By Kenny - Crypto Professional - 02-11-2021
The Cardano (ADA) community is known for being made up of some of the most fortified fans in the industry of investing in cryptocurrency. The community is full of members who are excited to buy Cardano ADA - one of the top 10 ranked cryptos - and invest in the company's progress and initiatives.
As usual, the CEO and Co-Founder of Cardano and IOHK, Charles Hoskinson, provides another company and progression update to the Cardano Community. In the latest update, Hoskinson spoke about the behind-the-scenes efforts of Hydra. Hydra is a layer-2 scaling solution on Cardano's Proof of Stake (PoS) first layer. Hydra works well with staking pools and tools as it works as an open-source, permissionless blockchain that helps companies with on-chain predictions. There are some concerns within the Cardano network that Hoskinson hopes Hydra can provide solutions to fix. The update came in a blog post by IOHK on September 17, as it stated that the company hopes Hydra can solve the need to create a safe and trustless environment for transactions.
However, just like any permissionless blockchain network like Cardano, some drawbacks exist. One example of the hindrances that a permissionless blockchain has is when needing to serve real-world applications, like payments, games, identity etc; Hoskinson has explained that there have been issues. Users need to buy ADA in order to pay the transaction fees. The fees are there to serve as compensation and reward stake pool contributors and are set at a level that suits best. Of course, users of the platform would want to pay fair fees.
Furthermore, the blockchain must be safeguarded against assaults to the network such as Denial-of-Service (DoS). So in order to protect the network from DoS attackers, fees cannot be priced so low that the company risks the system to be vulnerable to risks. That being said, Hoskinson has stated that Hydra is doing well to help solve a lot of the present issues the company faces and looks forward to its progression.
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