Bitcoin is a peer-to-peer, decentralised cryptocurrency. As such, it can operate without the need for a central authority such as a central bank. Unlike fiat currencies or government-issued currencies. The decentralised nature of it allows two parties to send money to each other without the interference of a third-party intermediary. You can buy Bitcoin on cryptocurrency and Bitcoin exchange, Swyftx.
Bitcoin is the first cryptocurrency ever created, as well as the first real-world use case for blockchain. The creator of Bitcoin is a person (or persons) named Satoshi Nakamoto, whose real identity is unknown. The Bitcoin whitepaper, written on October 31, 2008, describes it as ‘A Peer-to-Peer Electronic Cash System.’ Bitcoin functions as a decentralised digital asset that allows users to send and receive the digital currency directly between each other, eliminating the need for a centralised intermediary such as a bank or payment processor. The record of all transactions is verified by miners who compete to verify transactions in order to receive BTC as a reward. Once transactions are verified, they are added to a public, distributed ledger called a blockchain. The genesis block of Bitcoin was mined on January 3rd, 2009. Because of its age and the number of users, Bitcoin is by far the largest and most secure of all of the cryptocurrencies in existence.
To buy Bitcoin instantly in the United Kingdom, you will need to sign up for a Cryptocurrency Exchange that operates in the UK and supports the trading of Bitcoin. Swyftx is a crypto exchange that enables users to buy BTC and other digital assets quickly and easily. Using global liquidity providers and banking partners, Swyftx is able to offer some of the lowest trading fees and spreads in the market when you sell and buy Bitcoin in the UK. To buy Bitcoin, you’ll need to first create your Swyftx account. Click the ‘Sign Up’ button at the top of this page to get started. You will be asked to provide your name, email address and phone number, and you will need to create a secure password. Next is the ID verification stage. Here, you will need to verify your account using a form of government-issued photo identification. This step usually only takes about 2 minutes. Once your account has been verified, you can deposit GBP into your account via bank transfer, PayID, POLi or credit/debit card. Once the funds have successfully landed in your account, you can then buy Bitcoin other listed cryptocurrencies.
There are several benefits to buying Bitcoin with Swyftx. Our trading platform has a demo mode that allows you to mock trade using real industry data so you can learn about the market and learn to trade without any financial risk. On top of this, Swyftx’s trading platform has an online customer support and advanced features such as automatic, price triggered buy and sell orders minimising financial risk and maximising gains.
Mining Bitcoin refers to the creation of new Bitcoins. It’s referred to as mining because like gold mining, it needs to be extracted. Bitcoin mining is undertaken by high-powered computers that solve complex maths problems so complex that they cannot be completed by hand. If a miner manages to solve one of these problems on the Bitcoin blockchain then they are also responsible for verifying the legitimacy of bitcoin transactions. These transactions are then clumped together in ‘blocks’ and then added to the blockchain. Being on the blockchain, these transactions are then made available to the public. There is a BTC supply limit of 21 million Bitcoins, and 18.5 million are already in circulation meaning that there are less than 3 million Bitcoins that are yet to be mined. There are other ways to acquire Bitcoin other than mining it. For instance, you can easily buy Bitcoin on the Swyftx cryptocurrency exchange.
After you buy Bitcoin with Swyftx, it will be immediately stored in the digital wallet integrated into your account. This wallet is a safe destination to keep/hold your BTC. This is a popular option amongst users who are looking to make a profit off of their Bitcoin by selling it at a higher price than they bought it.
Selling your cryptocurrency assets is easy on the Swyftx trading platform. If you’re happy with the price of Bitcoin and want to sell a portion of all of your Bitcoin to make a profit, click the ‘Sell BTC’ option on your account.
Swyftx allows you to easily transfer BTC value around the world. You can buy bitcoin online and transfer it to an external wallet or someone else in a speedy manner.
You can purchase goods and services with your Bitcoin and other cryptocurrencies. The number of vendors and retailers in the UK that accept BTC is increasing by the day.
All cryptocurrency exchanges charge fees when you trade digital assets. However, when you buy Bitcoin and other cryptocurrencies with Swyftx, you’ll enjoy extremely low fees and spreads. We charge a trading fee of 0.6% which means that if you buy £1000 worth of Bitcoin, you’ll only be charged a £6 fee.
Swyftx allows you to deposit money into your account using a credit or debit card. We also support deposits made via bank transfer, PayID and POLi. Once you’ve created an account, navigate to the deposit GBP page, select the credit/debit card option, and select how much you wish to transfer to your account. Once the funds have landed in your account, you will be able to buy Bitcoin, Ethereum, XRP and a number of other digital assets listed on the Swyftx trading platform.
Cryptocurrency exchanges are generally considered to be the easiest option to buy Bitcoin and other digital assets. Some cryptocurrency exchanges are harder to use than others and can be very technical and difficult to navigate. The Swyftx crypto exchange offers users an easy to use interface that is not only popular amongst beginners but also experienced crypto traders as well.
The Swyftx cryptocurrency exchange has a Bitcoin/Pound Sterling trading pair. This means that if you own Bitcoin, you can sell it and exchange for GBP. Once you have sold your Bitcoin in exchange for GBP, you can withdraw your money into a bank account and enjoy the profits. Alternatively, you can sell and withdraw Bitcoins through an automated Teller Machine (ATM) in the UK. These ATM’s allow you to sell your cryptocurrencies for cash, however, they usually require some sort of contact information (typically a phone number) so they are not completely private.
The Financial Conduct Authority (FCA) regulates some crypto assets in the UK, however, Bitcoin is not considered legal tender so its regulation is limited. So far, the FCA hasn’t had jurisdiction over the buying and selling of BTC in the UK, but it looks like they could bring the cryptocurrency under its umbrella soon. The UK government is looking to promote Bitcoin in a more regulated manner in the future by putting the necessary structures in place that will intend to improve consumer grievances. The Swyftx crypto exchange allows you to safely buy Bitcoin and store it on the integrated wallet on your account. If you are having any issues, we ask that you get in touch via our online support.
Swyftx has spreads four times lower than the competition and low trading fees.
Quick and easy identity verification that takes less than one minutes.
Secure accounts with two factor authentication and breached password detection.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.Create a free account
Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer & POLi
Automate your crypto investments. Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.