining in Sweden utilizes 1 TeraWatt per year. The names of the people who sent the open letter to the EU are Bjorn Riser director of Sweden’s Environmental Protection Agency. Erik Thedeen director of Swedish Financial Supervisor Authority

The amount of electricity produced can power up to the homes of 200,000 people. Arif Efendi Bjorn Risinger and Erik Thedeen claim that cryptocurrency miners use the increasing amount of Swedish renewable energy.

“If we allowed extensive mining in Sweden of crypto-assets, there is the possibility that the amount of renewable energy available will not be sufficient to cover the necessary climate change that we need to make,” wrote the Swedes in their letter to EU.

Erik Thedeen & Bjorn Risinger are two terms that refer to Sweden’s climate obligations under the 2015 Paris Agreement.

The cryptocurrency and the climate can coexist

While cryptocurrency is more frequently discussed and debated about than ever before it remains a source of controversy.

I find immense joy in cryptocurrency and all the possibilities it offers. It is in the making and it will continue to make headlines.

I do hope that , in the meantime, we can work together to make the climate and cryptocurrency co-exist.