Bittylicious - UK Bitcoins using Bank Transfers

[Inedible]

I think you have to register with the FCA and inform your bank that you'll be engaged in currency exchange too. They can then inform you of what else is required.

If you've not registered with the FCA you'll likely be shut down

[grums]

Just sent payment for 0.5. Waiting for BTC now. Great service for UK!

If all goes well will be purchasing more!

[gigatux]

We just added a new release that adds a few usability improvements plus increases the number of Bitcoins people can buy. In particular, users with accounts over 3 days and then over 7 days old are able to purchase more Bitcoins regularly going forwards.

[gigatux]

The margins have just dropped due to successful testing to 3% above Gox.

[Inedible]

Have you registered with the FCA yet?

[gigatux]

No, we are awaiting a response still from them. Our understanding is that this is unlikely to be a requirement because we are at no point holding customer money, but we are discussing with them.

[Inedible]

No, we are awaiting a response still from them. Our understanding is that this is unlikely to be a requirement because we are at no point holding customer money, but we are discussing with them.

If they do decide to regulate you, you're going to be sol coz they don't accept registration after the fact

[gigatux]

Just a little update. We now have four live sellers on the system competing to get your business, so the prices are going down. The current Bitcoin price on Bittylicious is £72.10.

[gigatux]

And another announcement.

We have now got quite a few really good sellers on board that are able to source cheap coins, so our prices have now dropped to below MtGox's prices quite often. For instance, right now, Bittylicious's price is £86.06 compared to Gox's price of £87.31.

[Buffer Overflow]

I've brought Bitcoins from this service. Coins were transfered to me in minutes.
Excellent, would recommend. 

[squall1066]

The UK is a void for BTC-Fiat conversions, I hope this one takes off as.....Quite bluntly... We need it 

Why is everyone still hooked up on Gox? We need to brake away and decentralize, Hasn't Gox messed things up enough?

[nobbynobbynoob]

Bittylicious and LocalBitcoins are doing a pretty decent job of providing bitcoin trading options in the UK. And if you really must, it is still possible to wire funds to Bitstamp or Mt Gox.

[gigatux]

It's now over £3 less than MtGox because of a bit of a seller war happening behind the scenes. All good news for Bittylicious customers though.

[Inedible]

It's now over £3 less than MtGox because of a bit of a seller war happening behind the scenes. All good news for Bittylicious customers though.

Does this mean you have no Bitcoin of your own and are dependent on sellers for your liquidity?

[gigatux]

Does this mean you have no Bitcoin of your own and are dependent on sellers for your liquidity?

We do have Bitcoin of our own but our own prices are a bit higher than the prices that other sellers on the system can offer. Our aim is to provide good prices, whether from our own coins or from others, so we happily get sellers on board that can undercut us. The reason we offer our own coins is in case all sellers run out of coins (and we trade 24/7 too, but some sellers do as well).

It's all transparent to the end user though of course.

[Inedible]

Does this mean you have no Bitcoin of your own and are dependent on sellers for your liquidity?

We do have Bitcoin of our own but our own prices are a bit higher than the prices that other sellers on the system can offer. Our aim is to provide good prices, whether from our own coins or from others, so we happily get sellers on board that can undercut us. The reason we offer our own coins is in case all sellers run out of coins (and we trade 24/7 too, but some sellers do as well).

It's all transparent to the end user though of course.

There's no mention of the coins coming from third parties on the site. Do they deposit the coins to your wallet or are you effectively just an escrow/third party?

[gigatux]

There's no mention of the coins coming from third parties on the site. Do they deposit the coins to your wallet or are you effectively just an escrow/third party?

There's no doubt that further documentation is really needed on the site. We're working on it.

As for how it works, they deposit coins into our bitcoind instance (but each seller has their own account). We then automatically lock the coins in a trade and send them on after the seller confirms that payment has been received. In this way, it's pretty much like Local Bitcoins and friends, but with marketplace information hidden so the user knows how much the cheapest provider that he can use costs.

[No_2]

gigatux: If I've signed up, verified my mobile and provided proof of name and address what is the most BTC I can purchase per day?

[gigatux]

gigatux: If I've signed up, verified my mobile and provided proof of name and address what is the most BTC I can purchase per day?

Almost 3 BTC, basically. The most important thing is you have a track record, so are a user for a fair amount of time. So, making a small purchase now will increase confidence.

[phaskie]

It's now over £3 less than MtGox because of a bit of a seller war happening behind the scenes. All good news for Bittylicious customers though.

What's happened to the seller wars recently?

https://i.imgur.com/KD8BeFz.png