While the Great Britain pound sterling may not account for the largest number of bitcoin to traditional currency exchanges, signs indicate that the cryptocurrency’s future within the country is strong. Not only are individuals able to exchange and withdraw bitcoins online and at physical ATMs, but the country has made an effort to learn about how the cryptocurrency could be implemented into the nation’s economy.
According to BitcoinCharts.com, the following three webstes are the largest Great Britain pound sterling to bitcoin exchanges by volume.
– ANXBTC: This bitcoin exchange is best known for its versatility, as users can purchase and sell bitcoins in ten major currencies. Additionally, the website also operates as a licensed and regulated money service business. Unlike many other bitcoin exchanges, ANXBTC does not charge trading, bank transfer, or bitcoin transfer fees. Additionally, the website also offers real-time processing of deposits and withdrawals. The website accounted for 30,963.65 bitcoin exchanges using the GBP for the thirty-day period that ended on Oct. 20th, 2014.
– LocalBitcoins: This website offers users the opportunity to connect with individuals who may be interested in purchasing or selling bitcoins locally, as the name suggests. The website offers services in 230 countries and offers users the ability to view the locations of nearby trading partners through Google Maps. The website accounted for 13,747.35 bitcoin exchanges using the GBP for the thirty-day period that ended on Oct. 20th, 2014.
– Coinfloor: This London-based exchange was created so as to offer bitcoin traders a reputable exchange through which to trade for the cryptocurrency. It was also the first exchange to store its bitcoins in 100% multi-signature cold storage. Moreover, the website has also implemented procedures to deter money laundering, thus taking a hard stance against the ugly side of the bitcoin world. The website accounted for 4,748.98 bitcoin exchanges using the GBP for the thirty-day period that ended on Oct. 20th, 2014.
Whereas the largest bitcoin market in England exists in London, a single bitcoin ATM in Bristol processed £38,000 worth of transactions during the month of August. Companies such as Satoshipoint operate bitcoin exchanges in London, Brighton, and Bristol. According to BitcoinATMMap.com, there are four such ATMs in the city of London. However, the existing ATMs in Brighton and Bristol are not listed on this website.
The Great Britain pound sterling was utilized in 0.5% of all bitcoin to traditional currency exchanges over the thirty day period that ended on Oct. 20th, 2014, with only around 50,200 such exchanges being made. While this figure puts the GBP ahead of currencies such as the CAD, the AUD, and SGD, it is still far less substantial than the exchanges made using the Chinese yuan, the United States dollar, and the euro.
Factors Affecting The Relationship Between The Two Currencies
Unlike many other governments, the United Kingdom has approached the cryptocurrency with curiosity more than fear. For example, the company’s Financial Conduct Authority launched a new initiative in June which was intended to support bitcoin developments within the country through lenient regulation. In August, the nation’s Chancellor of the Exchequer, George Osborne, unveiled a plan to explore the role of cryptocurrencies in the economy. Moreover, the nation’s tax agency also took a lax stance against virtual currencies, classifying them as gift vouchers. As a result, cryptocurrency holdings within the nation will not be taxed.