We can help you to find the best places to buy, sell, store and learn about bitcoin in the UK.
There are many benefits to holding some bitcoin. A few of current benefits are listed below.
- With bitcoin you can make payments across borders, without a third party or expensive fees.
- Owning bitcoin helps to protect you against loss of value in your country's currency.
- All transactions are recorded, helping to protect against fraud.
Bitcoin was proposed in 2008 and since then has been praised and written off over and over. The longer bitcoin retains its value the more confidence people, businesses and investors have in the cryptocurrency. In the UK bitcoin is still relatively unheard of and unused. The UK has some bitcoin friendly banks and businesses with more in development. The UK general adapt quickly to new technology and for bitcoin we would not expect the UK to lag too far behind.
Is Bitcoin back?
In the last month we have seen bitcoin's price rise over 30%, with many claiming this the beginning of the bull run. However, looking at the number of active users on the r/bitcoin subreddit there has been little change. This is even stranger when we see that subscribers are increasing at a rapid rate.
The bitcoin price is still to reach the high of May so it is still early days to claim a recovery but the longer it remains above the recent lows the more confidence in the market should return.
It's always good to take anything posted on reddit with a pinch of salt, and to think about the motivation of the poster. The above is only one indicator to help you make your own decisions on where the price might be going but it hope it helps!
If I bought X worth of bitcoin Y years ago, how much would it be worth now?
Have you ever wondered how many bitcoin you could have bought if you had only known about it sooner? If so then why not use our handy tool below!
Bitcoin ATMs in the UK.
The map below shows a few of the bitcoin cash machines in the UK. If you need to buy bitcoin quickly this can be one of the easier ways to do it, however it can be more expensive than other options, such as online exchanges, so do shop around. Some bitcoin cash machines will allow you to buy and even sell your bitcoin. The advantages of using a bitcoin cash machine are that you can buy or sell bitcoin more quickly and in some cases without the need for ID, though you can pay a premium for this service.
Bitcoin is still very much in it's early days but already we can see the potential to make the current monetary system more efficient. This will accelerate more and more as people begin to see the value of adopting a global rules based currency with a distributed ledger.
Why bitcoin and not one of the mainly other cryptocurrencies?
- The ledger has been up and running since 2009, having been attacked several times, nobody has been able to break the system.
- The coins are distributed more widely than other cyrptocurrencies.
- There are 21 million bitcoin, no more will be created, so there will be no inflation, other cryptocurrencies do not have a limited supply.
- The rules cannot be changed without consensus, and if they do, you will then have coins on both the old and new versions if both continue to exist. Even if there is a minority want to maintain one of the forks it can still continue to function. This makes it very difficult for a malicious party to take control of the currency.