The popularity if Bitcoins grows very fast. A few years ago economists all over the world advised buying gold as the best way to invest funds. Now the same economists advise investing in cryptocurrency, Bitcoins in particular. Many of us may consider buying Bitcoins a complicated affair – long waits, massive fees and foreign websites. However, there is a big number of consumer-friendly websites for buying and selling Bitcoins nowadays. So, how to buy Bitcoins in the UK?
There are several steps you should follow to buy any cryptocurrency in the UK. Remember, the process isn’t always entirely straightforward. Take into consideration some advice from the professionals in order not to be scammed during the transaction.
Buying Bitcoins in the UK: Easy Guide
The most common way to buy the currency is to download a broker app such as Coinbase and Blockchain. These apps allow you to use a credit or debit card to exchange pounds for Bitcoin. You even do not have to buy a whole Bitcoin as there is an opportunity to purchase a small percentage that matches the value of your cash investment. It is also possible to buy Bitcoin directly from sellers on other websites bypassing a broker. If you are interested in purchasing Bitcoins in the UK, study a list of special web services that is given here.
Follow the instruction if you want to buy or sell Bitcoins:
- Set up a bitcoin wallet
Before you buy some Bitcoins, make sure you have a safe place to keep them, such as a Bitcoin wallet. There are plenty of services where you can obtain wallets, but the most popular is Coinbase. You can install an app on your phone and always have an access to your funds.
- Exchange your pounds for Bitcoins
Now, when you have a wallet, it’s time to invest your money in the future. There are many ways to get Bitcoins. You can buy them via an exchange or wallet service, at face-to-face meetups, from a physical Bitcoin ATM. Buying via an exchange or wallet can be more complicated because of the bureaucratic hoops. Purchasing Bitcoins face to face or via ATM provides you anonymity. Anyway it is up to you which option to choose.
- Supply the wallet ID to the Seller
Bitcoin wallet, like any other digital wallet, is a place where you store your money. So, in order to be sure you’ll receive Bitcoins to your wallet, supply the Seller with the proper ID. The ID is a 34-character encrypted address, which is perfectly safe to share with others. It just allows other users to send you money. Nobody can take your money just having this address, and it is impossible to make purchases using your name. It’s like your bank card number and nothing more.
- Send the money to a seller or exchange
This step is quite easy and common. Each seller or exchange will provide you with bank details to transfer your money (pounds) into their account. All you need to do is to set up a transfer from your account into theirs. However, you should be incredibly careful doing this at a website you are not sure about. A bank transfer is considered to be the safest method of buying bitcoins for both parties.
- Wait for your Bitcoins
If you follow these steps, all you have to do then is to sit back and let the bitcoins arrive. The money will arrive almost instantly in case you have used a bitcoin ATM, and get ready that it will take some time to have the cryptocurrency on your account if the exchanges and wallets were used instead. Learn more about Bitcoin buying apps and services in the UK here.
To spend Bitcoins is pretty easy as well: you just have to enter the Bitcoin address of the place you want to send it to. There are also some useful programs – bots, which can help you to find the most attractive price to buy or sell the Bitcoin, or you can also use websites for the same purpose. There is one more important thing you should remember: bitcoin transactions are irreversible, so if any of the currency leaves your account, you won’t be able to get a refund.
Buying Bitcoins can be very simple if you understand the procedure and follow the step-by-step guide from above. Try different apps and services in order to find the most convenient one for you and make sure the seller is reliable.