The U.K. government hasn’t backed up the idea of cryptocurrency entirely like in the USA. It still provides the U.K. population with ample opportunities to trade and invests in Bitcoin.
In this article, we will be discussing the various cryptocurrency exchange platforms in the U.K. and the many payment modes one can use to buy Bitcoin. We will also go through the steps involved in buying Bitcoins on almost every bitcoin exchange platform.
How Much is Bitcoin Currently Worth?
For the month of June 2021, the rate of Bitcoin has been going up and down within the range of $33,663.5 to $39,187. In the month of May 2021, it still continued with its ups and downs but stayed within the range of $34,500 and $58,800. The average price of Bitcoin for the month of April 2021 was $57,720.3 while for March and February 2021, it averaged $58,763.7 and $45,164.0 respectively. January 2021 was kind of a low price period for Bitcoin wherein the average rate dipped to about $33,108.1.
Though the rates of one bitcoin change every second, at this time, one bitcoin is worth £23104.71 that is $32649.60 in USD.
Do You Really Need a Bitcoin Wallet to Perform Bitcoin Transactions?
The hype around Bitcoin has made people believe in ideas they wouldn’t have otherwise. The involvement of famous personalities has caused drastic changes in the pricing of bitcoin. The biggest dilemma first-timers face in the world of cryptocurrency, in general, is to choose between trading and investing.
Warren Buffet says that one can never lose money if he or she invests in it for the long term. But you must take up the decision not according to what others say but by being aware of your own financial situation. The ball lies in your hand.
To answer the question, you do not need a wallet if you only want to sell them as soon as you buy them. If you are wishing to invest in bitcoins, it is obvious to own a bitcoin wallet.
Best Bitcoin wallets To Keep Your Virtual Money Safe
This company is currently serving more than 70,000 merchants all over the globe. It promises minimal risk and optimal security of your Bitcoins. It provides industry-low processing fees of only 0.5%. The brand has its plugins in 2000 plus websites such as Shopify and Magento. You can also use this platform to buy, convert and purchase gift cards with credit cards. It is also available as a mobile app.
Other online wallets include Exodus, Electrum.
Buy via credit cards through these websites: Paxful, Coinmama, Binance, Crypto, Coingate, and Bitfinex.
Unlike the usual online bitcoin wallets, this one is a physical version of a wallet. It has a sleek and elegant design enabling you to secure and control all your crypto. It is a Bluetooth-enabled hardware wallet in which you can store all sorts of cryptocurrencies. There are currently two versions of the hardware namely, Ledger Nano S and Ledger Nano X, the latter being the latest one. By purchasing the starter pack, you will not only get your Ledger Nano S but also a manual in PDF to start off into the world of cryptocurrency.
Other hardware wallets include Exodus, Electrum, mycelium.
Some websites also allow you to convert your application reward money into Bitcoin. You can also transfer money via IMPS from your bank account into these wallets for further transactions.
Basic Steps Involved in Buying Bitcoin in the U.K.
Bitcoin owners can sell and buy bitcoins from peers via various mobile applications and desktop websites. In some countries, buying daily essentials using Bitcoins have also taken place. People have started ordering food and paying electricity bills the bitcoin way. To do so, one must follow the steps given below to successfully create their bitcoin account.
- Open an Account:
Most of the websites require new users to sign up and create an account. There are, but very few, U.K. website hostings that offer discounted rates on Bitcoin.
2. Get an online or hardware wallet:
Remember it is not essential to purchase a wallet if you’re buying bitcoins just for the sake of selling them or gambling in casinos. But if you choose to go for long-term investing, you need a wallet to store all of your Bitcoins. Online wallets are mostly free. All you need to do is check out the links mentioned in the previous section of this article. After creating an account, the website will ask you for your payment details and other authorization questions.
The wallet will provide you with a public key that you will use for future bitcoin transactions. You can opt for a hardware wallet that is nothing but a USB memory stick that you can connect to your laptop to check on your crypto portfolio.
3. Transfer money from bank accounts to your bitcoin wallet:
If you do not have personal possession of your bitcoin, it will always be at risk. Use your bank money to buy bitcoins and after purchase, immediately transfer it to your bitcoin wallet. Leaving your bitcoin with a third-party website could make you have less control over it.
Bitcoin is the most popular cryptocurrency in the U.K. Hence, in the future, the U.K. won’t have a scarcity of sellers and buyers. The only issue while buying Bitcoin is selecting vendors.
You must be aware of the current rate of Bitcoin (BTC) and must always compare it with that of the vendor. Check what kind of payment method the vendor uses to make sure you are aware of the whole transaction process. We hope this article would have been helpful to get to know how to get started with bitcoin in the UK, so make sure you analyze everything properly before you select a vendor and then you are good to go.