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Author Topic: Premimum prices for GBP to BTC purchases for UK Bitcoiners.  (Read 1124 times)
Rluner
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November 19, 2013, 09:56:35 AM
Last edit: November 19, 2013, 11:35:58 AM by Rluner
 #1

I have noticed that as GBP is a small currency few exchanges are fully supporting it.

The few places where you can exchange GBP for BTC there is generally a large markup, usually in the region of 40% over the MTGox Price (which is as most agree overinflated itself). eg As I write MTGox is £475 and one place to exchange is currently asking £760 a mark up of 60% (The numbers were so high I had to double check them)

Ultimately I realise this is just supply and demand, but I have to ask; are UK users so desperate to get Bitcoins they will continue to pay these massive premiums?

Only time will tell.
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Shermo
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November 19, 2013, 10:34:40 AM
 #2

It's hard / expensive to get money to the exchanges. The only option is to do a SEPA transfer to one of the exchanges, and then there is a several day wait, plus several bank charges and none of the banks accounts I have allow SEPA via internet so I have to call them or go in branch and do it manually, and then they don't like it with large sums of money.

BTW, did I mention the fees for SEPA? Oh and the terrible rate most of them give for £££ to euro exchange for a SEPA transfer.

It all adds up, but yes the rates on places like localbitcoins are inflated, but if you want bitcoins NOW and not in 3 - 5 days, then it can still be more profitable.
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November 19, 2013, 04:24:25 PM
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It's hard / expensive to get money to the exchanges. The only option is to do a SEPA transfer to one of the exchanges, and then there is a several day wait, plus several bank charges and none of the banks accounts I have allow SEPA via internet so I have to call them or go in branch and do it manually, and then they don't like it with large sums of money.

BTW, did I mention the fees for SEPA? Oh and the terrible rate most of them give for £££ to euro exchange for a SEPA transfer.

It all adds up, but yes the rates on places like localbitcoins are inflated, but if you want bitcoins NOW and not in 3 - 5 days, then it can still be more profitable.

Still i think how much it is inflated over here at the moment is quite unfair, I wouldn't put a large portion of it down to supply and demand. If the banks were not *****! We would not have that problem. Every solution has always been thwarted by the banks. Recently IBWT was set up which claimed to be a regulated exchange in the UK but the bank closed there account upon discovery I believe.

Back in the good old days of Barclays Pingit to blockchain.info.

Could all this not be solved with ripple? Although I still haven't got my head round it properly.
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November 19, 2013, 06:16:12 PM
 #4

Isn't coinfloor supposed to be launching soon to allow us to trade in the queens money.
protokol
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November 19, 2013, 07:01:19 PM
 #5

Yeah this is a massive problem, it used to be piss easy with either Intersango or Blockchain. Now there's localbitcoins, and bitbargain but they seem to be overpriced for the little guy. I know many people in my rural-ish area who'd just wanna chuck in 50/100 quid, but these options are not profitable or simple enough to deposit such small amounts. I would sell some of mine but I haven't got enough as it is :scrooge:

I believe this lack of exchanges, together with the minimal informative media coverage in the UK (Only really the Guardian and a few other papers/news channels covering it properly), is making it hard for "the common man" to get into Bitcoin here.


Guess I'll make that my sig, all the cool kids have one...
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November 19, 2013, 08:03:49 PM
 #6

Agree the premiums are too high. The only way to easily chuck in a small amount is to buy LTC from Bitbargain.co.uk and convert them on BTC-e. The premiums on LTC are even higher than BTC though. Sad
S110RE
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November 19, 2013, 08:09:20 PM
 #7

Thoughts?

Confloor.
Nefario.
GLBSE.
Bungled shutdown.
Criminally negligent.

Just no.

Thanks for that.  I wasn't around at the time of GLBSE so I didn't know of James McCarthy's history.  I will avoid. Once again, this forum proves very helpful.  Cheers

Reading that a few weeks ago put me off the idea of coinfloor immediately. - https://bitcointalk.org/index.php?topic=325676.msg3492677;topicseen#msg3492677

Yeah I just suggested to a friend he could use LTC to get some reasonably priced  BTC, just hunting enough of the buggers down.




railzand
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November 19, 2013, 08:10:26 PM
 #8

Isn't coinfloor supposed to be launching soon to allow us to trade in the queens money.

coinfloor was being dissed somewhere on the forum today

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November 19, 2013, 09:06:57 PM
 #9

Isn't coinfloor supposed to be launching soon to allow us to trade in the queens money.

coinfloor was being dissed somewhere on the forum today

Ah right, looks like thats my hopes of a uk based exchange dashed
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