How to Get Bitcoins in the UK
As our shopping trends move away from the high street and more towards e-commerce and online stores the very way that we pay for goods and services is also changing. The phenomenon that is Bitcoin is a measure of this growth. As little as 1 year ago (Feb 2020) the value of BTC was a little over $10k per coin, fast forward to February 2021 and the value of Bitcoin has soared to $50k+ per coin. This 400% increase is due to both consumer growth and large tech companies like Tesla investing in Bitcoin and spearheading the digital revolution.
With the number of people shopping online increasing exponentially the question where to buy bitcoin is becoming more frequently asked. Fortunately, there are a large number of platforms from which you can buy Bitcoin in the UK. These platforms provide a place where to buy bitcoin and allow you to trade your Fiat currency into Bitcoin, or any other cryptocurrency. The most common place to purchase cryptocurrencies is known as a cryptocurrency exchange. These are platforms, mobile apps and websites which allow investors to purchase bitcoin with money or another cryptocurrency. According to research by the Financial Conduct Authority published last year, 77% of people surveyed who had bought cryptocurrency in Britain did so through an online exchange.
Many people prefer to keep their bitcoins in an online digital wallet, particularly if they frequently buy and sell the currency or want easy access to their digital wallet from different devices. Popular exchanges including Coinbase, Bittylicious and Coinmama provide information on how to get bitcoin and how to buy bitcoin in the UK. All users have to do is sign up for and verify ownership of a cryptocurrency wallet. Most platforms or exchanges will create a wallet for you when you open an account. UK Banks including Barclays, HSBC, NatWest, Santander and TSB allow users to buy bitcoin with a credit card or buy bitcoin with bank transfer to pay for goods and services.
What is Bitcoin
Bitcoin is a digital currency, also known as a cryptocurrency. It was invented in 2008 by an anonymous person or group named Satoshi Nakamoto and unlike fiat currencies, bitcoins are not physical objects. As with most currencies, bitcoin has no central point of control, and is sustained by individuals in the widespread cryptocurrency community. Simply put, no one user, government or bank is in control of bitcoin, it has been designed to be operated by the people, for the people. Instead of banks, Bitcoins are stored in virtual wallets and users visit exchanges to buy or sell their coins.
Bitcoins are created by a process called mining, this ensures that new bitcoins are being created every day. Big computers work hard to solve complicated equations, and each correct answer produces a coin. Miners earn Bitcoin as a reward for completing "blocks" of verified transactions. These verified transactions are then added to the block-chain. The number of Bitcoins that can be created will be capped at 21 million. This limit is not expected to be reached until approximately 2140 so users still have plenty of time left if they wish to invest!
Staying up to date with the bitcoin price and latest bitcoin news is easy. Users can access the latest bitcoin news by simply searching for Bitcoin in google or any other search engine. The information they want can be accessed by clicking on the link provided.
How does Bitcoin Work?
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the block-chain. This makes it possible to trace the history of Bitcoins and stops people from spending coins they do not own, making copies or undoing transactions.
Blockchain refers to a decentralized public ledger that records transactions across many computers. As the information is stored in many different computers there is no central point for blockchain. The blockchain records all the transaction information when two users agree to complete a transaction. The records that the network accepted are added to a block and each block contains a unique code called a hash. Trust in blockchain has built up over time as more and more transactions have been added to it.
One of the most advantageous aspects of cryptocurrencies is the anonymity it offers. Users can buy bitcoin anomalously and unlike traditional banks they do not require an account number or sort code. Another advantage is the speed and cost to send bitcoin. By offering instant peer to peer transactions between users worldwide, the time and cost of transferring money is greatly reduced when compared to traditional payment systems.
Is Bitcoin Safe?
Yes, bitcoin is regarded as safe. Bitcoin is like an online version of cash, you can save it or use it to buy products and services. The Increasing numbers of businesses both online and on the high street embracing this technology is testament to the safety and trust in cryptocurrencies. In late 2020, PayPal announced that it would be allowing its customers to buy and sell Bitcoin. Although this has only rolled out in the USA in 2020, PayPal plans to make this service available to users in the UK and Europe in the first half of 2021.
The difference between Bitcoin and earlier failed digital currencies is that Bitcoin was able to solve the "Double spend" problem. Double-spending is a potential flaw in a digital cash scheme in which the same single digital token can be spent more than once. Bitcoin requires that all transactions, without exception, be included in the blockchain. This mechanism ensures that the party spending the bitcoins really owns them and also prevents double-counting and other fraud.
As all transactions are recorded publicly it is very difficult to copy Bitcoins, make fake ones or spend ones you don't own. The best way to keep your bitcoins safe is to have your private key stored in a device or app that isn't connected to the internet, or in a non-digital form, such as written on a notepad. When your private key is stored somewhere that isn't connected to the internet, it's called a cold wallet and these are considered the safest place to keep cryptocurrencies.
The biggest risk associated with BTC is volatility. Although the price of bitcoin has risen from 10k per coin to over 50k per coin in 1 year the price can also drop and investors are advised to invest only what they can afford to lose.
How to Buy Bitcoin in the UK
Now that we have answered questions like what is bitcoin? how to get bitcoin? And how to buy bitcoin in the UK? all that is left to do is to select an exchange and buy your bitcoin. The below established platforms provide users with all the information they need and come highly recommended.
Coinbase is one of the most popular exchanges for digital currency in the UK. This is because Coinbase was one of the first exchanges to be granted an e-money license. This means that users can buy bitcoin with a credit card or by bank transfer in the UK and have it credited to their coinbase account in minutes. It is considered as one of the cheapest and safest options for buying bitcoin in the UK.
Bittylicious is an option that is well-recommended in the United Kingdom. Although their prices may be considered higher because prices are set by brokers, a plus point is that Bittylicious does not charge additional fees for deposit, withdrawal and even trading. Crypto currencies can be bought at Bittylicious by both credit card and bank transfer.
Coinmama is an easy to use platform that is recognized as being beginner friendly, safe and easily navigable. Once the account has been set up users can by bitcoin with both credit card and bank transfer.
After selecting a currency exchange site, users will have to verify their email address, phone number and identity. Once this has been completed users will be provided with their unique crypto address (wallet id) and are then free to buy bitcoin and enjoy the benefits of cryptocurrencies for themselves.
Our online pharmacy accepts payment in bitcoin and offers discounts on our range of products when you pay using the digital currency. Whether you are looking for sleeping pills, anti-anxiety medication or painkillers our one stop pharmacy offers a solution for all your medical needs - all without a doctor's prescription!
Bitcoin (BTC) is the world's top cryptocurrency and with the number of exchanges increasing everyday it has never been easier to buy bitcoin in the UK.
Published: 20 February 2021
Review Due: February 2022