Although Bitcoin (BTC) is gaining popularity as an alternative currency, buying bitcoin may not always seem like a simple process. You can’t simply go to any bank and withdraw your funds in BTC.
If you’re wondering, “Where can I buy Bitcoins” or “How do I buy Bitcoins”, this is your guide. Here, we’ll lay out everything you need to know to buy BTC in the United Kingdom and start investing.
What is Bitcoin (BTC) or Bitcoin basics
Before we go further, let’s take a closer look at BTC basics:
What is Bitcoin?
Bitcoin, also known as BTC, is the pioneer cryptocurrency (e-money). There are no paper bills or coins of BTC. Instead, all transactions are settled electronically. As a decentralized, peer-to-peer network, no single institution or person controls it.
What’s different about Bitcoin?
Unlike other cryptocurrencies, Bitcoin was created as a virtual currency that could be used to make payments no differently than pounds, dollars, or euros. The majority of other virtual currencies were mainly developed as part of gaming or e-commerce sites and are targeted at improving customer retention and increasing profits.
Although there are now some alternatives to Bitcoin as a functional cryptocurrency, Bitcoin’s value and its high rate of adoption worldwide make it a hot asset. At the moment of writing, it’s £7,589.82 and it was as high as £14000, nobody knows what will be next (The original value of one Bitcoin when it launched in 2009 was £0.0006.)
Are you now wondering how to buy Bitcoins in the UK? Let’s check it out.
Typically, there are several ways to buy BTC. The most common are:
- Via a Bitcoin exchange.
- Via Bitcoin ATMs. Today, some ATMs in many countries offer the option of buying BTC with cash directly at the console.
- Peer-to-peer. Bitcoin can be bought or traded directly by individuals without an online exchange.