So Brexit happened and you want to buy bitcoin from the UK?/r/Bitcoin asking what are the best ways to purchase bitcoin from the UK.I am a long term seller / broker of bitcoins via various methods so I thought I would write this guide as I am being asked alot of the same questions lately.The UK is in quite a unique position in that the UK government is very pro bitcoin.Here is George Osborne purchasing his first coins.This conflicts with many UK banks which are anti bitcoin.This has made it nearly impossible for large financial institutions to enter the UK bitcoin market.Because of this most trading is done through a large network of small brokers.There are 3 main methods to purchase bitcoins in the UK: Marketplaces, Exchanges and OTC block trades Marketplaces A bitcoin Marketplace is a website that matches buyers to sellers.By far the most popular payment method is a UK bank transfer.The process works as follows: The seller will list an offer to sell bitcoins at a certain fixed rate.

Lets say for example £500 per BTC (Bitcoin) The buyer can then select how much they would like to purchase, they could for example select 2 BTC and the site would calculate the total to be £1000 or they could select £750 and the site would calculate this to be 1.5 BTC Once the buyer selects how much bitcoins they would like to buy the bitcoins are removed from the sellers wallet and held in escrow by a 3rd party, almost always by the website which is facilitating the trade.bitcoin blockchain algorithmAfter the trade has been initiated the buyer will usually have to do some verifications with the seller, this varies from site to site and seller to seller but it typically will involve showing your ID and maybe more if it is a very large amount.ethereum miner for windowsSome sites verify the buyer so once you are verified you can trade with every seller, other sites the buyer will have to verify with every seller they trade with typically.bitcoin price sgd

Once verification is complete the buyer will be presented with the sellers bank account information and the buyer will transfer £500 for example to the seller.With most UK bank accounts this is an instant transfer.bitcoin bowl radioOnce the money has arrived in the sellers account he/she will release the bitcoins to the buyer and they will be held in the buyer wallet.bitcoin tax guidanceThis next part is very important, the buyer should now secure their bitcoins usually by moving them off the marketplace into wallets they control fully.litecoin plSome marketplaces store them in cold storage.litecoin share rateThe most popular UK marketplaces are listed in the below table: Name Price (Currently) Trader Quality Site Usability UK Based 100% Cold storage Bitbargain £510 High High Yes No Bittylicious £502.50 High High Yes No Coinfloor £496 High High Yes Yes Localbitcoins £498.75 Medium High No No Coinfloor works slightly differently than the other marketplaces in that there are only a few personally selected brokers.amsterdam bitcoin center

In order to get the best price is it advisable that you have a dedicated broker.Dedicated brokers get charged less fees than non-dedicated so this fee gets carried over to the buyer and in turn lower fees.litecoin share rateIf you would like me to be your dedicated coinfloor broker please email me here: danny@londonlinkpartners.co.uk or use my live chat service here: https://www.tawk.to/LondonLink Importantly coinfloor also keeps all customer bitcoins in cold-storage.To quote their site : Coinfloor operates with a 100% cold storage policy.All our client bitcoins are received, stored and sent out from within multiple underground vaults which maintain the same security standards as the Bank of England.You can read more about their security here: https://coinfloor.co.uk/security Having a dedicated broker has many advantages, a personal relationship being the most important.You can be sure you are cared for and not ripped of.

You can ask questions and advice aswell as negotiate your prices.Bitbargain also requires all sellers to pass a test to ensure they are of the highest quality, this if often reflected in the slightly higher prices.My Bitbargain profile is here: https://bitbargain.co.uk/profile/LondonLink /accounts/profile/LondonLink/ I have no experience with bittylicious personally but I hear it a very reputable marketplace with good prices (see above table) To reiterate, do not keep your bitcoins on a marketplace (unless using coinfloor) as they could be hacked, lost, stolen by an employee etc etc etc Exchanges Bitcoin exchanges are typically used by traders who are speculating on the bitcoin price in the short term.They are not intuitive to use and not recommended for the uninitiated.Due to banking problems all exchanges require deposits to be made via international bank transfers.These usually have high upfront costs, take 1-3 days to deposit and have very high verification requirements.

If are buying bitcoins in the £5000+ range you might get a better deal on an exchange but you have to be able to read an order book and place an order, if you don't know what this is then its best to avoid them altogether or do a lot of research before you use one.Again, do not store your coins on an exchange any longer than you have too.Although they have gotten better in recent years, many exchanges have been hacked in the past, traders have no choice but to keep their coins on an exchange as they use them daily but if you don't need to keep them there, don't take that counterparty risk.OTC (Over-the-counter) block trades OTC trades are typically performed for large trades in the figures of £50,000 + / 100+ BTC size and above.There are many reasons for this but typically its to avoid slippage on an exchange or to buy bitcoins privately.I can arrange large OTC block trades, upto £10,000,000 with no slippage, larger trades also possible.Please contact danny@londonlinkpartners.co.uk to discuss your needs.