By Mark Lemon – Cryptocurrency Professional
All our precious digital data is seen but never felt or touchable, why not money too? People do not keep all their money to hand all the time. Even when money is kept in the banks, someone else has taken charge of the care of your funds.
The CEO of cryptocurrency exchange Binance, a major cryptocurrency trading platform for users with a bit of experience in buying bitcoin and other cryptocurrency, Changpeng Zhao has voiced his opinion on storing digital assets. He has recommended that for most, holding digital assets on exchange is a safer option in terms of securing them.
He believes that most users new to the space are not able to secure the private from themselves losing it. This could be in hopes that Zhao is able to build confidence in users storing cryptocurrency on his exchange. If users begin storing more assets on exchange, they would be able to buy and sell cryptocurrency with faster access to the markets.
In opposition to Cryptocurrency
The co-founder of Ethereum, Vitalik Buterin, opposed this thought of Zhao. In this regard, if the users acknowledge their responsibilities towards the protection of their keys, they may take more care securing them. Moreover, the unprofessional conduct of keys is not the responsibility of the system maker. He suggested the idea of Social recovery. This means trusted people can have some allotted keys and the combination of these can permit the recovery, although this again increases the chances of fraud and mistrust.
You can observe that cryptocurrencies can correlate with hacking due to their anonymous nature. Hackers are in search of bigger opportunities in which centralized exchanges are a target. Though a theft of more than 7,000 Bitcoin has been faced in the past, the worst scenario is the irreversible transaction process or the loss of a large Bitcoin purchase.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards