Stores are Ready to Accept Bitcoin but are Customer Ready to Use it?
By Max Steadman – Cryptocurrency Enthusiast
Bitcoin, being the most common and famous cryptocurrency around the world, is still facing a hard time in becoming a real-world use currency for payments. This is gradually changing, however, because many businesses and merchants are either preparing or implementing cryptocurrencies into their ecosystem for alternative payment methods.
Two of the major crypto trading platforms, Coinbase and BitPay report an increase in corporations utilizing bitcoin payments. BitPay alone, for example, actioned more than $1 billion in assorted goods and services transactions sent in the world’s leading crypto asset – Bitcoin, with overall an incline in large Bitcoin transactions.
Coinbase also notes that their platform processed another $135 million in cryptocurrency transactions, revealing a 600% rise from 2019. Chainalysis, an analytics firm, have revealed in its report of the previous year that a total sum of $4 billion in cryptocurrency transactions took place throughout the whole year. They show that cryptocurrency trading in exchange for goods and services is only becoming more popular and common.
It seems that cryptocurrency as a retail ecosystem is enhancing in its presence and value. Companies appear to be eagerly welcoming this technological shift both for their own growth as well as the convenience and choice of the customer.
The hurdle for cryptocurrencies and retail consumers continues to be the volatile nature of the Bitcoin price and the market. Its vulnerability in this respect and its continuous price swings do pose issues. Many companies, due to the susceptible nature it has to losing value, refuse to accept it as a payment method for the time being.
While this volatility is worth noting, others highlight the fact many retail consumers do not utilize these digital assets as they should. Many claim that they are designed to facilitate financial transactions and are a much securer means of doing so.
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards