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Buy Bitcoin (BTC) in UK With GBP | CoinJar

Bitcoin

BTC

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Overview

#01

Popularity

Currency

Asset type

2009

Active since

What is Bitcoin?

Bitcoin is the most famous cryptocurrency, and probably always will be. It has the highest market capitalisation, which is another way of saying that more people own Bitcoin than any other cryptocurrency. It was also the first cryptocurrency to be created, and this happened in 2009.

So who created this “digital gold” that now is becoming a mainstream store of value?

Strangely, the creators of Bitcoin, even to this day, remain anonymous.

The cryptocurrency was created by one person or perhaps a group of people who called themselves “Satoshi Nakamoto”. They have not been heard of since 2010, and it may be a mystery that is never solved.

Bitcoin culture

Bitcoin started its life just 13 years ago, but already there is an established culture and lore that keeps media outlets buzzing. Even in the early days, the idea of Bitcoin captivated people.

For example, the first Bitcoin purchase was for pizza. However, this has blown up into “Bitcoin Pizza Day” and is a really fun theme on the internet.

On May 22, 2010, a programmer named Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas, which was worth about US$41 at the time. Today, that Bitcoin would be worth over US$500 million. Keep in mind that the performance of bitcoin can be highly volatile, with the value dropping as quickly as it can rise. Past performance is not a guide to the future.

These days, you can buy a lot of stuff with Bitcoin. Besides pizza, you can use Bitcoin to buy things like travel, gift cards, games, art, and even space flights.

There are also many charities that accept Bitcoin donations.

When buying Bitcoin, be sure to check that you are buying coins on the original blockchain.

What are some interesting Bitcoin facts?

Bitcoin is legal tender in El Salvador. On September 7, 2021, El Salvador became the first country to accept Bitcoin as legal tender, meaning that people can use it to pay taxes, debts, and goods and services. The government also gave every citizen US$30 worth of Bitcoin to encourage adoption.

In other interesting Bitcoin news, Bitcoin has a finite supply of 21 million coins, but not all of them are in circulation. Some of them are totally lost. Sometimes this is due to forgotten passwords, lost wallets, or the death of the owners. According to crypto data firm Chainalysis, around 20% of Bitcoin has been lost or is stuck in wallets that can’t be accessed.

Bitcoin is not only a currency, but also a network of computers that run the Bitcoin software and validate transactions. These computers are called nodes, and anyone can run one. There are tens of thousands of nodes distributed across the world, with the highest concentration in the United States, Germany, and France.

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How to buy Bitcoin with CoinJar

Start your cryptocurrency portfolio with CoinJar by following these steps.

Step oneDownload the appGet the CoinJar app on iOS or Android.

Step twoCreate an accountCreate an account with CoinJar and verify your ID.

Step threeMake a purchaseBuy more than 60 cryptos using Faster Payments, SEPA, bank transfer, or a debit card.

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Past performance is not a reliable indicator of future results. Figures shown are for illustrative purposes only and are not actual market data.

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Frequently asked questions

Can I buy Bitcoin with a credit or debit card?

With CoinJar Instant Buy you can buy BTC using UK-issued cards.

How do I buy Bitcoin on CoinJar?

To buy Bitcoin on CoinJar, first create an account by signing up with your email and verifying your identity. Pass a quiz and the 24-hour cooling off period. Once your account is set up, you can deposit funds using options like bank transfer, or make an instant Bitcoin purchase using a debit card, credit card, or Apple Pay / Google Pay. See fees here.

Select Bitcoin (BTC), enter the amount, and confirm your purchase. You can buy Bitcoin with supported payment methods, and your BTC will be added to your CoinJar wallet.

What is the easiest way to start buying Bitcoin on CoinJar?

To start buying Bitcoin, sign up for a CoinJar account and complete the verification process. Deposit funds via bank transfer (you can also use other payment methods). Then, hit the trade button and choose Bitcoin. CoinJar makes it convenient to buy crypto with a user-friendly interface, allowing you to purchase Bitcoin and store it in your wallet.

Is my Bitcoin secure after I buy it on CoinJar?

CoinJar prioritises security for its customers’ Bitcoin and other crypto assets. After you buy Bitcoin, it’s stored in a CoinJar wallet. The platform uses advanced encryption and cold storage to protect your BTC from unauthorised access. Always enable two-factor authentication (2FA) on your account for added security.

Can I transfer my Bitcoin after buying it?

Yes, after you buy Bitcoin on CoinJar, you can transfer your BTC to another wallet or exchange. Simply navigate to the "Send" option in your CoinJar account, enter the recipient’s wallet address, and confirm the transaction. Ensure the address is correct to avoid losing your crypto.

Are there other ways to buy Bitcoin, like a Bitcoin ATM?

While Bitcoin ATMs are an option for purchasing BTC, CoinJar offers a more convenient way to buy cryptocurrency. You can buy Bitcoin directly from your account using a card, or bank transfer, without needing to locate a Bitcoin ATM. This makes CoinJar a good choice for buying Bitcoin.

What can I do with my Bitcoin after buying it on CoinJar?

Once you buy Bitcoin on CoinJar, you can hold it in your wallet as a long-term asset, trade it for other cryptocurrencies, or swap it for fiat currency. You can also transfer your BTC to external wallets or use it for transactions where Bitcoin is accepted.

How fast are Bitcoin transactions on CoinJar?

When you buy Bitcoin on CoinJar, the transaction is typically instant with card payments. The BTC appears in your wallet almost immediately, ready for trading, holding, or transferring. Blockchain confirmation times may affect external transfers.

Why choose CoinJar to buy cryptocurrency?

CoinJar is a trusted platform to buy cryptocurrency like Bitcoin. With options to buy BTC using card, or bank transfer, a convenient wallet, and a user-friendly interface, CoinJar makes buying Bitcoin accessible for all. Whether you’re new to crypto or an experienced trader, CoinJar supports your journey.

Standard Risk Warning: The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar's digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). In the UK, it's legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you're unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.

The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

Specific risks associated with meme coins: 'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: • Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. • Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading. • Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash. • Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately. • Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.

Specific risks associated with stablecoins: There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: · Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment. • Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it. • Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues. • Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset. • Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. • Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.

CoinJar does not endorse the content of, and cannot guarantee or verify the safety of any third-party websites. Visit these websites at your own risk.

Your information is handled in accordance with CoinJar’s Privacy Policy.

Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service.

We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.

CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).

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