Bitcoins kaufen tutorial
One of the problems with bitcoin is actually getting hold of the stuff. Most of us are not bitcoin miners which leaves us with the need to purchase cryptocurrency with fiat funds. If you live in the UK, there are some options, even though we can’t currently use services like Coinbase. Here we take you through the best ways to get hold of bitcoins in the UK.
The hard way
For anyone who is new to bitcoin, and currency trading in general, one of the most arduous things to get done is register with a cryptocurrency exchange. With every exchange you normally have to jump through hoops to prove your identity (which means anonymous trading is out of the question, unless you are very good at faking identities). Before you start, make sure you have scans of some photo ID (passport or driving licence), and several utility bills that prove you live where you say you live.
Once you’re registered and verified with your exchange of choice, you’ll then need to get the details for either a SEPA or international wire transfer, which you’ll then have to copy into the corresponding form in your online banking account.
h is an initiative to increase the efficiency of payments between people in the EU and EEA member countries. Not all UK bank accounts properly support this infrastructure (eg HBoS doesn’t, but HSBC does).
As for exchanges accessible to UK customers, Kraken and Bitstamp both support SEPA payments and international wire transfers, whilst BTC-e and Mt. Gox only accept international wire transfers. Such transfers from UK banks are somewhat expensive – look to pay £10 or more on a transfer. Then again, finding a UK bank that will give you an account with SEPA transfer facility for the purpose of trading bitcoin is another trick. An HSBC advisor recently told me that the bank has a policy of flat refusal on giving accounts for trading bitcoin.
The easier way
If you want to go through a process that is somewhat less intimidating than registering with an international exchange, there are some UK-based services that allow you to pay with a (free) bank transfer payment.
BitBargain is a UK-based service that allows the purchase of bitcoin via UK bank transfer and other services including PingIT (by Barclays), Natwest’s instant payment system, NoChex and more. It also permits the buying and selling of litecoin in addition to bitcoin. Simply tell the site how much of which currency you wish to buy and your payment method, and it will match you up with sellers.
