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Arif Efendi, a London-based businessman is quoted in an op-ed about his view on cryptocurrency and Sweden’s demand to the EU to ban Bitcoin mining.

Arif Efendi a businessman shares his opinion on cryptocurrency as well as Sweden’s proposal for banning Bitcoin mining.

Arif Efendi, a businessman, said that cryptocurrency has been under attack in recent years. As a result, Sweden has urged the EU to ban bitcoin mining, a development that has spread across the globe.

He said that there are many benefits to using cybercash.

What’s the fuss concerning Cryptocurrency?

While cryptocurrency has been around for more than a decade now however, it’s only recently become a popular phrase.

Bitcoins have been featured in numerous news reports and in recent times, they were the talk of the town due to the fact that Sweden wants the European Union (EU) to ban the mining of Bitcoins.

What’s the purpose of all this? And what exactly is cryptocurrency?

These are the types of questions I often get after years of researching and investing. Let’s discuss it and explore the cryptocurrency world.

What is cryptocurrency exactly?

Cryptocurrency is simply digital money. There are no physical notes or coins to make use of cryptocurrency. Money exists only in the format and form of data.

Arif Efendi A cryptocurrency is a form of digital currency that is specifically designed to be used on peer to peer networks, with no central authority. Bitcoin is among the most popular cryptocurrency.

Bitcoins and cybercash have elements decentralization as they work without a central bank system or single administrator.

The decentralized control also connected to a different cryptocurrency attribute, which is the enhanced security of anonymity and security due its use cryptography.

Arif Efendi The benefits of cryptocurrency are much superior to traditional currencies. Arif Efendi Due to cryptographic protocols it isn’t able to be counterfeited or devalued.

Additionally, accounts with cryptocurrency cannot go “in the red” since cryptocurrency doesn’t actually have an account balance from which a deficit can be derived.

Finally, cryptocurrency allows for instant transactions between anyone on Earth that have a reasonable amount of trust.

How is cryptocurrency different than stocks?

Cryptocurrency differs from stocks by the fact that it is a type digital currency that utilizes encryption to protect transactions.

The cryptocurrency market is completely decentralized. This means that they do not have an official central bank system or authority to manage the market. The market for cryptocurrency usually includes investing and trading in cryptocurrency.

Stock traders and brokers trade stocks on the stock exchange. Stocks represent ownership stake in a business and can therefore be traded or sold at a profit based on the performance of the company.

Stock prices fluctuate every day due to demand and supply and the overall economic health and the perception of value by investors and the potential for profit through the growth of a company, etc.

However, cryptocurrency prices rarely fluctuate more than 1-2 percent per day.

Why is cryptocurrency so popular?

Cryptocurrency is rapidly growing in popularity today. Because of its benefits, people are buying cryptocurrency. Although cryptocurrency information has been in circulation for some time now, there has been an unexpected increase in the interest in cryptocurrency.

Cryptocurrency gives people complete control over their finances. It is not dependent on banks and financial institutions. Like I said earlier, it is also decentralized, which means no person, group or company is the owner of them. It is the ability to manage your money that entices many people like myself.

What is it that makes Sweden so determined to see Bitcoin mining shut down by the EU?

Despite the growing popularity of mining cryptocurrency, EU lawmakers are currently examining new legislation to ban energy-intensive cryptocurrency mining in any member of the bloc.

vuf.minagricultura.gov.co/Lists/Informacin%20Servicios%20Web/DispForm.aspx?ID=6649650 The legislation is being proposed due to cryptocurrency miners draining the power supply in Sweden for their own gain. This has been a popular practice in the field of cryptocurrency mining in recent years.

Bitcoin was initially mined using regular processor units. Then it became evident that this was too slow. The majority of cryptocurrency now comes from large mining pools. These pools consume huge amounts of energy, and this is what concerns the Swedes.

Open letter to EU authors declares that Bitcoin mining in Sweden currently consumes 1 TeraWatt an hour annually. The writers are Bjorn Risinger (director of the Swedish Environmental Protection Agency) and Erik Thedeen (director of the Swedish Financial Supervisor Authority).

This will power 200,000 households. Bjorn Riser and Erik Thedeen say that mining cryptocurrency consumes more energy in Sweden.

“If we allow extensive mining crypto-assets into Sweden, there is the risk that the renewable power that we have will not suffice to meet our needs for climate transition,” wrote the Swedes in a letter to EU.

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

Coexistence between the climate and cryptocurrency

Although cryptocurrency is being more talked about and popular than ever, it remains controversial.

Arif Efendi It’s an absolute pleasure to metoo to look at the infinite possibilities that cryptocurrency has. I’m sure that it’s in the future and it will create a lot more news stories in the near future.

I do believe that we can work together to ensure that the climate and cryptocurrency co-exist.