Blockchain Scalability Concerns
Blockchain technology has the potential to revolutionise many industries but still has many obstacles to overcome in its development. Scalability is a major issue stunting many projects. Difficulty can occur when maintaining a network that has no central processing hub simultaneously processes a high volume of transactions.
Blockchain.com shows an average Transaction Rate of three per second for the Bitcoin network. When the network is experiencing a high number of transactions, it becomes unable to process them fast enough and users can experience delays buying and selling Bitcoin. Congestion on the network back in November 2017 caused delays of up to an average of 28 minutes for confirmation on transactions including mining fees. A transaction to buy Bitcoin without a mining fee took much longer.
The Ethereum network processes transactions to buy ether slightly quicker at 15-20 per second but this is still not enough for mainstream adoption. This has sparked the Ethereum developers to explore different scaling solutions such as Sharding, Plasma, Casper and Raiden all to make processing more feasible and increase the speed of the network.
Ripple’s XRP boasts of the ability to handle a high volume of transactions reportedly able to consistently process 1,500 per second with the ability to scale up to 50,000 per second. Ripple uses ‘Payment Channels’ which are off-chain transactions that are bulk added to the blockchain periodically.
With all these developments and more occurring on other projects we're certain to see further adoption and more buying crypto.
You can buy Ripple, Ethereum, Bitcoin and a huge selection of others coins at our site so make sure you check BC Bitcoin out!
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards