Bitcoin is the first ever cryptocurrency that has been growing continuously with time. With its growing popularity, more people are buying bitcoins. A lot of hackers and intrusion makers keep on planning to attack servers and prefer the payment in Bitcoin as such transactions are traceable. So one should opt for a secure medium to buy bitcoins.
Bitcoin has proved itself to be a beneficial investment option because its price is significantly increased with time. The usage of bitcoins for online trading as well as shopping is also increasing.
Before getting into more details, let’s discuss some basics related to Bitcoin:
What is a Bitcoin?
It is a digital currency, i.e., used to make payments without any fees. It is based on the blockchain technology in which peer-to-peer network is established, and a decentralized ledger is continuously updated by “miners.” Miners are individuals who help to accomplish a bitcoin transaction through their computers and are rewarded in bitcoins after each successful transaction.
By whom was it brought into existence?
Satoshi Nakamoto, a confidential internet user, discovered bitcoin in 2008 and launched it online in 2009.
What kind of exclusivity did it introduce?
The central concept that it introduced is that it is entirely free of any government authorization, i.e., there is no third party involvement in any transaction. That’s why there is no fee associated with the bitcoin or any cryptocurrency transaction. Blockchain technology makes all the transactions fully verified, and no one can counterfeit the transaction in between.
What is its worth?
Bitcoin usage is increasing with time, and currently, 1 BTC is equal to 26,6796 INR.
If you are also intending to give it a try and planning to buy bitcoin, we will help you accomplish the task. The easiest way to get bitcoin is through an exchange process. There are many fraud websites, so try to consider the authentic ones. Buying bitcoin in the UK has never been easy, but definitely, there are plenty of ways to do so. After researching, we have collected some options for you to buy bitcoins in the UK.
Buy Bitcoins through exchange platforms:
Coinfloor avails with an exchange medium that provides utmost flexibility. It offers almost free transfers into your trading account starting from £500. Though, it charges a little fee of £10 when a deposit of less than £500 is made. It proposes a maker-taker fee model in which fees are charged according to the function you perform, i.e., whether you add or “make” liquidity, or “take” liquidity away. It indicates that if you put an order above or below the market price, you will be categorized as a “maker,” but if you place an order at the market rate accurately, then you’ll be categorized as a “taker.” Because of the liquidity feature it provides, prices offered by Coinfloor generally touch the global average pricing. Also sometimes, zero fee trading periods are offered by Coinfloor.
CoinCorner intends to become a whole-sole platform to buy-sell bitcoins. They not only offer a good exchange platform but also, a mobile wallet, useful E-Commerce plugins, as well as, an official sale system for merchants. An amount can be deposited via bank transfer, or debit/credit card. Its fee structure depends on the volume of trading, though, standard price starts at 1% including zero fees to deposit or withdraw bitcoin. However, it operates from the Isle of Man; it is the first cryptocurrency exchange that comes from the IOM Proceeds of Crime Act.
Buy Bitcoins through Brokerages:
Cryptopay offers you to purchase bitcoins in the UK through bank transfer. You have to provide necessary personal details including valid ID proof, residence proof, contact number verification, then only you would be able to start the buying process. Cryptopay allows using merchant tools to let your business accept bitcoin payments, as well as receive payouts in pounds/euros.
QuickBitcoin proposes a fast and convenient way to purchase bitcoins in the UK. Due to its quick services, most of the orders are accomplished within 10 minutes of getting the funds. To restrict any intrusion or fraud activity, an ID proof is needed to be submitted. Through the website of QuickBitcoin, one can purchase up to £2000 of bitcoin. You have to request a quote; in case you want to sell bitcoin. It offers a high degree of liquidity and operates a brokerage service for large orders.
Buy Bitcoins through Bitcoin ATMs:
More Bitcoin ATMs are being established in the UK. One top-rated service to purchase bitcoins in the UK is BittyBot. It compares and analyzes the bitcoin market of the UK to let you get the best pricing, verified traders.
One can also buy Bitcoin through peer-to-peer networking, i.e., bitcoin can be purchased from any seller who is willing to sell his bitcoin. This operation can be performed when the buyer would transfer money through bank transfer. The UK offers plenty of bank transfer transactions that are super quick and transferring is being done within 10 minutes only. Once the buyer transfers the money to seller’s account, the seller sends bitcoins to be kept in escrow by the respective site until a confirmation about receiving the payment comes from seller’s side. Then only Bitcoins are transferred to buyer’s account. Some public platforms are Bittylicious, Coinfloor Market, and LocalBitcoins, etc.