Can Atomic Swaps Fix The Issues Of Centralized Exchanges?
By Max S. - Cryptocurrency Enthusiast - 12-03-2021
Bitcoin (BTC) and cryptocurrency have been thriving in the media for the last several months. In what many analysts compared to the 2017 cryptocurrency Bull Run, we've witnessed many cryptocurrency gains in value, market capitalization, and price.
With the rise in popularity, a variety of debates have taken place on the viability of cryptocurrencies as a reserve commodity or money. Issues concerning uncertainty, energy usage, and rising transaction costs for trading Bitcoin and buying crypto such as Ethereum (ETH), are receiving attention.
Active Bitcoin wallets hit 22.3 million unique addresses in January 2021, reaching an all-time record. Without a doubt, the asset attracts interest from both long-term believers and new investors. In recent years, we have also seen changes and barriers to cryptocurrency transactions as the platform continues to develop. One such advancement is the atomic swap.
Atomic swap is a secure, contract-based, shared technology that allows people to take separate blockchain assets where the ownership of one user's asset is not relinquished until they have the assurance of ownership of the other asset.
Created in 2013 by Tier Nolan, the concept was very much in uncertainty until 2017, when Litecoin's (LTC) founder, Charlie Lee, tweeted a cross-chain nuclear exchange between LTC and BTC. Since 2017, nuclear swaps have slowly changed, offering a fully decentralized means of trading virtually any cryptocurrency.
For the last three to four years, nuclear swaps (atomic cross-chain trading) have started to grow, while retaining the same concepts and general goals. At a time when centralized markets are dealing with substantial trade costs, KYC authentication, and possible attacks, atomic swaps are a truly distinct option for them.
Nimiq has become one of the top crypto atomic swaps in the industrial sector; Nimiq is a decentralized, censor-resistant payment protocol that emphasizes on comfort and efficiency of use. In less than 30 seconds, you can make a self-custodial Nimiq wallet and then buy BTC and NIM in your wallet directly through a bank transfer.
The open-source initiative also enables users to take part in the journey and eventually seeks to make a major contribution to the vision of a decentralized society. The numerous potentials locked up in Nimiq set a trend that would make atomic swaps more common in the near future.
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