Why is UK so slow to jump on this? - page 3.

stereotype

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Quote from: bitbadger on April 03, 2013, 04:20:38 AM

Maybe there's not so much interest in Bitcoin because the City of London being the world's financial capital already has too many other toys to play with.

That said, City forex dealers are missing out on massive profit potential with BTC. What other currency appreciates by 100% in less than a month.

I think it's true the UK banks don't like Bitcoin. Not to mention the government, they never like things or want to support things that they can't control.

I buy from my euro account in Germany via bitcoin24 only 1.24 euro per bank transfer. Unbelievable that the UK banks charge 25 GBP for a SEPA.

What century are they living in. UK banks still issue cheques as well.

I suspect the City boys n girls, are loving this unregulated, untaxable, unrestrained market. Maybe it suits the suits, as it is.

stereotype

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Quote from: WikileaksDude on April 02, 2013, 07:47:14 PM

Made this guide: www.bitcoinuk.blogspot.com

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

Hope it helps.

Thats pretty good Wiki.

As a costly example, i sent £500 to Gox via UK bank account. The bank took £22, and Gox sliced another £8, only took 2 full working days, but i obviously wont be doing that again, at that total % rate.

bitbadger

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Maybe there's not so much interest in Bitcoin because the City of London being the world's financial capital already has too many other toys to play with.

That said, City forex dealers are missing out on massive profit potential with BTC. What other currency appreciates by 100% in less than a month.

I think it's true the UK banks don't like Bitcoin. Not to mention the government, they never like things or want to support things that they can't control.

I buy from my euro account in Germany via bitcoin24 only 1.24 euro per bank transfer. Unbelievable that the UK banks charge 25 GBP for a SEPA.

What century are they living in. UK banks still issue cheques as well.

WikileaksDude

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Made this guide: www.bitcoinuk.blogspot.com

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

Hope it helps.

Jobe7

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Now they are thinking what to do with me

Maybe there's a way to spend your bitcoins as bitcoins that you cba to change back into fiat, in the UK (and later internationally).

Not an exchange, but a way to change your bitcoins into items, that you would normally buy with your fiat..

Avoiding transfer rates, exchange rates, etc,

Turning fiat 'items' into 'bitcoin' items, staying within the bitcoin market (strengthening it), whilst at the same time encouraging retailers to adopt bitcoin.

Reckon bitcoin UK users would be interested in something like this?

Ten98

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Quote from: Pteppic on March 26, 2013, 07:23:31 AM

a well-backed UK exchange that could meet the regulatory burden would probably be successful. But without one, there are not enough UK users to justify setting one up.

Thankfully, you're wrong on the second part.

There are a huge number of UK Bitcoin users, we just buy and sell using MtGox, Virwox, BTC-E and various others. We'd prefer not to have to pay the extortionate transfer fees, and when Intersango still had free deposits via bank transfer, the majority of their deposits came from UK accounts for that reason.

The market is wide open for a decent UK based exchange, and I wish all the luck in the world to SBC.

stereotype

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Quote from: nwbitcoin on March 27, 2013, 10:37:12 AM

Quote from: redbeans2012 on March 27, 2013, 01:04:45 AM

Quote from: nwbitcoin on March 26, 2013, 06:40:46 AM

The biggest problem is that this is seen as a financial product or sorts.
If it was a virtual product, like a phone credit, it would not have to go through all these hoops in Europe.

Maybe the real answer is that as users with a drive to make bitcoin work in the UK and the EU, its up to us to define its position, rather than wait for the banks and government to do it for us?

If we are calling it a currency, its financial, and its going to be regulated to death.

If we call it an e-commerce voucher, the cat is still in the bag?

This might have legs? Wink

Maybe you can just sell bitcoin wallets

The UK public is very, very stupid and scared. Not sure when it happened, but nobody seems to want to take a risk anymore, unless the government tell them its ok.

It does seem to me that selling bitcoin voucher books in the form of paper wallets would actually have legs.

Its also quite easy to prove that the wallets have credits in them (see what I did there? Wink

with a blockexplorer on your phone

Maybe that is the future for uk bitcoins - under the radar inflation proof internet vouchers that are accepted internationally - and can be sold in a boot sale?!

The return of the green shield stamps ?

Wink

Wallet option sounds acceptable to. Although when i first read your post, i visualised a high st or market with a 'Bit-Booth' selling vouchers/wallets to Joe Public. Got me thinking now. Are we about to see the sim/contract sellers add Bitcoin to their A boards?

nwbitcoin

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You are a geek if you are too early to the party!

Quote from: redbeans2012 on March 27, 2013, 01:04:45 AM

Quote from: nwbitcoin on March 26, 2013, 06:40:46 AM

The biggest problem is that this is seen as a financial product or sorts.
If it was a virtual product, like a phone credit, it would not have to go through all these hoops in Europe.

Maybe the real answer is that as users with a drive to make bitcoin work in the UK and the EU, its up to us to define its position, rather than wait for the banks and government to do it for us?

If we are calling it a currency, its financial, and its going to be regulated to death.

If we call it an e-commerce voucher, the cat is still in the bag?

This might have legs? Wink

Maybe you can just sell bitcoin wallets

The UK public is very, very stupid and scared. Not sure when it happened, but nobody seems to want to take a risk anymore, unless the government tell them its ok.

It does seem to me that selling bitcoin voucher books in the form of paper wallets would actually have legs.

Its also quite easy to prove that the wallets have credits in them (see what I did there? Wink

with a blockexplorer on your phone

Maybe that is the future for uk bitcoins - under the radar inflation proof internet vouchers that are accepted internationally - and can be sold in a boot sale?!

The return of the green shield stamps ?

Wink

redbeans2012

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Quote from: nwbitcoin on March 26, 2013, 06:40:46 AM

The biggest problem is that this is seen as a financial product or sorts.
If it was a virtual product, like a phone credit, it would not have to go through all these hoops in Europe.

Maybe the real answer is that as users with a drive to make bitcoin work in the UK and the EU, its up to us to define its position, rather than wait for the banks and government to do it for us?

If we are calling it a currency, its financial, and its going to be regulated to death.

If we call it an e-commerce voucher, the cat is still in the bag?

This might have legs? Wink

Maybe you can just sell bitcoin wallets

whitenight639

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Quote from: Anon136 on March 25, 2013, 07:53:36 AM

Britons are, for what ever reason, particularly indoctrinated. They tend to be more prone to using government to "solve" societal problems (that were caused by government in the first place but thats neither here nor there) and less interested in accepting market based approaches. Britons tend to see the market and government in polarized light of government being the source of all things good and the market being the source of all things bad. Where as Americans see government as a begrudgingly necessary evil, Britons tend see the market as a begrudgingly necessary evil.

anyway i should expect this to cause the UK to be a bit behind the curve in all things bitcoin

This ^^

I'm British, I think most of the populace is addicted to Eastenders, it's ok they'll e the first to go hungry when either the euro or the dollar collapses.

The problem is Bitcoins are too hard to understand for most people even with bitcoin.org and the wikis its too much for people, we need to collate the info and dumb it down even more. As for Trading platforms people are just too scared of the risks, nobody wants there front door smashed in by the police for some website exchange that's been misunderstood and is probably costing money to get started.

The big city boys don't care much for regulations they just make up new names for things and do it, ETF, Futures, CDOs it's all bullshit if you had a legal department backing you up like they do you would call bitcoins "Blockchain space" and carry on doing what your doing.

stereotype

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Quote from: nobbynobbynoob on March 26, 2013, 08:38:57 AM

Quote from: Pteppic on March 26, 2013, 07:23:31 AM

I also think the UK is suffering due to the hurdle you have to get over just to get involved in Bitcoin. If you can't get bitcoin quickly and easily, it limits the number of people getting involved. Then you get a chicken and egg situation - a well-backed UK exchange that could meet the regulatory burden would probably be successful. But without one, there are not enough UK users to justify setting one up.

Agreed. Peer-to-peer exchange / LocalBitcoins / Bitcoin-OTC type stuff may have to take up the slack. It may already be doing so, for all we know.

Funny you mention that. Martin from https://bitbargain.co.uk/ has just directed me to something else to consider .... https://bitcointalksearch.org/topic/m.1667551

Thanks

nobbynobbynoob

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Annuit cœptis humanae libertas

Quote from: Pteppic on March 26, 2013, 07:23:31 AM

I also think the UK is suffering due to the hurdle you have to get over just to get involved in Bitcoin. If you can't get bitcoin quickly and easily, it limits the number of people getting involved. Then you get a chicken and egg situation - a well-backed UK exchange that could meet the regulatory burden would probably be successful. But without one, there are not enough UK users to justify setting one up.

Agreed. Peer-to-peer exchange / LocalBitcoins / Bitcoin-OTC type stuff may have to take up the slack. It may already be doing so, for all we know.

stereotype

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Quote from: Pteppic on March 26, 2013, 07:23:31 AM

Quote from: yucca on March 25, 2013, 04:34:46 PM

I think once coinlab in US starts running then UK will follow, coinlab is actually going to have insurance for holdings via Lloyds of london, so the city boys know all about it.

I would have thought that coinlab got insurance on Lloyds of London because that is just about the only place in the world that would consider providing a high sum assured contract covering Bitcoins.

I also think the UK is suffering due to the hurdle you have to get over just to get involved in Bitcoin. If you can't get bitcoin quickly and easily, it limits the number of people getting involved. Then you get a chicken and egg situation - a well-backed UK exchange that could meet the regulatory burden would probably be successful. But without one, there are not enough UK users to justify setting one up.

I think one way to get people involved, is to make something attractive. In the context of an exchange, one attractive element is liquidity/participation. The way to create that, is to initially have a prop trader churning over volume. How much cost/risk is implied here, is probably above my pay grade, but i for one, would be very happy to sit and churn required volume all bloody day!

Pteppic

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Quote from: yucca on March 25, 2013, 04:34:46 PM

I think once coinlab in US starts running then UK will follow, coinlab is actually going to have insurance for holdings via Lloyds of london, so the city boys know all about it.

I would have thought that coinlab got insurance on Lloyds of London because that is just about the only place in the world that would consider providing a high sum assured contract covering Bitcoins.

I also think the UK is suffering due to the hurdle you have to get over just to get involved in Bitcoin. If you can't get bitcoin quickly and easily, it limits the number of people getting involved. Then you get a chicken and egg situation - a well-backed UK exchange that could meet the regulatory burden would probably be successful. But without one, there are not enough UK users to justify setting one up.

stereotype

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Quote from: nwbitcoin on March 26, 2013, 06:40:46 AM

The biggest problem is that this is seen as a financial product or sorts.
If it was a virtual product, like a phone credit, it would not have to go through all these hoops in Europe.

Maybe the real answer is that as users with a drive to make bitcoin work in the UK and the EU, its up to us to define its position, rather than wait for the banks and government to do it for us?

If we are calling it a currency, its financial, and its going to be regulated to death.

If we call it an e-commerce voucher, the cat is still in the bag?

This might have legs? Wink

From what SBC was saying on his insightful post, Bitcoin is currently not recognised as something that needs to be regulated as a currency by the relevant authorities. However, reading between the lines, and sensing how this market is going to develop, its only a matter of short time before that status will change. So yes, re-defining has to be the way to go for the long term. I like the 'us define the position', and we can do that to a certain degree (call it vouchers, credits, collectable coin etc.), but you still have to convince the bank to keep your account open, in the face of doubt and weak or no precedence, in their minds, but Im not hearing a fat lady sing yet, nwbitcoin.

nwbitcoin

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You are a geek if you are too early to the party!

The biggest problem is that this is seen as a financial product or sorts.
If it was a virtual product, like a phone credit, it would not have to go through all these hoops in Europe.

Maybe the real answer is that as users with a drive to make bitcoin work in the UK and the EU, its up to us to define its position, rather than wait for the banks and government to do it for us?

If we are calling it a currency, its financial, and its going to be regulated to death.

If we call it an e-commerce voucher, the cat is still in the bag?

This might have legs? Wink

stereotype

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Quote from: Scott J on March 25, 2013, 07:12:30 PM

Quote from: stereotype on March 25, 2013, 05:27:05 PM

Quote from: qukkM on March 25, 2013, 05:05:12 PM

would a UK version of coinlab require the same regulatory approval as an exchange? as I see it coinlab sell you a certain number of BTC at a set price, selling it as a commodity rather than being involved in a currency exchange. It would seem to me that would be much easier to operate as you would essentially be selling virtual goods as opposed to currency trading. I have seen an offer for a uk based site in the marketplace run along similar lines and was considering it's potential.

Hmmm. What about selling a blank casacius coin as a commodity, that is loaded by the client to 'play' with. Does that redefine any regulatory requirements, or obviate anything for the better? I guess that question may end up being rhetorical!

That's an interesting thought - how about a casascius coin that won't be funded until a certain date, that could dodge some regulations? Grin

The idea is still working for me. How about a 'subscription' to load the pre sent coin?
I am obviously just thinking out loud, so someone please shoot me down, before i convince myself its a go-er!

phelix

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Quote from: stereotype on March 25, 2013, 07:12:15 AM

Wondering what other Brits think about the Bitcoin market in the UK. Specifically, what do you think about not having a professional, fully functioning, recognized Xchange somewhere in the UK, trading high volume GBP/BTC liquidity?

From a forward-thinking, enterprising perspective, im kinda thinking that the usual entrepreneurial Brit with funds, has missed this boat a little. Sure, business opportunities in Bitcoin are going to present themselves, as we go on, but currently, im just bombarded with USD biased experiences/interactions, wherever i navigate. Someone correct me if im wrong, but i don't even think https://bitbargain.co.uk/ is UK owned.

So, any smart UK centric business bods out there, care to share any current projects. Do you need help?

Just a thought, and most definitely not a invitation to swap nationalistic nonsense!

It's the same with Germany. I am not aware of any real exchange with some depth and German language.

oakpacific

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Good old days of britcoin come back, when I used to be able to credit my exchange account in one day with no fees whatsoever incurred. Embarrassed

Nancarrow

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I really liked Intersango. Then one UK bank after another stomped on them! Cry

There still appears to be a small GBP market on Intersango, but it has absolutely huuuuuge spreads at the mo. And you can withdraw GBP to your own bank account with a bank transfer, but no way to get GBP into Intersango. Either have to use MtGox, or keep hold of my bitcoins.

OTOH: silver lining, it means I have kept hold of my bitcoins over the last year, instead of selling them off in batches to pay off my mining rigs. This has turned out to be an exceedingly good thing! Grin

Topic: Why is UK so slow to jump on this? - page 3. (Read 7726 times)