THE PROLONGED CORONAVIRUS MAY AFFECT THE GROWTH OF BITCOIN
Mark Lemon – Cryptocurrency Professional
While the Coronavirus is only not only a crypto-specific issue, the impacts of the hastily spreading virus are slowly starting to affect the Bitcoin network’s mining activities as well as the number of transactions related to people buying and selling Bitcoin. This is possible because up to 65% of the total is currently positioned in China.
Due to the numbers affected in the population, they are preferring to provide essentials to the suffering public, while logistics issues are adding fuel to the fire. The mining farms are badly affected as Wuhan has the cheapest electricity and as such, most of the farms are located there.
On the other hand, Chinese miner manufacturers are seeking new pieces of equipment ahead of bitcoin’s scheduled halving in May. But just in case the virus does not get controlled, it will be hard to manage the blockchains- says Kevin Shao, general manager of Canaan Creative's blockchain arm.
Mining cannot be improved because there is currently a shortage of the latest mining machines. Facing delays in production and delivery is a normal state for the Bitcoin miners in China, Bitmain, Canaan, MicroBT and InnoSilicon. They are hoping to fully take hold of the situation by the 10th of February. Further to this, they hope to have new mining machines installed before the end of May. China and the entire world are hoping for an optimistic change ahead of this month, as it’s not only about a business, but it’s about humans who can improve the mining process.
With the rapid worldwide spread of Covid-19, uncertainty and confusion has swept through all markets. With most market prices falling, it’s no wonder that cryptocurrencies have been affected too. If you are interested in buying and selling cryptocurrency, head over to BC Bitcoin, the most trusted Bitcoin broker, and start your Bitcoin journey today
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