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Author Topic: How do we buy bitcoin in the UK now they removed pingit and UKBT  (Read 5815 times)
NABiT
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April 04, 2013, 09:10:54 AM
 #21

Transferring to GBP to EUR to USD (if necessary) is really not that difficult.

SEPA

GBP via bank transfer or debit card to transferwise - no charge

Transferwise converts to EUR for a much better exchange rate and cost than your bank would.

Transferwise sends the EUR to your chosen bitcoin exchange

The exchange converts to USD if that is what they deal in e.g. Bitstamp


I think I will give Bitcoin Central a go when they are back up but most of the action there is in EUR, I think you will find the GBP order board pretty empty so it may still work out cheaper sending EUR via transferwise - ( http://transferwise.com/u/054b )


I have been looking at Transferwise, but Can't find the option to transfer monies into it to get converted to Euros
The only buttons are the send payment buttons that require a recipient.
Am I missing something here ?

First you fill in the Recipient details which you get from your chosen Bitcoin exchange (remember to add the reference number provided by your bitcoin Exchange)

Then Create Payment

You will then be asked to fund the payment via Bank Transfer or Debit Card

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nwbitcoin
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April 04, 2013, 09:29:22 AM
 #22

I had the opposite problem of wanting to convert my bitcoins into cash.  between finding a place to do it, going through the whole process and waiting for the cash to end up in my account - I lost 25% of the value of the bitcoin transferred.  With the time element as well, It goes up to over 30%.

There are two questions I have over this. 

One is how about we just set up a buying and selling exchange that bypasses the banks? - sort of the point of bitcoin, but extend it to working with cash to bitcoin and back to cash if needed?

What I'm thinking that we use services like localbitcoin exclusively?  People who have the time to do the forex work set themselves up buying bitcoins for others and taking a cut of 10% or whatever?

I would guess that there are enough people with a working exchange system all over the UK by today who would be willing to make a few extra quid helping people to get started?

The other big thing here is why don't people who want bitcoins start selling stuff priced in bitcoins, and us with the bitcoins start buying them? 

Isn't that the purpose of bitcoin?

By the way - one of my drivers for getting involved with bitcoin originally was to save up for a nice sportsbike - maybe someone might like to sell me a motorbike for the price of my bitcoins in 6 months time? (interesting investment?)

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I use Localbitcoins to sell bitcoins for GBP by bank transfer!
empoweoqwj
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April 04, 2013, 10:53:36 AM
 #23

SEPA transfer to Bitstamp.net - couldn't get much easier.

If you think that's expensive, I had to get my money out of Thailand via paypal, into UK paypal, then UK bank, then SEPA transfer to Bitstamp. Phew! Enormously expensive, but luckily that was when bitcoins were "cheap" at $40.

Then I found bitcoin services operating in Thailand, oops!!

p.s. no, you can't just wire funds out of Thailand. It has all kinds of weird restrictions, the Thai government just doesn't like funds leaving the country.
jlchcc
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April 05, 2013, 05:57:48 PM
 #24

Check this guide:

http://howtogetbitcoinsuk.blogspot.co.uk/

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briannguyen
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April 06, 2013, 10:28:04 AM
 #25

Check out my link below for step by step instruction to buy bitcoin from uk via transferwise

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