So you want to exchange some Pounds to Bitcoin? Depending on whether you prefer to exchange using cash, bank transfer or card you will have different exchange options available to you. And like when you convert Pounds into a different currency, shopping around for the best rate can save you money. Other factors to consider when exchanging include how long the transaction will take and how easy it will be. It's probably best to start out with a small transaction to familiarize yourself with the process if you haven't done this before. Here are just some ways.!
*******************Paying by Card********************
1**Pick a site. Your options might include sites like Coinbase, Wirex, Bittylicious, or CoinCorner. This is the least secure method and currently attracts the lowest limits, highest fees, and most stringent verification.
Having chosen a service, follow their on-site instructions. The next steps are a rough indication of what to expect those to include.
2**Enter the amount you wish to exchange. Transaction limits may initially below but may increase after an initial successful transaction, and/or after completing their verification procedures.
3**Enter a Bitcoin wallet address for them to make payment to.
4**Make the card payment.
5**Receive your Bitcoin. Depending on restrictions individual to each site, after some amount of time and verification, you will receive your Bitcoin.
*************Using a Buying Service**************
1**Choose a service. Buying services aim to make it easy to purchase small amounts of Bitcoin. Options from the UK include Coinduit, Bittylicious, Speedybitcoin, QuickBitcoin, and CoinCorner.[4] Some accept card or cash payments.
Having chosen a service, follow their on-site instructions. The next steps are a rough indication of what to expect those to include.
2**Enter the amount you wish to exchange. Transaction limits may initially be low but may increase after an initial successful transaction, and/or after completing identity verification procedures.
3Enter a Bitcoin wallet address for them to make payment to.
4Pay for your Bitcoin. Your payment to them will usually be by Bank Transfer, and you will need to include the transaction reference they provide you with.
5**Receive your Bitcoin. Within 15 minutes of payment (unless the website indicates otherwise) you will receive your Bitcoin
**********************Using an Exchange*************************
1**Go to a Bitcoin exchange and create an account. Some exchanges like Coinbase Pro and Coinfloor allow you to deposit directly in Pounds. You may find a much better rate on an exchange that does not, like Kraken and Bitstamp, but these will require conversion of Pounds to Euros and a SEPA transfer, which usually results in additional fees.
This is probably your best option if you intend on buying Bitcoin regularly or in large quantities because the exchange rates are usually the most competitive. However, it will initially take longer than other methods so if you're just getting started with Bitcoin you may prefer to use a different option
2**Transfer in money by Bank Transfer or SEPA.
3**Understand deposit clearance times. If the exchange supports UK Faster Payments (FPS), then GBP deposits should credit within a few working hours. If you're making a EUR deposit, then you might have to wait 1 - 3 working days (or more) for your money to clear. This varies between exchanges.
4**Exchange your money for Bitcoins.
5**Transfer coins from the exchange to your Bitcoin wallet.
*******************Using a Bitcoin ATM******************
1**Check if there's a Bitcoin ATM near your location using a website such as CoinATMRadar. It's worth checking the transaction fees, limits and opening hours.
2**Travel to the ATM. You may also need to bring Proof of ID, as some machines require this.
3**Understand how the ATM works. Before you arrive you'll need to get some Pounds Sterling notes as these machines do not accept debit/credit cards. This is because unlike card payments, Bitcoin transactions cannot be reversed.
4**Follow the on-screen instructions when you arrive at the machine.
******Exchanging with a Friend who Owns Bitcoin*******
1Find a friend with Bitcoin. They could be using a Facebook app like getting Bits or BitFriends to let their friends know.
2Check the exchange rate. This can be checked with a Google search, or at an Exchange.
3Agree upon an amount of Pounds to exchange.
4Pay them your Pounds. You could use make a bank transfer using your Internet Banking service, pay cash, or if you're buying a small amount, agree to buy them a pint.
5**Provide them with your Bitcoin wallet address so they can pay you.
*****************************Using a Trader*****************************
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1Find a Bitcoin trader. They advertise through services like LocalBitcoins, BitBargain, CoinCola, and Mycelium. The next steps are a rough indication of what to expect those to include.
2Choose a trader with a good reputation score.
3**Send a message to the trader. You may need to ask further details how to pay. For cash trade agree the meeting time and place.
4**Receive your Bitcoin. After the seller gets the payment the seller releases the Bitcoin amount to the Bitcoin wallet address provided.
A note about payment methods: Some payment methods, such as credit cards, are considered high-risk. Bitcoin transactions are completely irreversible.[12] Once you sell your Bitcoins, it won’t be possible for you to recover them, even if the trader partner's payment is reversed ( In the event of the use of a stolen credit card for example).