Importance and relevance of NFTs
By Luke Flowers – Cryptocurrency Speculator
A vital advancement in the blockchain business has emerged in the form of Non-Fungible Tokens (NFT) and is increasing in popularity. They can be used as tokens for specific elements that can’t be replaced or exchanged for another. A user that is seeking to buy cryptocurrency in this form will gain entire ownership and control of the coin in which it cannot be breached by even the software designer or anyone else.
The applications are infinite. As we live in the digital age, NFT strings offer a new solution. They create one virtual asset, for example a photograph, and guarantee that it can only be used and exchanged if the NFT is available. The token will have a unique identifier and only this token could be exchanged for the photo. This quality makes it easy to verify whether the asset is real or not without going through a bigger hassle. Ownership of valuable items can be transferred through these easily and quickly.
This type of token and system could be used to help trade assets that are not easily transferable. Gold is an asset that could be link to this in which a user could buy crypto in the form of an NFT that is assigned to gold. That user could sell the token to another, transferring the ownership of the asset. The asset will still be in the same location but there is no need to physically transfer it is when changing ownership.
A live and successful example currently in operation is with the famous ‘CryptoKitties’. This is a game like the Sims, where you have your very own unique cat. It is completely yours and cannot be copied by someone else. A user can buy Ethereum to trade for this unique token through the ‘CryptoKitties’ platform.
Are they Legitimate and can it be Trusted?
Non-fungible tokens can be used for more applications. That is, they can maintain the authenticity of invaluable artifacts. A priceless piece of art could be linked to a non-fungible token, hence maintaining its authenticity via an immutable blockchain. Ownership is also much easier and quicker to determine also.
This makes the work remain authentic and keeps it protected. It would be impossible to counterfeit this piece and the data on the blockchain. Not only does this service extend to artifacts, but any sensitive or unique documents such as birth certificates can be protected too.
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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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards