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Arif Efendi, a London-based businessman shares in this op-ed his views on cryptocurrency and Sweden's request to the EU to stop Bitcoin mining.Arif Efendi, a Swedish businessman, gives his opinion on cryptocurrency.Arif Efendi, a businessman, says that cryptocurrency has come under scrutiny over the last few years. According to Arif Elfendi, cryptocurrency has been in the news recently. https://techbullion.com/crypto-enthusiast-arif-efendi-on-the-football-fans-tokens/ He added that there are still many benefits to using cybercash.What is all the hype about Cryptocurrency.While the term "cryptocurrency" which has been in use since around a decade ago, it only been popularized in recent times.The news has been all about crypto and the cryptocurrency was recently the talk of town due to Sweden's desire for the European Union (EU), to prohibit mining of Bitcoins.What is cryptocurrency, and what are all these things?<iframe src="https://www.youtube.com/embed/2lZqlUPYZOw" width="560" height="315" frameborder="0" allowfullscreen></iframe> https://anyflip.com/homepage/pcckg These are the kinds of questions I often get after many years spent researching and investing. Let's get to it together, and discover the universe of crypto.What exactly is cryptocurrency?The simplest definition of cryptocurrency is that it is a digital currency. With cryptocurrency, there aren't physical coins or paper notes. The only method to earn money is via data.They are digital currencies which can be utilized on a peer-to peer network, without the need for central authority. Bitcoin is the most well-known cryptocurrency.Bitcoins and other types of cybercash are not centralized since they do not have a central bank.The decentralized control also related to an additional cryptocurrency attribute, which is the greater security of anonymity and security due its use cryptography.There are many benefits to cryptocurrency over conventional currency. The cryptographic protocols supporting cryptocurrency's existence guarantee that it is not devalued or counterfeited.Additionally, cryptocurrency accounts are not allowed to be "in red" because there isn't any account balance that could cause a deficit. can be incurred. https://swordfish.ai/d/p/efendi-arif-id708185839 Additionally, cryptocurrency permits near-instantaneous transactions with different parties from any part of the globe that have an acceptable level of confidence.How is cryptocurrency different to stocks?Cryptocurrency is distinct from stocks because it uses cryptography to protect transactions.The cryptocurrency market does not have a central banking system. The cryptocurrency market involves investing and trading.Stock market acts as an exchange in which brokers and dealers exchange stocks. Stock is an ownership interest in the business. It can be traded at a profit , or exchanged for cash depending on the performance of the business.The price of stocks fluctuates based on the demand and supply, general economy health, perceived value from investors, growth prospects, etc.However, the prices of cryptocurrency do not fluctuate more than 1-2% each day.What is the reason why cryptocurrency is so popular?The modern society is rapidly embracing cryptocurrency. Many people are purchasing cryptocurrency due to the numerous benefits it offers. Although information about cryptocurrency has been known for many years however, it is now being widely used, leading to more cryptocurrency transactions than ever before.Cryptocurrency offers people total control over their finances. It's not dependent on banks or financial institutions. https://www.thelondoneconomic.com/lifestyle/my-business/rethinking-hospitality-navigating-the-post-covid-era-with-arif-efendi-351510/ It is also decentralized, which means nobody, no group or company has ownership of it. The freedom to control your money that attracts many people including myself.What's the reason Sweden wish for the EU to ban Bitcoin mining?Despite its popularity within the EU, legislators are currently studying new legislation that will stop energy-intensive cryptocurrency mining from being performed in any country in the EU.The legislation was enacted because cryptocurrency miners were using electricity supplies to their own advantage in Sweden. https://www.flickr.com/photos/arifefendi_sstp/ This has become a popular method of mining cryptocurrency in recent times.Bitcoin was first created using computers that had standard processing units. But, it soon came to light that it was too slow. Bitcoin is now created by large mining pools. These pools consume huge amounts electricity, which is something that concerns the Swedes.The people who wrote an open letter to the EU claim that Bitcoin mining in Sweden uses 1 TeraWatt?-hour per year. The names include Bjorn risinger, director of the Swedish Environmental Protection Agency and Erik Thedeen from the Swedish Financial Supervisor Authority.This is enough electricity for 200,000 households. Bjorn Risinger & Erik Thedeen claim that cryptocurrency miners use the increasing amount of Swedish renewable energy."If we were allowed to mine crypto-assets within Sweden and the EU, there's a chance that the renewable energy sources offered to us will not suffice to meet the necessary climate change," the Swedes wrote in a letter to the EU.Erik Thedeen & Bjorn Risinger are two terms used to refer to Sweden’s climate obligations in accordance with the 2015 Paris Agreement.Climate and cryptocurrency coexistWhile cryptocurrency is becoming more well-known and widely discussed than ever before, it is still a source of controversy, as you can hear. https://acikerisim.uludag.edu.tr/handle/11452/14743 To me, cryptocurrency is an incredible possibility that has unlimited possibilities. I am sure it will be around for a long time and be a major topic in the future.I am hopeful that we will find ways to allow cryptocurrency and climate to coexist for a while. https://www.youtube.com/channel/UC88wbcqStE-yuh9ZGXgwTcw/videos