CJ - Bitcoin Specialist
A Twitter crypto influencer named Dan Robinson held a poll asking people to choose a change they would be willing to accept if it became impossible to build a secure proof-of-work (PoW) blockchain without using Bitcoin as a block reward.
"Remove the 21M limit," "Switch to proof-of-stake," "Let it die," and "I'm horrible at hypothetical" were the alternatives presented. At the time of writing, 9,430 people had voted, and the outcome was neck and neck. Surprisingly, the second majority vote following the "convert to proof-of-stake" choice was "let it die."
Co-founder of Ethereum's PoW network, Vitalik Buterin, asserted that a hybrid of PoS and PoW would be ideal. “Why not utilize hybrid proof of stake architectures from the 2013–2015 timeframe, which intertwine PoW and PoS blocks and require something like "work share + stake share >= 1" for an attacker to execute a 51 percent attack? Although it is still politically marketable as PoW, you might not see adequate security benefits.”
Another user commented, "Why would PoS be secure when PoW isn't?" increased cost of hedging?" The two blockchain security techniques were then compared in a whitepaper that Buterin provided. The main point of the article was that PoS provides more security for a same price.
Proof of work and proof of stake are consensus processes for certifying new Bitcoin transactions on a network because blockchains lack a centralized authority.
While PoW requires miners to solve a difficult mathematical problem, PoS requires users to purchase and stake network tokens in order to validate transactions. The more coins a user is prepared to risk, the greater their chances are of successfully verifying a transaction and earning the reward. Since it costs up to 33% of the network's tokens to even halt the network, PoS systems are prohibitively expensive to hack into.
One way of supporting the new blockchain technology that is cryptocurrency is by buying crypto. Cheapest place to buy Bitcoin is BCBitcoin – a cryptocurrency exchange platform that offers many services that include crypto asset management, live customer support, crypto assets storage and many more.
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