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uMMcQxCWELNzkt (OP)
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April 15, 2013, 12:01:00 AM |
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I want to create this thread, slightly out of frustration although I would also like some thoughts. I will have funds in a few hours and I want to buy Bitcoins. The problem is the UK appears to be very limited in regards to services that will exchange GBP to BTC. At the moment I am aware of Localbitcoins and Bitbargain, are these the only services available for the UK? How can those of us who are UK residents get around this issue, maybe I am just missing something really obvious? I have been really trying to push some of my own Bitcoin projects forwards yet I am getting a growing feeling that I will only be able to target the international market as the UK laws (banks) are rejecting the digital currencies.
How can we convince an ordinary UK citizen to go through the laborious process of exchanging GBP to BTC, just for the pleasures of taking what will feel like a big risk to them. At this early stage I think it is essential that people can move around their money, I can't expect UK customers to purchase from my channels and to be honest, I will probably save myself anyway due to the difficulties above. So are the major banks disabling bank transfers to Bitcoin exchanges or are they using courts and the legal system to do the dirty work?
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Elwar
Legendary
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Activity: 3598
Merit: 2386
Viva Ut Vivas
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April 15, 2013, 12:10:17 AM |
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I want to create this thread, slightly out of frustration although I would also like some thoughts. I will have funds in a few hours and I want to buy Bitcoins. The problem is the UK appears to be very limited in regards to services that will exchange GBP to BTC. At the moment I am aware of Localbitcoins and Bitbargain, are these the only services available for the UK? How can those of us who are UK residents get around this issue, maybe I am just missing something really obvious? I have been really trying to push some of my own Bitcoin projects forwards yet I am getting a growing feeling that I will only be able to target the international market as the UK laws (banks) are rejecting the digital currencies.
How can we convince an ordinary UK citizen to go through the laborious process of exchanging GBP to BTC, just for the pleasures of taking what will feel like a big risk to them. At this early stage I think it is essential that people can move around their money, I can't expect UK customers to purchase from my channels and to be honest, I will probably save myself anyway due to the difficulties above. So are the major banks disabling bank transfers to Bitcoin exchanges or are they using courts and the legal system to do the dirty work?
bitspend.net allows you to buy anything on the Internet with bitcoins. If you ever plan on buying anything on the Internet, you may want to change over to bitcoins. |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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btbrae
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April 15, 2013, 12:11:58 AM |
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There is 10-20% extra commission cost for UK citizens right now and many will pay it just to get a single BTC or thereabouts. Any more and they want a better deal. Until there are better deals they will just buy 1, mostly. Watching localbitcoins.com when somebody comes in with a 5-10% above MtGox spot price for any sizeable amount, say 5000+, it's gone very quickly. The big buyers will go to dollars first, it is the only real option. The UK banks will close you down as soon as they see or hear the word "competition". Sorry, "bitcoin".
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whitenight639
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April 15, 2013, 12:19:09 AM |
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I use bitbargain, and have found the transactions to be very fast and easy.
You know Bitstamp.net are based in europe and can do SEPA deposits? Although you can only Trade in Dollars I think which is stupid.
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125uWc197UW5kM659m4uwEakxoNHzMKzwz
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uMMcQxCWELNzkt (OP)
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April 15, 2013, 12:57:26 AM |
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Thanks for the comments, I was looking at Bitstamp earlier, I think I ended up leave the site as the exchange would require up to 5 days, at the moment I am looking for quick conversions. If I have to I will use Bitbargin or Local, it is a shame though because I can't see the general population sending their money over to anon users like. I know we do that all the time now days but it is one of those things the mainstream would rather just ignore and go back to getting ripped off through their FIAT accounts. On the brighter side at least we can dabble in international markets and learn from any mistakes, once the UK catches on(hopefully) we might even have our own micro climate. I just remembered  , Blockchain!!! Thanks for letting me sign up, only to find out that depositing money from the UK has been disabled. This is very annoying considering they list UK as an option before signup, they just have not bothered to update the info I guess. |
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uMMcQxCWELNzkt (OP)
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April 15, 2013, 01:07:03 AM |
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Thanks, I have bookmarked and I will read through in detail when I am up. |
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whitenight639
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April 15, 2013, 02:09:31 AM |
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Thanks for the comments, I was looking at Bitstamp earlier, I think I ended up leave the site as the exchange would require up to 5 days, at the moment I am looking for quick conversions. If I have to I will use Bitbargin or Local, it is a shame though because I can't see the general population sending their money over to anon users like. I know we do that all the time now days but it is one of those things the mainstream would rather just ignore and go back to getting ripped off through their FIAT accounts. On the brighter side at least we can dabble in international markets and learn from any mistakes, once the UK catches on(hopefully) we might even have our own micro climate. I just remembered , Blockchain!!! Thanks for letting me sign up, only to find out that depositing money from the UK has been disabled. This is very annoying considering they list UK as an option before signup, they just have not bothered to update the info I guess.If you got online banking with faster payments I'd recommend bitbargain I was hesitant at first but the bitcoin they send you is kept in escrow on the site before you even pay anything so they can't just run off with your money, and once u've used a seller once it becomes easier and they won't be as anonymous cos you have they're bank details n name, so you can just keep using the same same seller if you prefer. |
125uWc197UW5kM659m4uwEakxoNHzMKzwz
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btbrae
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April 15, 2013, 02:30:44 AM |
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You're recommending Bitbargain at what, more than 50% above spot price? So I pay £100 for a bitcoin at bitbargain right now when the gox spot is £61.30. Don't get me wrong I'm all for their service but let's not try to peddle extortionate prices onto newbies and suppose to them that they're getting a fair deal. I would go with Bowen151's suggestion.
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loveliness
Newbie
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April 15, 2013, 02:45:52 AM |
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The two best ways at the moment are using Transferwise to Bitstamp (£1 charge for the conversion) and using Bitcoinfridge.
The chap who runs Bitcoinfridge is really professional and fast. I've emailed him at 2/3am before and he has replied in minutes.
Good luck.
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montgolfier
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April 15, 2013, 02:46:22 AM |
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What he said! I've used this service twice now and it's cheap as chips, plus good support! Funds do take 3 working days to arrive at the exchange though. |
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botsofbitcoin
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April 15, 2013, 08:37:17 AM |
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I (and many others) sell at LocalBitcoin for a reasonable markup. Rarely as high as 50% - perhaps when it's really volatile and I'm expecting a big bounce back. More normally it's around 20% - 30%. It's usually about enough to cover the movement in price in the time it takes to buy back in again on an exchange, plus a bit of profit. The benefit is you get your coins within an hour in most cases if you're using UK bank transfer and your bank supports faster payments.
I wouldn't necessarily trust a new seller but there are plenty of sellers on there with details verified through OTC, who've made lots of smooth trades and who have the feedback to prove it.
If you can wait though, the TransferWise/Bitstamp route only takes a few days.
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uMMcQxCWELNzkt (OP)
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April 15, 2013, 08:40:36 AM |
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I accidentally posted this on a linked thread. "Lots of issues with Transferwise. I got to the payment stage where I had the Bank Transfer and the Debit card options. However I could not complete either. My card is Visa but not verified so I was getting errors and it turns out in order to send money to a new payee I need a PINsentry device which is going to take 7 days to arrive lol." Until I see a decent price on Localbitcoins or Bitbargain I will hold, I still think there is room for prices to drop a little anyway. *Now that I think about it I don't think I could even send a payment through Localbitcoins or Bitbargain anyway. I think my only option is to wait for the PINstentry card reader to arrive.  * |
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nwbitcoin
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April 15, 2013, 08:54:24 AM |
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Just because the US and the UK share a language, doesn't mean they share the same attitude! I've been involved with a lot of early adopter projects over the years, and while its great seeing people wanting to shout from the rooftops about their new finds, you will find most of the public really don't care! The UK public are becoming more and more reliant on officials and the media telling them if they should get involved with things, and with no feedback, they tend to just assume its bad! However, I have been selling bitcoins using localbitcoins for a short while to local enthusiasts, and it works for me. I charge 10% over MTGox, and try and deal only in cash as it keeps costs down. I think its going to be another year before we see any real movement in the UK to recognise bitcoins as a legitimate way of buying and selling on the internet, but I have a feeling we might end up with a two tier market of below the radar trading, and big institutional trading, with about a 50% difference in their prices! Ironically, for a country that gave the world Adam Smith, the father of free market economics, we like our cartels!  |
*Image Removed* I use Localbitcoins to sell bitcoins for GBP by bank transfer!
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botsofbitcoin
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April 15, 2013, 09:13:05 AM |
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*Now that I think about it I don't think I could even send a payment through Localbitcoins or Bitbargain anyway. I think my only option is to wait for the PINstentry card reader to arrive. * Unless there's someone local for you. |
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reg
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April 15, 2013, 09:15:16 AM |
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hi, I was going to recommend transferwise as I use them but you have already gone that route. the first payment does take longer (3 days for me) but once set up usually within 48 hrs plus it costs only £1 !!!
also I use bitcoin central to buy btc currently around 96 euros,
reg.
tips: 1HuDKnHJy73CC2QjbqRrixTEzHd3EFEfRs
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Stephen Gornick
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April 15, 2013, 09:32:16 AM |
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So are the major banks disabling bank transfers to Bitcoin exchanges or are they using courts and the legal system to do the dirty work?
Well, Max Keiser is building a UK exchange now -- so they must have some bank willing to play along. But until then, simply bypass GBP by converting it to EUR: Which exchanges allow me to transfer funds from my TransferWise account? - http://bitcoin.stackexchange.com/questions/8149Or, ... other methods include: Bitbargain.co.uk: - https://bitbargain.co.ukBitcoin Fridge (re-opened): - http://www.BitcoinFridge.co.uk |
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DeeSome
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April 15, 2013, 09:40:05 AM |
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I totally understand where you are coming from, UK is rip off when it comes to bitcoin. I have looked into all the methods posted here, as op stated Localbitcoins and Bitbargain seem rather expensive, one guy is advertising to buy at £40 on one site and is selling at £100 on the other. Extortionate UK bank charges for international transfers make the big exchanges nonviable for someone just wanting one or two coins to get into the system, BitcoinFridge seems to have died, I put in a buy request and have had no response and other methods take at least 48 hours, which is unrealistic when prices can move by as much as £20 in an hour.
There must be many more people like the op and myself here in UK who are frustrated at the situation here, especially when you consider that for example I bought a laptop battery from Hong Kong on ebay, paid by paypal and received it within 3 days and yes I understand the problems re paypal chargebacks.
It seems the rest of the world doesn't trust the British banking system, can't say I blame em with George Osborne in charge.
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