Friday, May 1, 2015

Coinbase landing on the UK

Coinbase, one of the largest organization dealing with Bitcoin launched the service in the UK. It means that the UK citizens can buy Bitcoin for Pounds.

ITProPortal: Coinbase launches in the UK, aims to cleanse Bitcoins dirty rep

As I wrote in the past, the reputation of Bitcoin is no good. It is expected that Coinbase will be able to let Bitcoin trustworthy as a digital currency, according to the media.

My past entry: Bitcoin is recognised, but not accepted in the UK

I think it is a little strange to consider that the launch of Coinbase attracts the attention of the UK citizens. There have been some other services to deal with Bitcoin in the UK. Many Bitcoin lovers utilize LocalBitcoins to exchange their resource. The British government is rather friendly to Bitcoin, I guess more than the US, and of course far different from China and Russia. In addition, there are some alternatives to gain Bitcoins. You can register with Kraken, a market dealing with Bitcoin and Pound as well.

To begin with, you can use any markets as far as you know them well. The highest barrier is bank transfer. Most banks prohibit opening an account of people whose residential status is not clear. You can transact Bitcoin everywhere, but you cannot exchange Bitcoin into local currency, and vice versa, without bank confirmation. In addition, the international transfer is costly using conventional systems. That is why people have difficulty to deal with Bitcoin without reliable bank and market.

The price of Bitcoin is still fluctuating. It will take a while to be stabilized. I believe that Bitcoin will be one of the key currencies. But I have no idea when it is.

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