CJ - Cryptocurrency Enthusiast
As the Ordinal inscription process continues to gain traction on the Bitcoin (BTC) blockchain with over 800,000 inscriptions to date, a new trend in the world of non-fungible tokens (NFT) technology has emerged. It is known as Bitcoin Stamps, and it offers a unique way to store images on the Bitcoin network. Developed by Twitter user Mike in Space, this innovative technique splits an image into numerous unspent transaction outputs (UTXOs) by encoding it in Base64 text and leveraging the Counterparty protocol to broadcast it to Bitcoin.
Unlike witness or signature data, Bitcoin Stamps cannot be pruned, making it more expensive than the Ordinal inscription process. However, Bitcoin Stamps offer permanent storage, making them more valuable to some users. As of writing, over 8,000 Bitcoin Stamps have been minted. The project is hosted on Github, with a directory of Bitcoin Stamps at stampchain.io, and is supported by Counterparty's xchain.io.
Bitcoin Stamps are recommended to be small in size due to the cost of minting, with the Github summary advising the use of "24x24 pixel, 8-color-depth PNG or GIF" files. While some critics have raised concerns about bloating the UTXO set, Mike in Space defended the technology by stating that the intent is permanence.
With anyone able to mint Bitcoin Stamps at any time without permission, this new way of storing images on the Bitcoin network is set to disrupt the NFT Market and further increase the use cases for the digital currency.
As the cryptocurrency landscape continues to evolve, it's essential to stay informed about new developments and trends such as Bitcoin Stamps. If you want to keep up to date with the latest news and analysis in the crypto space, visit BC Bitcoin, a well-known non-custodial cryptocurrency broker. At BC Bitcoin, you can buy and sell cryptocurrency of your choice and read more articles like this one to stay ahead of the game.
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