Drivechain, a Solution to Bitcoin Hardforks
Drivechain is a solution for the Bitcoin network that will permit variations of the protocol. The technology can do this by creating sidechains that interact with the network. The solution has been in development by Paul Sztorc over the past few years with the launch of the Testnet becoming the first P2P (Peer-to-Peer) sidechain for the Bitcoin network.
The Drivechain can offload message processing to another chain and uses incentives and an asymmetric process to ensure the correct settlement is made on the main chain. The technology has been developed due to the difficulty in modifying Bitcoin Core. Sidechains will allow for alterations without completely dividing the community and creating a hard fork.
The sidechain will use Bitcoin the same as the mainchain when conducting a transfer. When a transfer occurs to buy Bitcoin, the sidechain will accept the Bitcoin deposit, handle the transfer and dispense the Bitcoin withdrawal. These features will be the same with all sidechains created for Bitcoin, but additional sidechain processes may differ.
A sidechain can have their own coins with access to the liquidity on the main chain. Someone looking to buy Bitcoin could use liquidity in a sidechain and the main Bitcoin network.
The design of Drivechain will allow anyone to create a new blockchain project without the need to create a token to power the network. This increases the use cases to buy Bitcoin as it can interact with other blockchain projects. Though the sidechains are seen by many to bring innovation to the current Bitcoin network, they will be operated by third parties contrary to decentralisation.
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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:**
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