A Comparison Between Internet and Blockchain Technology by Deutsche Bank
By Ollie Hurst – Cryptocurrency Broker
While many studies in the crypto space might focus on the Bitcoin price increase, or even the growth in the number of people buying and selling Bitcoin, a new report explores the patterns of its underlying technology with another technology that is central to all of our lives, whether we like it or not.
Published by Deutsche Bank, a research project examines the infant years of the Internet, alongside and in comparison, with blockchain technology. In recent decades, one would struggle to envision a world without constant access to the internet and similarly, blockchain is considered an equal in its disruptive and progressive nature.
The report highlights a 10x difference in their projected adoption trends. The internet had successfully reached over 4 billion users around the world within 25 years, while the calculated forecast for blockchain indicates that by that time, it will host approximately 250 million participants. Though mass adoption is proving slower than the Internet’s journey, it is steadily increasing along with the number of people buying Bitcoin.
It is worth noting that despite the internet and its undeniable advancement on the world, it did experience a challenging early phase of adoption. Its history reveals the underlying technology in use as early as the 1960’s, though it wasn’t until the later 1980’s-90’s when it began seeing larger adoption and implementation.
Across the next two decades, the internet became much better, faster and more efficient. A separate report shows that today’s internet speed for example, is actually 136 times faster than what it was in its initial years. On top of that, internet availability is, on average, over 90% cheaper.
Many people speculate that blockchain technology might follow a similar path. Early adoption of blockchain technology is currently being hindered by hurdles such as cost and scalability, but as long as they continue being addressed, many continue to see the next decades as more significant than its present-day usage.
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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 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