Bitcoin is very popular in the UK. The UK has adopted a more friendly stance toward Bitcoin than some other countries. At Cryptoswede we often get asked how to buy Bitcoin in the UK. There are a couple of reliable methods that one can use to make Bitcoin purchases. Buying Bitcoin in the UK is a simple procedure that one should be able to accomplish without much difficulty.
Buy Bitcoin in The UK From an Individual
Bitcoin was created to be a peer-to-peer currency. This means that the developers envisioned a medium of exchange that could be carried out by two people without the need for a third-party. Buying Bitcoin directly from someone else eliminates much of the hassle that can be encountered when using a Bitcoin exchange.
This process is very simple. You just find someone that is willing to sell some of their Bitcoin, give them the appropriate amount of money, and they will transfer the Bitcoin to your cryptocurrency wallet. This is often a very fast way for you to get the Bitcoin that you need and want.
You might want to start by searching out friends or family members in the UK that have some Bitcoin to sell. It will be much easier for you to make a transaction this way. Just ring them up or shoot them a message and tell them that you are interested in buying. The two of you will agree on a price that is probably based on the current exchange rates, and the transaction will be completed.
If you don’t know anyone that has Bitcoin for sale in the UK you can always try to make a connection online with sellers. There are many websites which facilitate Bitcoin sales between individuals for a token fee. What we will tell you is that this type of Bitcoin purchase carries some risk. When you are dealing with someone that you do not know there is always a chance that your money can be stolen. You should never agree to meet someone in person that you do not know for the purpose of buying Bitcoin. That goes for anyone that you meet online.
The advantages of buying Bitcoin from an individual in the UK are:
• Very low fees or none at all
• Can be done with someone you trust
• Transaction happens quickly
There are also some disadvantages:
• You may not get the proper exchange rate
• Safety is an issue when dealing with people that you don’t know
Buying Bitcoin in the UK From an Exchange
Here is another way to buy Bitcoin in the UK. You can join a cryptocurrency exchange or use an instant exchange to make a purchase with other forms of cryptocurrency or a credit or debit card. There are many exchanges to choose from, and we have reviewed several of them on Cryptoswede. You can trust our reviews to guide you to an exchange that is trustworthy.
Before you can buy Bitcoin from an exchange in the UK you will probably need to create an account. This will require you to put in some personal information such as an email address, and you may also be required to verify your identity before you can buy. Some exchanges will also ask you to submit to address verification.
Once your exchange account is open you will then have the opportunity to fund it with a credit or debit card, bank transfer, or other method. After your deposit has been credited to your account the option to purchase will be available. The Bitcoin that you buy will be placed in a wallet that is hosted by the exchange. You can always transfer the Bitcoin out of that wallet if you want to a paper wallet or hardware wallet.
Some people like to do business with cryptocurrency exchanges because they believe that the exchange is more reputable. This can be true or it can be false. You should know that some exchanges have been the victim of hacks. These exchanges have seen Bitcoin stolen from the accounts of users, and many of those users never got their money back. So, choose your exchange wisely.
You should also know that buying from a cryptocurrency exchange means that you will encounter some fees. This is how the exchange makes its money. The fees for buying Bitcoin in the UK will typically not be very large, but the fee can vary from exchange to exchange.
The advantages of buying Bitcoin from an Exchange in the UK are:
• Buy with a credit or debit card or a bank transfer
• Fast transfers
The disadvantages are:
• Some exchanges are not reputable
• Fees can be high
• Verification process can take some time
There is another form of exchange that is gaining popularity in the UK. This is the instant exchange. On an instant exchange you can buy Bitcoin immediately with your credit or debit card, and often there is no registration process to submit to. Those who like anonymity will probably appreciate this method. Just remember that providing your credit card or debit card details could create a paper trail that leads back to you. Changelly is one popular option for instant exchanges. You’ll be given the best exchange rates that are drawn from multiple exchanges at the time of your purchase.
*** Here at CryptoSwede you will find information on Crypto Mining the different cryptocurrencies as well as the best cryptocurrency exchanges. You can trade or you can set up trading bots instead and then store the crypto on crypto wallets. Later, spend them using crypto debit cards!***