Learn How Bitcoin Works-How to Buy Bitcoin in UK-Lesson 4

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Author : Coindesk : 5th January 2016.

How to Buy Bitcoin in the UK. So, you've heard all about the advantages of this amazing new financial technology called BitCoin, but how do you go about buying it in the British Isles? While BitCoin makes sending payments between countries or even continents quick, cheap and easy, traditional banking systems have yet catch up. As a result, users buying BitCoin through a bank account report frustration with complex procedures, delays while funds arrive and high fees for international transfers. Credit and debit cards will often incur charges too, and not all companies will accept them due to the risk of fraudulent chargebacks. As a result, if you're not paying with cash at a bitcoin ATM at www.coindesk.com/technology/bitcoin-atm/ or from an individual at a meet up, buying BitCoin is best done by fast and free domestic bank transfer if you can find a BitCoin business offering that option. The banking issue. The problem is that British banks are reluctant to service BitCoin companies so many exchanges are having to bank elsewhere in the EU. In these cases, you'll have to put up with charges on international transfers like SEPA and often wait 2–5 days for your funds to arrive. The British government has made some noises about turning the country into a cryptocurrency-friendly environment at www.coindesk.com/george-osborne-unveils-uk-plans-explore-bitcoin/. However, as it stands, a UK exchange providing SEPA bank transfers offers few advantages over any exchange in the EU – apart from being able to deposit in GBP, perhaps. However, new banking partnerships at www.coindesk.com/safello-partners-uk-bank-faster-bitcoin-payments/ are being forged that allow BitCoin exchanges add local deposit options for UK customers.

A note on price. Bitcoin is notoriously volatile that is, the value can climb and drop significantly over short timeframes. As a result, BitCoin buyers would do well to keep an eye on the price charts at www.coindesk.com/price/ in order to make, hopefully, a timely purchase when the value is low. Indeed, many people earn money trading BitCoin, making the most of its volatility. Coin Desk's guide to understanding price charts can be found here at www.coindesk.com/information/understanding-bitcoin-price-charts/. All that aside, for would-be owners of the digital currency, where can you buy BitCoin in the UK? Bitcoin exchanges. Crypto currency exchanges offer a way to buy (and sell) BitCoin and sometimes other digital currencies such as litecoin at www.coindesk.com/information/comparing-litecoin-bitcoin/ and dogecoin at www.coindesk.com/?s=dogecoin. First things first, you'll need to register and provide proof of residency (a copy of recent utility bill) and identity (a photo ID scan) for anti-money laundering (AML) at www.coindesk.com/information/bitcoin-glossary/#aml know-your-customer (KYC) at www.coindesk.com/information/bitcoin-glossary/#kyc compliance procedures before you can use the platform's services. Once that's done, you'll need to set up a bank payment using the details provided by the exchange, at which point you can fund your account and buy some BitCoin. Note that it's worth avoiding using the word 'BitCoin' in the payment reference too. While this may sound odd, jittery banks have been known to balk at anything to do with the digital currency, even closing some accounts at www.coindesk.com/capital-one-closes-bank-account-bitcoin/ in the past.

Bitcoin exchanges serving the British Isles. Bitstamp at www.bitstamp.net/. A Slovenia-based exchange that allows cash deposits via SEPA and eCheck. It announced that it will also accept Visa and MasterCard credit and debit cards for UK customers in January 2016. Coinfloor at coinfloor.co.uk/. A London-based BitCoin exchange with an emphasis on security, claiming 100% multi-signature cold (offline) storage for all its BitCoin holdings. Notably, Coinfloor is an HMRC-approved bureau de change. Currently, sterling deposits can be made only via SEPA bank transfer. Charges £5 to deposit GBP and £10 to withdraw. Fees for other currencies can be found here at coinfloor.co.uk/fees. CoinCorner at www.coincorner.com/?AffiliateId=12. An Isle of Man-based exchange that is something between a full exchange and a peer-to-peer (p2p) marketplace. Users deposit funds in a Coin Corner account and then buy and sell BitCoin, LiteCoin and Dogecoin with other users. The exchange started accepting 3D Secure-enabled Visa and MasterCard credit and debit cards on 23rd October at www.coindesk.com/coincorner-now-accepts-debit-credit-cards-bitcoin-purchases/ Otherwise, fiat currency deposits are made via SEPA bank transfer. No fees are charged on deposits, but there is a £10 fee for GBP withdrawals. The exchange recently introduced a mobile wallet app at www.coindesk.com/coincorner-launches-mobile-wallet-pos-solution-payment-gateway/for iOS and Android devices. Coinbase at coinde.sk/1KJM4D6. Popular exchange and wallet provider Coinbase at coinde.sk/1KJM4D6 now has a facility for UK users to purchase BitCoin using 3D secure-enabled credit and debit cards at www.coindesk.com/coinbase-lets-uk-users-buy-bitcoin-with-credit-or-debit-cards/.

Other exchanges to consider. Although based in the US, Kraken at www.kraken.com/ recently partnered with a bank in Luxembourg to bring customers the option to deposit in pounds sterling, while dollars and euros are also accepted. Deposits at www.kraken.com/help/faq#deposits-and-withdrawals are made via SEPA or wire transfer. Safello at safello.com/old-browser is a European BitCoin exchange that offers multiple payment options in a variety of currencies including GBP. Circle at www.circle.com/en is also US-based and currently only offers bank transfers from that country. However, the company caters to the global BitCoin market by allowing users to pay with debit or credit cards. Another option is the Australian based Coinjar at www.coinjar.com/ which allows UK customers to buy BitCoin with a credit or debit card. For other options, see our general guide to buying bitcoin at www.coindesk.com/information/how-can-i-buy-bitcoins/. Bitcoin brokerages. Quickbitcoin at quickbitcoin.co.uk/? A London-based BitCoin brokerage enabling you to buy or sell Bitcoins in any amount. Deposits can be made by UK Faster Payments or cash deposit at a bank. Also provides a BitCoin ATM at The Vape Lab, 232 Shoreditch High Street. For larger volumes (£2,000+), Quickbitcoin also runs an OTC marketplace. Accepts EUR and USD, as well as GBP, for larger amounts. P2P marketplaces. These are peer-to-peer platforms that match individuals who wish to buy, sell or trade BitCoin and altcoins.

They do not buy, sell or necessarily even hold crypto currencies themselves, unless as part of an escrow service. Bittylicious at bittylicious.com/r/coindesk provides a peer-to-peer platform for individuals to buy, sell or trade BitCoin and 11 altcoins, such as Dogecoin, LiteCoin and Feathercoin. Payments can be made via instant UK bank transfer, mobile payments such as PayM, PingIt and PYC, Visa/MasterCard, cash at UK corner stores or SEPA bank transfers. BitBargain at bitbargain.co.uk/?r=koofybit. Facilitates purchases of BitCoin and LiteCoin between individuals. A number of domestic banking transfer options are available, including: standard UK bank transfers, Barclays Pingit mobile payments, RBS Pay Your Contact, and Paym mobile payments (this is possible because transactions are between individuals and do not involve a BitCoin company). Fees at bitbargain.co.uk/faq?r=koofybit are only charged on 'extras' like SMS messages. LocalBitcoins at localbitcoins.com/?ch=35qy. Matches BitCoin buyers and sellers to facilitate over-the-counter deals, offering an escrow service to protect the buyer. Users are charged small fees for wallet use and BitCoin transfers only. Coinfloor Market at coinfloor.co.uk/market. UK BitCoin exchange Coinfloor released a P2P marketplace in July 2015 at www.coindesk.com/coinfloor-launches-broker-based-uk-bitcoin-marketplace/ which only features pre-approved BitCoin brokers.

If you have an approved Coinfloor account, it can be fairly quick to get the coins you need, as the market utilises the UK Faster Payments system. CryptoMate at coinde.sk/1Hkuu6l. Cyptomate allows users in the UK to buy BitCoin, LiteCoin, ripple, Dogecoin and many other crypto currencies. The service works using UK bank transfers (Faster Payments) and coins are sent once the order has been processed. The service aims to send currencies within 1 hour of purchase. Non-verified users are limited to £250 in purchases per day and once verified this is increased to a £1,000 daily limit. Price Comparison. BittyBot at bittybot.co.uk/. A price comparison website that is updated every five minutes to show online traders from UK BitCoin merchants and marketplaces. Displays information such as the rating of the buyers and sellers, and the payment types accepted. Bitcoin ATMs. Over the last year a number of BitCoin ATMs have appeared in the UK, mostly in London at www.coindesk.com/? s=atm+london with others popping up in Bristol at www.coindesk.com/uk-bitcoin-atm-grosses-38k-last-month/ Brighton, Glasgow at www.coindesk.com/tech-retailer-cex-accepting-only-bitcoin-for-new-promotion/ and the Isle of Man at www.coindesk.com/qwikbit-launch-isle-mans-first-bitcoin-atm-today/. Bitcoin ATMs in London. See the interactive map here at www.coindesk.com/information/understanding-bitcoin-price-charts/. All these machines allow you to insert cash and receive BitCoin in your digital wallet (buying BTC). Some models also let you send BitCoin and take out cash (selling BTC). Visit Coin Desk’s up-to-date map of the world's BitCoin ATMs here at www.coindesk.com/bitcoin-atm-map/ to find the installation nearest you. Vouchers. Azteco. If you're in London, New Goulston Street to be precise, Azteco at www.coindesk.com/london-first-bitcoin-voucher-shop/ offers a unique service selling BitCoin vouchers over the counter.

The customer decides how much BitCoin they want to buy and hand the attendant cash. The attendant then prints out a voucher containing a code that can be redeemed at the Azteco website at www.azte.co/. A 3% commission is charged on each transaction. Where to Buy and Sell Bitcoin in the UK. Coinbase at www.coindesk.com/companies/coinbase/ based in the United States Of America operates one of the most popular wallets and now has a simple way to buy BitCoin with UK credit and debit cards which have 3D secure. $5 bonus on sign up. Bitbargain at bitbargain.co.uk/?r=koofybit based in the United Kingdom has a vast range of different payment options for UK buyers. Bittylicious at bittylicious.com/ based in the United Kingdom is a peer-to-peer platform for individuals to buy, sell or trade BitCoin and altcoins. CoinCorner at www.coincorner.com/?AffiliateId=12 based in the Isle of Man allow purchases with credit and debit cards for verified users. Localbitcoins at localbitcoins.com/ based in Finland matches buyers and sellers online and in-person, locally worldwide. Hardware Wallets to Store Your Bitcoin. Ledger Nano at coinde.sk/1FSb32M. Ledger Review at www.coindesk.com/review-ledger-wallet-nano-provides-premium-security-budget/. SatoshiLabs Trezor at shop.trezor.io/. Trezor Review at www.coindesk.com/review-bitcoin-vault-trezor-lives-name/. KeepKey at www.amazon.com/gp/product/B0143M2A5S/. KeepKey Launch at www.coindesk.com/keepkey-launches-new-bitcoin-hardware-wallet/.For more options, please see our guide to storing bitcoin at www.coindesk.com/information/how-to-store-your-bitcoins/.

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