Topic: How do we buy bitcoin in the UK now they removed pingit and UKBT (Read 5963 times)

Check out my link below for step by step instruction to buy bitcoin from uk via transferwise

Check this guide:

http://howtogetbitcoinsuk.blogspot.co.uk/

SEPA transfer to Bitstamp.net - couldn't get much easier.

If you think that's expensive, I had to get my money out of Thailand via paypal, into UK paypal, then UK bank, then SEPA transfer to Bitstamp. Phew! Enormously expensive, but luckily that was when bitcoins were "cheap" at $40.

Then I found bitcoin services operating in Thailand, oops!!

p.s. no, you can't just wire funds out of Thailand. It has all kinds of weird restrictions, the Thai government just doesn't like funds leaving the country.

I had the opposite problem of wanting to convert my bitcoins into cash.  between finding a place to do it, going through the whole process and waiting for the cash to end up in my account - I lost 25% of the value of the bitcoin transferred.  With the time element as well, It goes up to over 30%.

There are two questions I have over this. 

One is how about we just set up a buying and selling exchange that bypasses the banks? - sort of the point of bitcoin, but extend it to working with cash to bitcoin and back to cash if needed?

What I'm thinking that we use services like localbitcoin exclusively?  People who have the time to do the forex work set themselves up buying bitcoins for others and taking a cut of 10% or whatever?

I would guess that there are enough people with a working exchange system all over the UK by today who would be willing to make a few extra quid helping people to get started?

The other big thing here is why don't people who want bitcoins start selling stuff priced in bitcoins, and us with the bitcoins start buying them? 

Isn't that the purpose of bitcoin?

By the way - one of my drivers for getting involved with bitcoin originally was to save up for a nice sportsbike - maybe someone might like to sell me a motorbike for the price of my bitcoins in 6 months time? (interesting investment?)

First you fill in the Recipient details which you get from your chosen Bitcoin exchange (remember to add the reference number provided by your bitcoin Exchange)

Then Create Payment

You will then be asked to fund the payment via Bank Transfer or Debit Card

I have been looking at Transferwise, but Can't find the option to transfer monies into it to get converted to Euros
The only buttons are the send payment buttons that require a recipient.
Am I missing something here ?

Transferring to GBP to EUR to USD (if necessary) is really not that difficult.

SEPA

GBP via bank transfer or debit card to transferwise - no charge

Transferwise converts to EUR for a much better exchange rate and cost than your bank would.

Transferwise sends the EUR to your chosen bitcoin exchange

The exchange converts to USD if that is what they deal in e.g. Bitstamp


I think I will give Bitcoin Central a go when they are back up but most of the action there is in EUR, I think you will find the GBP order board pretty empty so it may still work out cheaper sending EUR via transferwise - ( http://transferwise.com/u/054b )

find someone willing to accept pokerstars or fulltilt.

Bitcoin Central accepts GBP. When its back up I intend to use them.

It's a joke it really is, I used to use blockchain until the stopped UKBT, I even registered for pingit and now they have stopped that as well.
Even the option above of transferring to Euros and then to USD is complicated. Why do we have to jump through hoops so much? There must be an easier way?

So I am not sure why, I have read and understand a fair amount of this but haven't traded as of yet in BTC. Looking into it, scouring forms and such I haven't come across the actual reason that there is no real GBP BTC Exchange, why is this directly, not just Barclays closed the possibility etc. Why? what happened? and why is it that no one has started one up to compete with BitBargains super high prices? Or have they and I am still in the shallow end of this?

Made this guide: www.bitcoinUK.blogspot.com

So far the cheapest way that I found to buy btc from UK..

Hope it helps.

bitbargain.co.uk is reliable buy HUGELY pricey. I'd love to be a seller on that board

I had the same problem, the only alternative I have seen is buying and selling through this forum, but it requires you to move beyond newbie status first. I am wondering myself why established trading sites have such difficulty accepting UKBT.

Since when was anything related to banksters not slow and expen$ive?

You can do that, it's just slow and expen$ive.

Forgive me if I am being dumb, but why can't you just wire the money to MTGOX's Japan-Based bank even if their Barclays one was closed? 

Barclays closed their account.

Barclays own Pingit.

They don't want no other virtual currency competing with theirs. 

UK banks don't like Bitcoin.

So leave the GBP behind -- using Transferwise, or Currencyfair to get EUR.  Here's another thread on it:

No the only other site to accept pingit is bit bargin and like I say they want over £80 each plus I already have the money in my pingit wallet so I cant even do a UKBT,im kinda stuck without a pot to p*** in.