Bitcoin (BTC) is the first and the most popular cryptocurrency. Detailed information about Bitcoin you may read on Wikipedia — https://en.wikipedia.org/wiki/Bitcoin. This digital currency is very demanded not only in the United Kingdom (UK), but also all over the world. People use it for trading on exchanges, paying services, making investments, and this list of BTC applying is not complete. In this article you will learn the next information:
- Price of Bitcoin in the United Kingdom (UK);
- Is Bitcoin legal in the United Kingdom (UK);
- How to create Bitcoin wallet in the United Kingdom (UK);
- How can I use Bitcoin in the United Kingdom (UK);
- Regulation of the United Kingdom (UK) government etc.
Bitcoin Price — History, Chart / Graph
At the very beginning, we are going to say a couple of words about Bitcoin`s history in the Great Britain.
This was not long ago, when the Great Britain considered being a Bitcoin paradise. The Misty Albion demonstrated all the signs of becoming a center of Bitcoin industry. In 2015 British Prime Minister’s Office made an effort to promote BTC industry overseas. The nation was actively supporting digital asset industry.
Unfortunately, the situation has been changed for recent years. Though, the government still supports blockchain technology, it is not interested in Bitcoin itself anymore. Banks are not listening to Bitcoin-startups in the UK. This has undermined Bitcoin’s progress in the country and driven cryptocurrency entrepreneurs out of the banking system.
Cryptopay, a Bitcoin brokerage, has recently informed its customers that the company stops supporting deposits and withdrawals in British pound because of new banking policy. British clients are limited to Single Euro Payments Area (SEPA) at Cryptopay due to the cancellation of GBP deposit and withdrawal facilities.
Over past years many British brokerages and Bitcoin exchanges have suffered as banks are refusing to support BTC operations.
Fortunately, Bitcoin is the digital currency that belongs to the whole world, and to none individual country. That is why, we may consider Bitcoin UK price history only in frameworks of general BTC worth history.
Below you can see the chart of BTC price history in British pound sterling since 2008 till today`s Bitcoin UK price, here you can follow in detail the progress of Bitcoin UK rate.
Price of Bitcoin in the United Kingdom (UK) — Bitcoin vs Pound Sterling
Now Bitcoin price is very volatile, and if want to know current value of the first cryptocurrency in UK pounds, you should specify BTC live price on the Internet.
By the way, if you need to learn not the full Bitcoin value, but only its part — 0,03 BTC, for example, then use Bitcoin converter.
Today ( April 13) the price of 1 Bitcoin in UK pounds is: 1 BTC = 5 354 GBP.
Is Bitcoin Legal in the United Kingdom (UK) — Can Bitcoin Be Used
The Great Britain is one of leaders in the sphere of blockchain-projects and cryptocurrencies development, also it is one of the most favourable and convenient jurisdictions for running a cryptocurrency business. The state openly supports startups, dealing with digital assets. Besides, the United Kingdom has well-developed banking and financial sectors, and necessary infrastructure for conducting businesses in convenient conditions.
Bitcoin in the UK is legal and can be freely used in the country. Here BTC is considered as “private money” and when the first cryptocurrency is exchanged for pound or another fiat currency, like euro or US dollar, no VAT (Value Added Tax) is charged on the value of Bitcoin itself. However, in all cases, VAT will be charged in the usual manner from suppliers of any goods or services sold in exchange for bitcoins or other alike cryptocurrencies. Profits and losses on cryptocurrencies are subject to capital gains tax.
An industry body called “CryptoUK” seeks to improve the industry standards regarding Bitcoin. They have offered a code of conduct that includes the provision of Anti-Money Laundering (AML) and extra security measures.
Will Bitcoin Be Banned in the United Kingdom (UK)
Bitcoin usage in the United Kingdom (UK) is absolutely legal today, and this sphere brings good extra profit to the treasury of the country. So, it is strange enough, why some people think that BTC may be banned or become illegal in the Britain. Bitcoin is legal in the UK and it is successfully regulated by the government at the legislative level.
Bitcoin Government Regulation in the United Kingdom (UK)
In the Great Britain legal regulation of exchange-traded financial instruments is one of the most perfect in the world. And it is small wonder that UK regulators have reacted immediately at up-to-date blockchain technology.
After the country`s economy came under the influence of cryptocurrency, in 2015 the United Kingdom threw all efforts to strengthen national currency and began controlling cryptocurrency operations more seriously.
Within 2014-2017 UK Financial Conduct Authority (FCA) made the number of statement, which confirmed that Bitcoin is currency, but not money (in the sense of “payment means”). So, Bitcoin and other cryptocurrencies in no way can be regulated by UK financial law.
For example, in Electronic Money Regulations 2011 (EMR 2011) it is stated that cryptocurrency is not “electronic money” because its emission is not centralized. Thereby, Bitcoin UK regulation by appropriate institutions is impossible. Cryptocurrency also is not a “value” according to Payment Services Regulations 2009 (PSR 2009), and as this document says it is not a bank note, a coin, electronic money or other scriptural money.
In such a way, today in the United Kingdom digital currencies are considered being a unique combination of numbers, received in the result of complex mathematical calculations and algorithms. That is why, BTC and other cryptocurrencies do not fall under the Money Laundering Regulations 2007 (MLR 2007), as well as under other UK financial regulations.
In addition, UK FCA created the program called Innovation Hub. Its participants may become cryptocurrency companies, that receive free legal advice assistance of their current or future activity. Before launching their business, companies can test their business model for compliance with applicable law. Participants of Innovation Hub are entitled to carry out their activity without obtaining necessary licences and pre-registration in the state bodies. Besides, companies refer to FCA with an aim to get legal advice concerning Bitcoin / cryptocurrencies regulation by UK government. Mostly, FCA says that cryptocurrency and related questions are not settled in any way, so such regulation questions are beyond the competence of the FCA.
As a result, at the territory of the Great Britain has been set a specific situation, when in the presence of rules and explanations and the absence of regulatory legal acts regarding the legal status of tokens, cryptocurrency companies do their best to stick to any rules, available for applying to ICO.
Despite the unsettled cryptocurrencies and the wait and see attitude of regulators, cryptocurrency startups are actively supported by the state.
How to Join Bitcoin in the United Kingdom (UK)
It is quite easy to join Bitcoin in the UK, as well as in most countries of the world. All you need is to get an online or offline Bitcoin-wallet, to buy BTC by any convenient way and now you are a happy owner of the first cryptocurrency. In the article on our website “How to Buy Bitcoin and Where” we in detail described how to create a bitcoin-wallet and purchase cryptocurrency. Further in the article we are going to consider how to join Bitcoin in the UK.
Get a Bitcoin Wallet in the United Kingdom (UK)
To get, buy, sell, trade and do other operations with Bitcoin you need to have a wallet where you hold digital currency. There are numerous wallets from different companies, offering their services not only in the UK, but also all over the world. Most wallets, proposed by such companies may be kept both on smartphones in form of an app, and on PC and users can sing up such a wallet through their browser, so called web-version. Also, there are wallets, which are installed in form of a program on a computer, but in this case a program either takes a lot of space, or charges a large fee for sending BTC from your wallet to another.
We will describe a general way of getting a bitcoin wallet. First of all, you need to choose a website, where you are going to store your cryptocurrency. You have an opportunity to register on any site, offering to create a bitcoin wallet, but we advise you to use wallets from blockchain.com. Next, you have to sign in on a chosen website. After your account`s registration, we strongly recommend you to care about its security, namely to activate 2FA (2-factor authentication) and confirm your email. After these steps you can freely use your new BTC-wallet, that, as a rule, has been already created on your account while registration.
Below we list some popular websites, that are often used as a bitcoin wallet.
How to Create a Bitcoin Wallet on Blockchain.com in the United Kingdom (UK)
Blockchain.com is one of the most popular websites where you can create your Bitcoin wallet for free usage in the United Kingdom (UK). Make sure that you are visiting the official Blockchain site — https://www.blockchain.com. Onwards, we will in detail describe the way of registration on the website.
Registration on blockchain.com:
- Visit the official site — blockchain.com. Look at the upper right corner and click “GET A FREE BITCOIN WALLET”;
- Enter your account on Blockchain service. Registration is finished!
After signing in, visit Security Center to protect your wallet.
Blockchain Account Registration — Email-Address Verification
Blockchain will send an email on an address, specified during your registration. Open it and find the blue button with inscription “Yes, it is my email” — click on it. This is the first of several steps to ensure the security of your newly created Bitcoin wallet.
Blockchain Account Registration — Reserve Passphrase
Pay good attention at this moment. Click on “Reserve Phrase”, next, if you want, “Type the list of recovery”. Click on “Next Step” and write out each of 12 words, that you see on the screen, then pass the check.
Blockchain Account Registration — Phone Number Binding and 2FA
Specify your phone number, receive SMS with a code, type it at your private account and click on “Verify”. If you are not going to use Bitcoin wallet tenth times per day, you should activate “2-factor authentication”. As a result, you will get on your phone a confirmation code every time you will log in on Blockchain website.
Blockchain Account Registration — Block Tor Network Requests
If you do not realize what it is about, do not care about this and do not waste time, surfing for related information. Just “block” it and that is all. This in no way (at least for the worse) will affect your work with a wallet in Blockchain system.
How to Create Bitcoin Wallet on Coinbase.com in the United Kingdom (UK)
There is the number of easy steps on how to create a Coinbase account in the United Kingdom with an aim of its usage as Bitcoin wallet. Make sure that you are visiting the official Coinbase site — https://www.coinbase.com/.
Coinbase Account Registration — Step 1: Create an Account
From a web browser such as Google Chrome, Mozilla Firefox or Safari, go to https://www.coinbase.com/ and do the next:
- Look at the right-hand menu and click on ‘Get Started’;
- In the spaces provided type your “First Name”, “Last Name”, “Email Address” and “Password” (for security reasons, choose an alphanumeric password combination, it is highly secure when the indicator glows green);
- Agree with the terms and conditions by ticking the checkbox;
- Click on “Create Account”;
- Click on “Next”;
- You can optionally choose to allow email notifications;
- Complete the captcha puzzle by selecting the images you have been asked.
Coinbase Account Registration — Step 2: Verify Email and Phone Number
- Then, open your email and click the confirmation message from Coinbase to activate your account;
- You will be redirected to a page to choose your country and type your phone number;
- Click on “Send Code”;
- A seven-digit code will be sent to your number, type it in the text field, and then click on “Submit”.
Coinbase Account Registration — Step 3: Verify Identity
As Coinbase says, financial regulators demand that it requests personal information about clients it serves on its platform. It can be supposed that this is in a bid to meet the KYC requirements to restrain money laundering and other criminal use of cryptocurrencies.
Accordingly, you will have to provide details such as your:
- First Name;
- Last Name;
- Date of Birth;
- Street Address;
- Postal Code;
- What will you use Coinbase for;
- Your source of funds;
- Current Occupation;
Be attentive and provide correct information because you will need to present either a driver’s licence, passport, or photo identification in order to complete your account registration on the Coinbase platform.
However, these requirements may differ depending on the country you are registering from and if it is the United States (US), for instance, it is obviously to supply them before you can trade. Other countries may not require it and if that is so in your case, you can proceed to trade with your newly created account (check step 4).
- Choose a type of ID such as “Passport”, “Driver’s Licence”, or “Photo ID”;
- If it is Photo ID you have settled for, then you choose between taking a picture or presenting an existing ID;
- If you have settled to take a live picture of your ID, proceed to turn on your webcam by clicking on “Allow” on the pop-up notification;
- First, you will need to take a picture of the front of your ID and as such, select “I am ready”;
- Now, capture the back of your ID and click “Next”;
- And finally, a personal picture of yourself;
- As soon as you have submitted these items, Coinbase will start an automatic verification of your account;
- Upon verification, you can start trading on Coinbase.
Coinbase Account Registration — Step 4: Buy, Sell and Trading Using Coinbase Wallet
Now that your Coinbase account has been set up, you can begin trading on the platform right away. Also, you can pick to buy BTC on Coinbase using your credit card or bank on the UK based cryptocurrency exchange. You can also proceed to set up two-factor authentication to secure your account.
How to Create Account on Kraken.com in the United Kingdom (UK)
Making a Kraken account is the first step of accessing the services that Kraken offers. Make sure you are visiting the official Kraken site — https://www.kraken.com. It is not difficult to create an account on this platform:
- Click on the “Create Account”-button in the upper-right corner;
- Provide your email address, a username (see username tips & requirements), and a complicated password (see password tips & requirements) on the signup form. Pay attention, the username cannot be changed;
- You will receive an activation email containing an activation key. Enter your activation key on the account activation form, or alternatively complete activation by clicking the link in the email;
- Confirm your password, complete the captcha if asked, and click the “Activate Account” button;
- Congratulations! You have successfully created your Kraken account and you are ready to get started. From now, you are able to hold, trade, sell and buy cryptocurrency on current resource.
Before you could start funding and trading at Kraken, you would need to provide additional user information to meet the KYC/AML legal requirements. Kraken provides multiple tier levels of funding limits, each with increasing amounts of deposit/withdraw limits.
We strongly recommend you to verify your account up to “Tier 3” or upper because exchanges are able to delete or block unverified accounts and accounts which are in bad standing.
How to Earn or Get Bitcoin in the United Kingdom (UK)
For many people buying large amounts of Bitcoin is not a financially-viable investment strategy. Fortunately, today there are many alternatives to earn Bitcoin in the UK or get it for free. Further, we will go through the next points:
- Bitcoin mining;
- Bitcoin faucets;
- Complete micro-tasks for BTC;
- Earn Bitcoin by playing games;
- Write about Bitcoin;
- Do freelance work and get paid in BTC;
- Signature campaigns;
- Affiliate programs;
- Get cashback in Bitcoin when you shop online;
- Lend Bitcoins;
- Become a blockchain developer;
- Teach others about Bitcoin.
Such well-known ways as investing in Bitcoin and trading we are not going to consider in this part.
At dawn of Bitcoin in 2009 you could mine enormous amount of coins very fast and almost for free. But, at the moment of 2020 it is valuable and slow process enough, and every day complexity of Bitcoin mining is growing.
If you have decided to begin BTC mining, keep in mind, that you have to buy expensive equipment and pay high electricity bills for mining maintenance. All these spendings totally may consume larger part of profit from mined bitcoins. So, personal Bitcoin mining is not profitable at the current moment.
Also, you can still get in on the action with what is known as contract mining. In contract mining, you will pay a fee in exchange for a company to employ its Bitcoin mining equipment on your behalf. This contract will last for a certain period of time, and all Bitcoin mined during that time on the equipment you have contracted will be sent to your Bitcoin wallet. Two of the biggest contract mining services are Genesis Mining and Hashing24. Contract mining is an easy and passive way for you to accumulate the first cryptocurrency.
Bitcoin faucets let people earn small sums of satoshi by implementing micro-tasks, that are available for users at a certain interval, every 10 minutes, for example.
Faucets` owners sell on-site advertising, which is viewed by users who come to claim their Bitcoin. Payments from BTC faucets are usually very small, but they can become a good start to enter cryptocurrency society. Popular faucets services are Moon Bitcoin, FreeBitcoin, Daily Free Bits and Bitcoin Zebra.
Complete Micro-Tasks for BTC
Bitcoin micro-tasks are small simple actions, like ads watching or posting on social networks, that are paid in the first cryptocurrency. CoinWorker is one of the best trading platforms, where users can start implementing micro-tasks. CoinWorker operations are paid in points, each costs $0,01. Though many tasks on the service pay as little as $0,03-0,05, some do pay over $1.00.
There are also some websites, which will pay small sums for viewing advertisements. BTC micro-tasks is easy and convenient way how to earn Bitcoin in the UK and in other countries of the world. Reliable micro-tasks platforms include CoinAdder, Ads4BTC and Advercoins.
Another way how to get bitcoin in the UK and in other countries is playing in Bitcoin casinos. Although, this means is risky and you may as win free cryptocurrency, as well as lose your money. Before playing in a Bitcoin casino, make sure that a chosen platform is legal and honest.
A reliable Bitcoin casino will prove its customers, that it does not manipulate any result. They do this through a mathematical algorithm involving cryptography.
Earn Bitcoin by Playing Games
Games, paying in Bitcoin, are similar to BTC faucets in that they pay very small amounts of BTC and generate profit through advertising. Main advantage of Bitcoin games consists in monetization of leisure time and playing activity, which are usually chargeless.
If you are fond of mobile games, choose a couple of paying variants and earn bitcoins, instead of wasting time.
Write About Bitcoin
If you know a lot about the first cryptocurrency and can find words to write about it, you would like to become a crypto journalist or an article author.
As the crypto industry evolves, more and more information resources appear. But there is a few talented professional authors, writing content for these websites. So, if you can write good articles and provide them for info platforms, you will make significant income, creating posts and articles about Bitcoin.
The best ways to find work as a writer would be to look for the “jobs” section in your favourite crypto publications. You can also email specific sites you would like to write for, or you can create a writer profile on Upwork — an international freelance marketplace.
Do Freelance Work and Get Paid in BTC
Freelance work in exchange for bitcoin has two advantages, that make it one of the best ways to enter cryptocurrency market. First advantage consists in no need for initial investment. Second advantage is that some freelance tasks are paid in dozens or even hundreds of dollars, compared to micro-tasks or faucets, where payments make up just about a dollar.
Before starting BTC freelance activity, you should think over services you are going to provide. The most popular tasks include writing and correcting articles, graphic design, making videos, scoring, programming and editing audio. Of course, your services will depend on your own skills and interests.
Once you have decided on the services you intend to sell, you will need to sign up for a freelance marketplace that pays in Bitcoin. Well-known BTC freelance platforms are XBT, Cryptogrind and Fiverr.
Somewhere in the middle of 2014, BitcoinTalk, a leading Bitcoin forum, started running signature campaigns. Roughly speaking, you can use your BitcoinTalk signature to advertise a product and get paid for each post you write. The full list of campaigns is on the forum itself.
With a signature campaign You get paid according to your membership level on BitcoinTalk. Usually, anyone with a status less than “full member” will not get paid that much, if at all.
To become a full member, you need at least 120 posts. There are also limitations on posts, such as length, original content etc. Sometimes, there is also a minimum post requirement per week.
One of undervalued ways of earning bitcoins is affiliate programs promotion. Affiliates are people, who promote a certain business for free, but they receive commission from each client they manage to carry.
Most Bitcoin exchanges and other alike services have affiliate programs, where users can sing up. An affiliate receives a unique referral link for product promotion. From the article “What is Referral Program — Bitcoin Doubler 2X” on our platform you may learn the wide list of websites for sharing your link.
Get Cashback in Bitcoin When You Shop Online
Google Chrome has a popular extension — Ebates, that offers users cashback for purchases from thousands of sites. The extension functions almost on all large internet-shops, including Nike, Groupon and Best Buy. When you install Ebates and create your account, it will notify, if there are discounts available while you visit a retailer’s website. Through one click you can activate a discount. At the end of every quarter, you get a check from Ebates with your cashback balance.
In the cryptocurrency sphere Lolli company proposes the same service. Make shopping on such websites as Macys, Sephora and CVS and get cashback in bitcoins. Every store has its individual sum of encouragement. Some platforms offer up to 9% of cashback. Other websites offer a set amount of BTC. This is an easy and convenient way to earn digital currency by making usual purchases.
Landing money for interest always has been a good way of getting passive income. The same way is applied to digital currencies. Bitcoin lending is mostly like peer-to-peer lending in that it allows individual lenders to take on the role of a bank or other financial institution. In turn, these lenders then collect the interest as the money they lent out is repaid. To earn BTC through loans, you will need to use a lending platform. Today Bitbond is one of the most popular and reliable platforms, there are other alike services. Interest rates on Bitcoin loans can be high enough, some even exceeding 10%.
Before starting Bitcoin lending you must have a fund of digital currency. However, to make good income with cryptocurrency lending you should initially own or buy significant amount of BTC, because it will let you finance more loans and receive more interest payments. Remember, just like any other loan, default is a possibility in Bitcoin lending. Always consider carefully the person you are lending to and only fund loans you have a high degree of confidence in.
Become a Blockchain Developer
Blockchain sphere grows fast and carries to specialists of this industry huge financial and professional potential. Increasing number of website, that plan to provide or receive payments in Bitcoin, search for blockchain developers. And now it is perfect time to enter this industry and achieve success in it.
Of course, this means of BTC earning is difficult enough. First of all, you must have deep understanding of computer science, mathematics and computer programming. From there, you will also need to become knowledgeable in the specialized field of blockchain. But such efforts are worth it, because an average salary of a blockchain developer makes up $80 000, and the most professional specialists earn more than $300 000.
Such a great potential of earning is also related to the increasing demand. As Bitcoin`s popularity is growing, the number of companies, investing in blockchain technology, can increase in many times for the next several years. Since blockchain developers are few and far between, this means that the developers who are active in the marketplace can rely on being in significant demand for the foreseeable future.
Teach Others About Bitcoin
If you know enough about the first cryptocurrency and feel that you want to share your knowledge with other people, you can monetize this process. You can create thematic videos on YouTube or write teaching articles about Bitcoin. Try to make your content unique, interesting and informative to attract the audience. You should make your name well-known and popular to earn good money on your teaching content.
Also, if you feel the strength in yourself, you may create a Bitcoin teaching course and sell it. Perhaps, it is the most profitable way.
How to Buy Bitcoin in the United Kingdom (UK) — Guide / Review
If you do not know how to buy Bitcoin in the United Kingdom (UK), so this Bitcoin buying guide / review can be very useful for you. You will learn how to purchase Bitcoin in the UK quickly & easy. Note, current informative article may be useful both for British residents, and for people from other countries.
Where to Buy Bitcoin in the United Kingdom (UK) — Well-Known Ways to Buy BTC
If you want to know where to buy Bitcoin in the United Kingdom, we will inform you. Fortunately, there are many ways to buy Bitcoin for GBP in the Great Britain, let`s look at the most popular Bitcoin vendors in the UK:
- Buying Bitcoin with BTM in the UK;
- Buying Bitcoin with UK bank account;
- Buying Bitcoin with UK bank transfer;
- Buying Bitcoin with UK exchange;
- Buying Bitcoin in UK forum;
- Buying Bitcoin in the UK with an app;
- Buying Bitcoin with UK iTunes.
If you feel a necessity to buy Bitcoin quickly or buy Bitcoin instantly in the UK, we advise you using exchange points or one of BTC-exchanges, which permit you purchasing cryptocurrency with your banking card. Pay attention, if you are looking for a way to buy Bitcoin without fees, you will fail — there is no such means, except but trying direct BTC purchase from somebody.
How & Where to Buy Bitcoin with Cash in the United Kingdom (UK)
There are a lot of ways to exchange bitcoins for fiat money in the United Kingdom (UK). You can use Bitcoin-ATMs (BTM) to buy Bitcoin in the UK with cash, below we will talk about this in detail. To cash out Bitcoin in the UK you need to involve exchanges, through these services you can withdraw BTC to your bank account and then cash money out in the usual way. Also, you have an opportunity to withdraw money to your bank card, using cryptocurrency exchanges. BTC cashing out is an easy process enough.
How & Where to Buy Bitcoin with Bitcoin-ATM in the United Kingdom (UK)
To buy Bitcoin with Bitcoin-ATM (BTM) in the United Kingdom you should find the nearest located machine. For search of a certain BTM you can use the map — Bitcoin-ATM in the UK, you can open it on coinatmradar.com website. On this resource, users have an opportunity to find the nearest and most convenient location of BTM. There are examples of BTMs` places in the Great Britain:
- Bitcoin-ATM in Nottingham (UK);
- Bitcoin-ATM in Kent (UK);
- Bitcoin-ATM in Norfolk (UK);
- Bitcoin-ATM in Northampton (UK);
- Bitcoin-ATM in Birmingham (UK).
Note, BTMs in the UK may request extra fees, when purchasing or selling Bitcoin through a cash machine. As a rule, Bitcoin-ATM fees do not exceed 3%.
How to Buy Bitcoin with Credit / Debit Card in the United Kingdom (UK)
Today it is quite easy to purchase cryptocurrency with a banking card in the Great Britain. You may buy Bitcoin in the UK equally with Visa, MasterCard or Maestro card. Pay attention, you should rather use a debit card to buy Bitcoin in the country — not a credit card. When you purchase BTC with a credit card in the United Kingdom, you will probably pay extra fees by the card issuer.
Below in the article we will look through top way, how to buy Bitcoin in the UK with credit card or debit card.
How to Buy Bitcoin with PayPal in the United Kingdom (UK)
Buying Bitcoin through PayPal long has been seen as one of the most difficult and inconvenient methods. PayPal is only accepted as a form of payment on a limited number of platforms, and it often asks additional fees. And now we are going to consider how to buy Bitcoin in the UK with PayPal.
There are a few different options to choose from, if you have decided to use your PayPal account to purchase cryptocurrency:
- Peer-to-peer marketplaces. The first option is to buy crypto through a peer-to-peer marketplace, such as LocalBitcoins or Paxful. These exchanges let buyers and sellers trading directly with one another, providing the seller with the freedom to set their own exchange rate and accepted payment methods. Some sellers accept PayPal, and you can filter your search of available deals on the marketplace by payment method to help find a suitable seller;
- Cryptocurrency exchanges. Most exchanges do not accept PayPal payments. But, you can use the VirWox platform to exchange fiat currency for SLL (Second Life Linden Dollars), which you can then use to acquire BTC;
- Peer-to-peer lending platforms. xCoins is a peer-to-peer lending platform for Bitcoin lenders and borrowers. It accepts PayPal as a payment method for people, desiring to access a “secured loan” of bitcoin.
Note, purchasing cryptocurrency with the help of PayPal has its pros and cons. Advantages include: safe and secure payment method, PayPal allows users to purchase digital currency with GBP and if you already have a PayPal account, payments are convenient and quick. There are also such disadvantages: very high fees increase the cost of a transaction, limited number of platforms support PayPal and if the platform does not accept GB pound, currency conversion fees are applied.
How to Buy Bitcoin with Coinbase in the United Kingdom (UK)
Also, you can buy Bitcoin in the UK using Coinbase. Coinbase is trustworthy and very popular cryptocurrency exchange in most countries of the world. This service has a top KYC process, so clients must provide ID verification to use Coinbase exchange. For users` convenience the platform supports purchases with credit / debit cards, as well as bank transfers with GBP and EUIR.
To buy and sell Bitcoin on Coinbase you have to create an account and do the next steps:
- Complete the Coinbase Photo ID Verification;
- Open the section “Add Payment Method” and a suitable variant for you;
- Authorize Coinbase to make two verification transactions in the account.
Note, this exchange service charges a fee of 3,99% on any debit or credit transaction, which may make a wire transfer look more attractive on larger purchases. Once you choose an amount of BTC to buy in the “Buy / Sell” tab, it will be charged to your card, and then deposited in your Coinbase account. Once it is in there, you can send to a hardware wallet, or hit the exchange and do some trading. Coinbase accepts such payment methods:
- UK Bank Account;
- SWIFT Account;
- 3D Secure Credit Card;
- Debit Card;
- Credit Card.
How to Buy Bitcoin with Quickbitcoin in the United Kingdom (UK) — Review
Quickbitcoin is a UK brokerage that sells bitcoins for British bank transfers and cash deposits to a bank. In the current UK Quickbitcoin review we will disclose features of this service and the way of working with it.
First of all, Quickbitcoin requires no registration, what may be very convenient for users. Also, customers have an opportunity to purchase up to £2000 per day. There is the list of actions to make a purchase on Quickbitcoin:
- You select the amount of BTC you want to purchase;
- You fill out the order form and submit it;
- You make a bank transfer to Quickbitcoin directly (bank details will be provided);
- Quickbitcoin confirms receipt of funds and send bitcoins to your wallet.
This platform operates quickly enough, average transaction time is under 10 min.
Best Bitcoin UK Exchanges — Top 10 Bitcoin Exchanges in the United Kingdom
There is a large number of cryptocurrency exchanging services, functioning in the Great Britain, and we are going to provide you with top 10 UK Bitcoin exchanges review.
First, two types of exchanges exist: fiat exchanges and cryptocurrency to cryptocurrency exchanges. The first type of services exchange fiat currency to Bitcoin / altcoins through direct UK bank transfers, credit / debit cards and other methods. In comparison with the first type of UK Bitcoin exchanges, crypto to crypto exchange platforms allow virtual currencies to be traded with each other.
Below you will see the list of the best Bitcoin exchanges in the UK that prove their reliability:
- Coinbase. It represents an easy and fast way for new users to purchase BTC. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), the United Kingdom, Singapore, Canada, and Australia. Customers in the above-mentioned countries can purchase bitcoins by debit card, bank transfer, SEPA transfer and more;
- Coinmama. This platform allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on each purchase. Customers in Europe can also purchase BTC with SEPA transfer for a lower fee;
- Bittylicious. It is a Bitcoin exchange located in the United Kingdom. Customers can buy bitcoin instantly via Barclays Pingit, Faster Payments-enabled bank transfer, Paym or credit / debit card;
- Bitpanda. This service is a Bitcoin broker based in Europe. They have high payment limits and low fees across their wide range of payment methods. Bitpanda offers customers the option to buy bitcoins with credit card, debit card, SOFORT, Skrill, NETELLER, giropay, eps, SEPA, and Online Bank Transfer;
- Kraken. Founded in 2011, Kraken is one of the world’s largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. It is available in almost all the countries. Deposits can be made via bank wire, SEPA, ACH and SWIFT;
- CEX.io. This exchange lets you buy BTC with a credit card, ACH bank transfer, SEPA transfer, cash or AstroPay. Purchases made with a credit card give you access to your bitcoin immediately. CEX.io works in the United States, Europe, and certain countries in South America;
- LocalBitcoins. It is an escrow service which also assists to match Bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer. Buying the first cryptocurrency via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country;
- BitBargain. This is peer-to-peer marketplace for buying and selling bitcoin in the United Kingdom. The company vets its sellers to ensure that only those with positive buyer feedback are allowed to trade;
- Quickbitcoin. The platform allows you purchasing bitcoins in the UK in under an hour, utilizing online bank transfers. They also offer a unique anti-ransomware service to help you unlock a computer affected by such malware;
- Coinbase Pro. Coinbase’s exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States, which is popular in the UK as well. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.
Among above listed services the cheapest Bitcoin exchange in the UK is Coinbase Pro.
How to Buy Bitcoin on Forum in the United Kingdom (UK)
You can search for BTC sellers on well-known forums, in such a way, you have an opportunity to buy Bitcoin on a forum. If you have chosen forums for cryptocurrency purchasing, you should better use popular platform such as:
First of all, we advise you read reviews about an exchange or a person, providing the service of exchange in relevant topics. If a person or an exchange does not have any comment, we strongly do not recommend you to use them.
How to Buy Bitcoin Without ID (NO ID) in the United Kingdom — No Verification
If you have some reasons not to provide your ID or pass verification, you may create a Bitcoin wallet without verification or specifying your personal data, you can use blockchain website for this purpose. In addition, many cryptocurrency exchanges allow buying Bitcoin in the UK without ID & verification (buy with no ID). LocalBitcoins, Paxful, Binance and Kucoin are examples of exchanges providing services anonymously in the United Kingdom.
How to Buy Bitcoin with iTunes Gift Card (UK iTunes) in the United Kingdom
Peer-to-peer BTC marketplaces, although they are a relatively new player in the game, have introduced one of the most exciting ways of buying bitcoin — gift cards. To buy bitcoin with iTunes in the UK you need to find a trader who will accept your gift card and send you bitcoin. You can use the next platforms to look for such traders:
- Paxful. It is the equivalent of eBay for Bitcoin. It is a peer-to-peer marketplace for buying and selling Bitcoin-based out of New York City. And, the platform supports more than 300 payment ways including payment with iTunes gift card;
- Cointal. The Coin Portal (Cointal) is also a peer-to-peer cryptocurrency marketplace. And here, the company’s objective is to simplify the purchase of cryptocurrencies by connecting sellers with buyers, and offering endless methods of payment. And the good thing is they even support deals where buyers can buy BTC for iTunes gift card;
- LocalBitcoins. This is another famous Bitcoin start-up company that facilitates peer-to-peer Bitcoin trading. It is based out of Finland and has been functional since 2012. It is a very reputed site to buy bitcoins from sellers around the world. And the good news is, it supports more than 30 payment methods including dealings in iTunes gift cards.
How to Withdraw Bitcoin in the United Kingdom (UK)
How to withdraw Bitcoin in the United Kingdom (UK) — is one of the most popular question while working with the first cryptocurrency in the UK, because all British are aware about the seriousness of taxation in the country.
Basic directions of Bitcoin withdrawal in the United Kingdom (UK) are:
- Withdraw Bitcoin to UK bank account;
- Withdraw Bitcoin to UK ATM;
- Withdraw Bitcoin to an exchange;
- Withdraw Bitcoin to PayPal;
- Withdraw Bitcoin to cash.
You may withdraw money through one of these ways using exchanging point or ATMs in the UK. Also, you have an opportunity to withdraw BTC through Bitcoin exchanges, these services already have such a function.