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Bitcoins: How to buy Bitcoins in UK

Author: Jackson Clark
by Jackson Clark
Posted: May 15, 2014

As far as transactions go we are very familiar with the common practices where people buy things with physical money. Physical money or currency is the way to make transactions. It decided the worth of any product and we pay for it. People in the primitive era used to trade goods. They used to exchange something for their specific needs. Let’s say a farmer will exchange his crops with some pottery or tools with the potter or blacksmith. But in today’s world we buy things with paper money. As a result we earn this physical money by providing our services to the society.

Nowadays and in the much broader sense we have banks to store our valuable money. Now these banks have an authority. We maintain their rules for transactions. We transfer our money from dedicated accounts to other accounts to which it is payable. But this is followed by keeping the rules of the banks. So we have electronic transfer of money. This is transfer of money from one account to another electronically using computer based systems. This includes payments through cards, credit or debit. But recently a new method of transaction has popped up. This technology of transactions is becoming rage in UK as more and more people are transacting with Bitcoins UK.

What is Bitcoins?

Bitcoins is the technology of virtual money. It is a peer-to-peer payment system from an open source network. This was first described in 1998 but came into use in 2009. Instead of trading with paper money people will use bitcoins as a medium of transaction. But here it doesn’t have a central authority like a bank.

How to buy bitcoins?

  • Buying Bitcoins in UK is not an issue anymore. Bitcoins are manufactured by a process called mining. Here a person offers his computing services by verifying and recording transactions into a public ledger and gets bitcoins in return as a fee.
  • Another way is to buy bitcoins online. Infact it is the best way because one can buy bitcoins instantly.
  • One has to sit infront of the computer and buy bitcoins from the bitcoin exchange without having to take the trouble of venturing out of home.
  • Bitcoins are bought via many currencies. One can also buy bitcoins UK against cash. This can be done by going to the bitcoin ATM where you can buy bitcoins against cash.
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Author: Jackson Clark

Jackson Clark

Member since: Nov 26, 2013
Published articles: 315

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