Whenever we discuss cryptocurrency, the first word is usually…Bitcoin.
Bitcoin, the granddaddy of the cryptocurrency world, was created by Satoshi Nakamoto in 2009 as an electronic ‘peer to peer’ payment method. Launched during the post-2008 recession, its aim was to be completely independent of any governmental control and authority.
Currently Bitcoin is at the #1 spot for popularity, and market cap. With the GBP price available with us sitting at 1 Bitcoin for £xxx.
Interested in buying Bitcoin in the UK with CryptoxBureau?
Hit the ‘Order Now’ button below to kick-start your cryptocurrency registration, it takes just 2 minutes to register. Once approved, your dedicated Bitcoin broker will be in touch to discuss a tailored, competitive quote, allowing you to receive your Bitcoin order from within just 60 minutes.
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Benefits of BTC
Whether it’s the independence from political, central authorities, or the low cost, speed of the system – there are many reasons why so many individuals and businesses are climbing on board the BTC train. Here are some of these benefits summarised:
- Decentralization: Complete independence, free from governmental, political or corporate control or manipulation.
- Simple and easy: Receiving payments for anything is simple. All you need is a wallet address in which you’ll store your coins, which can be setup easily online in minutes.
- Speed: UK bank transfer with faster payments for small GBP is fast, however It can be slow for larger payments. Sending and receiving is fast no matter the size of the payment.
- Transaction cost: Sending payments abroad via international bank transfer, especially with large payments, can be costly – again, here – it’s free!
- Anonymity: Your Bitcoin address, unlike your own bank account isn’t linked to you by name, address, contact details – just a string of digits.
How to get Bitcoin?
Similar to real life precious metals like gold and silver, there’s only a finite supply of coins available. Unlike traditional FIAT currencies like Pound Sterling, which can be printed over and over in difficult times, there will only ever be 21 million Bitcoins in existence.
All 21 million of which are ‘discovered’ in the same way, by ‘mining’ for Bitcoin.
Mined electronically by individuals who use their computing power to help develop the ‘blockchain’. Which acts as an electronic ledging system, checking and triple checking transactions across the network and marking them up on the ledger (blockchain). They are then rewarded for their work with a number of coins – hence the term, Bitcoin mining.
In the beginning, they could easily be mined on a home PC, generating sometimes hundreds of BTC per day, (when the price was less than $1/coin), this however is no longer possible.
A mix between professional miners entering the market with hyper-powerful computing power, alongside the mining difficulty increasing – results in it simply not being worth average cryptocurrency enthusiasts or Bitcoin investors entering the virtual currency market in this way.
Now, the easiest and cheapest way to get hold of BTC yourself is buy buying them directly via an exchange or brokering service like CryptoxBureau.