The Era of Tokenisation
By Mark Lemon – Cryptocurrency Dealer
As we all know, this is the digital era that we are living in and there’s a strong tokenisation movement going on. It’s so easy to find a virtual twin for any element in the world that already exists.
However, as we see in our day to day life, not everything is material for fungibility (commonly known as interchangeability). Even though most of these items are all listed under the same category, they’re not at all similar. To Buy and sell cryptocurrency that is non-fungible has a specific purpose and generally can only be exchanged for underlying asset.
The characteristics that makes it non-fungible and the fact that each of these tokens are one of a kind make the difference between being ordinary and unique.
If you want to completely grasp the meaning of an NFT and its purpose, it is imperative to know the difference between fungible and non-fungible.
What is Fungibility?
Fungibility in this context, refers to any asset that can be exchanged for another. Buying Bitcoin to exchange for Ethereum or Litecoin is an example of fungibility. Another exemplary case would be fiduciary currencies, which allow you to exchange any unit with any other number of units. When it comes to blockchain tokens, let's take the example of the famous ERC20 tokens which we know to be fungible, they can be easily exchanged with other coins and tokens.
Non-fungible is the opposite in which assets cannot be replaced or exchanged. Instead, they are unique and even if two elements look the same, each will have their own distinctive qualities. Many of these tokens are being created to authenticate ownership via a blockchain. A user could prove ownership of an item via an NFT and sell crypto when they wish to exchange this ownership with another user.
A great example would be an airline ticket. The plane tickets may be similar in appearance, but they cannot be replaced. That is because each will have the name of its respective airline, passenger, boarding number, a different destination, and so on.
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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 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