Covid-19 Has Reshaped The Crypto Industry
Tyler Smith – Crypto Investor
A documentary has been created by cryptocurrency news website, Cointelegraph, depicting reporters approaching leaders of the crypto industry throughout the world. Their purpose was to figure out the impacts of COVID-19 on their businesses and if it affected people who buy and sell crypto.
It is expected that, just like many other businesses, the crypto industry cannot stay unaffected. It is visibly observable that a large proportion of the world’s economy is currently suffering due to the Coronavirus. However, the cryptocurrency industry is organized and functions in such a way that it can manage and survive during such a crisis. Bitcoin itself was created in response to the last financial crisis and so people are still trusting Bitcoin during the pandemic. The underlying protocol is what attracts people to the network as it is censorship proof and decentralized, meaning they can conduct transactions without fear of funds becoming frozen.
Cryptocurrency companies have been able to adapt fast to changes due to the decentralized nature of their blockchains. Many have become remote operations without loss of productivity. These cryptocurrency companies rely heavily on events which the majority over the first quarter have been cancelled or postponed.
Due to COVID-19, many of the financial markets have crashed facing volatility with a huge impact on businesses. While many markets are merely trying to survive, crypto exchanges can profit by the rise in trading volumes and the volatile spikes as people see an opportunity to buy and sell cryptocurrency. Due to increasing uncertainty, Bitcoin can easily attract investors to maintain the value of their money and continue investing.
Head on over to our platform if you’re seeking to Buy and Sell Bitcoin in the UK from the most Trust Bitcoin broker.
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