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Arif Emendi, a London-based businessman, has contributed to this opinion piece on cryptocurrency.Arif Efendi, a businessman, shares his views on cryptocurrency and Sweden’s proposal to prohibit Bitcoin mining.Arif Efendi, a businessman, says that cryptocurrency has been scrutinized over the last few years. According to Arif Efendi,, who is a Swedish businessman, cryptocurrency has come under attack in recent years. This is a phenomenon that has grown globally.However, he claims that cybercash still offers many positive aspects.What's all the hype concerning Cryptocurrency?While the term "cryptocurrency" that has been around since around a decade ago, it only been popularized in recent times.Bitcoin and other cryptocurrency-related currencies have been in the news lately. This is due to Sweden is urging to ask the European Union, (EU), not to allow mining of Bitcoins.What exactly is cryptocurrency and what are all these things?These are the types of questions I am often asked after many years spent researching and investing. Let's explore the world cryptocurrency together.What exactly is cryptocurrency?Cryptocurrency is simply digital money. It doesn't require physical notes or coins to make use of cryptocurrency. Money exists only in the format and form of data.Furthermore, cryptocurrencies are types of digital currencies developed to be used on peer-to-peer networks devoid of central authority. The most well-known cryptocurrency is Bitcoin.Bitcoins and other types of cybercash are characterized by decentralization since they are not controlled by any central bank or administrator.Decentralized control refers to another characteristic of cryptocurrency, which is the an increase in security and security due to the use of cryptography.Cryptocurrency offers many advantages over traditional currencies. For example, cryptocurrency cannot be devalued or counterfeited due to the cryptographic protocols which support the existence of cryptocurrency.Additionally the cryptocurrency accounts aren't allowed to go "in red" because there is no account balance where a deficit could happen.Finally, cryptocurrency allows for instantaneous transactions between various people anywhere on Earth with a certain amount of trust.What makes cryptocurrency different from stocks, and how can it be utilized to increase their value?The cryptocurrency market is different from stocks in the sense that it's a form of digital currency that uses cryptography to protect transactions.There is no central bank system. The market for cryptocurrency typically involves investing in and trading with cryptocurrency.The stock market is an exchange where dealers and brokers trade stocks. Stock represents ownership in a company, and it is traded or bought at a profit based upon its performance.Stock prices fluctuate daily due to supply/demand, economic health, perceived value of investors, and the potential benefits from growth of companies.However, the prices of cryptocurrency seldom change by more than 1-2% per day.What is the reason why cryptocurrency is so well-liked?Cryptocurrency is rapidly gaining popularity in today's society. Due to its advantages that cryptocurrency offers, more people are purchasing it. While information about cryptocurrency has been in circulation for some time now, there has been a sudden surge in the interest in cryptocurrency. https://notes.io/qUkGv The use of cryptocurrency is to allow people to manage their money, instead of having to rely on banks and other financial institutions. https://www.openlearning.com/u/montgomerybrandt-s0yvb9/blog/ArifEfendiWhyCryptocurrencyIsHereToStay As mentioned earlier, it is also decentralized, meaning that no individual, group, or business has ownership of it. The freedom to manage your money that entices many people including myself.What is the reason Sweden opposed to Bitcoin mining being prohibited by the EUDespite its popularity the EU legislature is currently considering new legislation which would ban energy-intensive crypto mining from being carried out in any country within the Union.This law was introduced since cryptocurrency miners are using the power grid in Sweden to their advantage. In recent years, it has become an increasingly popular way to mine cryptocurrency. https://telegra.ph/Arif-Efendi-explains-how-crypto-is-utilized-in-the-football-world-09-14 When Bitcoin was first introduced the first time, it was mined using machines that had normal processing units, but it quickly turned out that the process was way too slow. Bitcoin is now produced by large mining pools. These mining pools consume enormous amounts of money and that's why it is a concern for the Swedes.Open letter to EU: Bitcoin mining in Sweden consumes 1 TeraWatt? each year, according the authors. The authors' names include Bjorn Raisinger, Director for the Swedish Environmental Protection Agency, Erik Thedeen, Director of the Swedish Financial Supervisor Authority.This will power the power of 200,000 homes. Bjorn Risinger Erik Thedeen and others claim that cryptocurrency mining makes use of more and more Sweden's renewable energy sources."If we were allowed to mine crypto-assets in Sweden There is a chance that the renewable energy available to us won't suffice to support the climate change that is required," the Swedes wrote in a letter addressed to the EU.Bjorn Risinger and Erik Thedeen refer to Sweden's obligations in relation to climate under the 2015 Paris Agreement.The environment and cryptocurrency could coexistAlthough cryptocurrency is more popular and talked about than ever before however, it is still a source of controversy as you can tell.I am a big fan of cryptocurrency and the many opportunities it provides. https://just-mango-fzmvdh.mystrikingly.com/blog/businessman-arif-efendi-on-crypto-investment-080246ec-7dcc-449e-be8c-127c0e782833 https://www.sagesuede.com/subscriber/arif-efendikwfx356/activity/12866/ I'm sure that it's here to stay and that it will create a lot more news stories in the near future.In the meantime, I'm hopeful we'll be able to come up with a solution that allows the environment and cryptocurrency can coexist.