Studies show that the question 'what is Bitcoin' is currently searched online in the UK around 14,800 times every month - a trend that has literally skyrocketed in the past few years, and is set to continue!
Bitcoin is a digital cryptocurrency, or a digital asset, that was created by an unknown person using the code name Satoshi Nakamoto in 2009. Since this time various bitcoin exchanges such as Coinbase and Loaclbitcoins have sprung into action to provide a place for everyone to buy and sell bitcoins.
Also known as BTC, Bitcoin is different than other traditional currencies due to its market cap of 21 million bitcoins. In an email, apparently sent by Nakamoto in 2019 to his developer, he explained that the 21 million market cap was based on traditional currencies but if Bitcoin were to be used as a whole world currency, the market cap would eventually make the price worth much more per unit than traditional currencies.
Is there still time to invest in BTC? Yes, there is still lots of time! The 21 million market cap will not be reached until sometime in the next 120 years (in approx. 2140). Until this time, Bitcoin miners will continue to mine, or "mint", this digital asset using bitcoin software – in exchange for "free" Bitcoin.
Each month in the UK alone, the term "how to invest in bitcoin" is searched roughly 4,500 times which shows that people in the UK are eager to learn more about the opportunities and benefits that come along with being your own bank!
'How much is Bitcoin worth' and 'what is Bitcoin worth today', are two leading search terms that are growing steadily. Studies show that the reason for the increased searches is down to the increased amount of people investing in Bitcoin.
Another reason for the increased searches is because the Bitcoin value, or Bitcoin price, changes much more frequently than other currencies – which has ultimately led to an increase in searches from people eager to know how much they would get if they exchange their Bitcoin to GBP.
In the first two years the Bitcoin price increased from $0.003 per unit in 2010 to $1.00 per unit in 2011. In August 2017 Bitcoin price passed $3,000 for the first time, then passed $4,000 on Aug 12, 2017 and amazingly passed $5,000 by 01 Sept 2017!
The all-time high, or record high price was recorded on 17 December 2017 with prices reaching an amazing $19,783.06 – before the price dropped again just a few days later to $13,800 on 22 December 2017.
If you exchanged 1 BTC to pounds today you would receive £30215.88
Bitcoin works the same way as traditional currencies in terms of payment for goods or services and just like any other currency users can easily exchange GBP to BTC or USD to BTC in a matter of seconds.
While remaining similar to traditional currencies in this aspect, Bitcoin offers instant peer-to-peer transactions between users (worldwide) at a fraction of the cost of traditional payment systems or financial services.
In addition to faster cheaper payments between users worldwide, BTC payments are encrypted and take place on the Bitcoin blockchain – making it impossible to counterfeit this digital money.
Finally, and probably one of its most advantageous aspects is the anonymity, or pseudonymity, it offers Bitcoin users. Unlike traditional banks a bitcoin wallet can be set up in any name and do not come with a traditional account number and sort code (like a bank account).
Instead, Bitcoin and cryptocurrencies are stored in a Bitcoin wallet; and payments are sent to and from cryptocurrency wallet addresses.
Is Bitcoin safe? Is Bitcoin legal? Is Bitcoin a good investment? Yes, yes and yes! The Bitcoin revolution has inevitably increased the amount of Bitcoin news articles published, with each new story creating a new Bitcoin rally and price increases (or decreases)!
Of course, as with any investment there are potential risks of prices dropping and investors are advised to invest what they can afford to lose. BTC has been the envy of central banks since 2014 when Dow Jones published an article with the headline 'Is Bitcoin the future of money?'.
More recently, in 2017 they published a story claiming that Goldman Sachs was exploring new trading operations in Bitcoin, and in 2018 Dow Jones published articles announcing Nasdaq's plans to launch Bitcoin trading options on its exchange.
In January 15, 2021, an article flooded the headlines featuring £50m reward from a man who accidentally threw out a bitcoin fortune! James Howells, an IT worker, threw the hard drive containing 7,500 bitcoins in the trash back in 2013 – which at the time was worth £4m!
Now (nearly 8 years later), the bitcoin on the device today is worth somewhere in the region of £200m and James has not given up hope – he is now offering the United Kingdom's Newport council £50m to let him search for the hard drive himself!
What is Bitcoin used for? What is Bitcoin trading? Who accepts Bitcoin? BTC is used just like traditional currencies for paying for goods and services, and it is also traded on exchanged.
Many shops, both physical stores and website, now use this payment system and accept Bitcoin in exchange for the good or services they provide. Due to the low transaction fees and extra security digital payments offer, many stores offer discounts and other incentives for users paying in this way.
Due to the anonymity it provides users, Bitcoin has become the currency of choice for people that wish to keep their online (or offline) shopping history private.
Bitcoin trading is basically the term used when users exchange their BTC to pounds. BTC trading is usually at its busiest after a Bitcoin rally when prices have increased (or decreased).
At our online pharmacy we accept Bitcoin, we specialise in sleeping pills, anti-anxiety medication and painkillers, and the discounts we offer provide a legitimate way of ordering cheap sleeping pills and other medication for treating anxiety or pain online, without compromising on quality.
While Bitcoin miners are paid in BTC, most people will not have the technical knowledge or software available. So, how to get Bitcoins if you aren't a computer wizard with a lot of money to invest in software?
The beauty of this currency is you don't need to understand all the technical details or have millions to invest in software – and the best way to get started is to buy a small amount (like 50 pounds) to play with.
Thanks to BTC exchanges (such as Bittylicious and Bitcoin UK), users can easily buy Bitcoin by exchanging any amount of GBP to BTC. Before users can buy Bitcoin, they simply need to sign up for and verify ownership of a cryptocurrency wallet.
After creating a digital wallet to store virtual currencies users can buy Bitcoin using a credit card (or debit card), or by making a transfer from a bank account.
How to use Bitcoin? How to pay with Bitcoin? How long does a Bitcoin transaction take? Finally, we are nearing the end of our article in which we will cover how to use Bitcoin briefly and outline details on transaction times and prices.
Once you have converted your GBP to BTC you are ready to make your first Bitcoin transaction! While bitcoin transactions take place instantly each transition needs to be confirmed 6 times (by 6 different Bitcoin miners) before the transaction is complete.
How long a Bitcoin transaction takes largely depends on the Bitcoin transaction fee paid. Standard Bitcoin transaction fees are very low and transactions usually take about 1 hour at this rate - if you opt to pay a little more (even a few pence more), the funds will be confirmed even faster.
Bitcoin transaction are fast, simple and secure and users benefit from reduced transaction fees. If you care still unsure and want to read more about getting started with cryptocurrency, we recommend checking out Bitcoin UK's getting started guide.
If you have any questions about the products for sale (or how to get bitcoins) on our website our customer service staff are available 24/7 via email and phone to assist. We also have a handy FAQ section with all the most common questions answered.
Edited Date: 18 January 2021
Review Due: January 2022