Bitcoin is Profitable, But Will it Succeed as a Currency System?
By Ollie H – Cryptocurrency Broker
The American financial commentator Peter Schiff has acknowledged the profitability of Bitcoin investing, while also claiming that it is unable to ‘succeed as money’, failing to compete with fiat currency.
A notable crypto sceptic, Peter Schiff has been in Bitcoin headlines before. Though he has never directly participated in buying and selling Bitcoin, he does own a small amount due to a donation campaign. Famously, he lost access to his wallet but has since recovered his assets. He recognizes that holding such digital assets can be profitable but claims it will never replace fiat currency systems.
In a recent tweet, Schiff, a key Bitcoin critic, ‘conceded’ that the last 10 years have been successful for Bitcoin holders. ‘Anyone who bought #Bitcoin 10 years ago’ he states, ‘will make a lot of money.’ He goes on to explain that he never disagreed with this potential price climb and only addressed the network’s inability of succeeding as a money equivalent.
Many community members remember the apparent anger he displayed when he believed his coins to be lost and so continue to display little sympathy to his anti-Bitcoin rhetoric. One bullish voice in the space, the crypto-friendly travel agent TravelByBit, was among the Twitter Reponses, writing, ‘#Bitcoin has succeeded as money.’
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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