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Bitcoin Price UK

Bitcoin is the biggest and first cryptocurrency to come into existence. First introduced to the world in a whitepaper by an anonymous person/group of people in October 2008, the digital currency was launched several months later with the first genesis block mined in January 2009. Since then the Bitcoin price has increased in volumes and news about Bitcoin has spread around the world. Here we explore the Bitcoin price UK, and its accessibility in the country.

Bitcoin at a glance

One of Bitcoin’s greatest assets is that it is decentralized. Instead of relying on governments and financial institutions, the cryptocurrency is operated by a network of nodes (operators) around the world that split and verify the work evenly. With no single authority in charge, users have more control over their assets and do not need to worry about Global Recessions and the Fed skyrocketing inflation.

Bitcoin was designed to be a peer-to-peer electronic cash system, meaning that one individual could send money to another without incurring costly road bumps along the way. When sending fiat currencies across borders the funds go through various posts, changing currencies and incurring forex charges. Bitcoin can be sent from one side of the world to another for a fraction of the price and time, and is a direct transfer from sender to receiver.

The technology behind Bitcoin is called blockchain, and has taken the world by storm. This trustless technology functions with a community of nodes sharing equal responsibility with no one authority dictating. The technology is being integrated in industries around the world, from supply chain management to renewable energy to farming.

Who Created Bitcoin?

Satoshi Nakamoto created the digital currency, Bitcoin, as a retaliation against the global financial crisis that tanked the market and saw many people lose their financial grounding due to the centralized nature of banks. Instead, they wanted to create a digital currency that was free from the traditional currencies, and from the control of banks, governments and other financial institutions. Instead, Nakamoto wanted to put the power back into the hands of the individuals. As the Bitcoin price has increased over the years, financial freedom has greeted many early buyers as the Bitcoin and cryptocurrency market exploded.

What is Bitcoin worth?
What purpose does it serve?

Value of Bitcoin

Since Bitcoin’s first market presence, the cryptocurrency has experienced an increase in value of over 9,000%. The beauty behind Bitcoin is that it was designed to be deflationary, meaning that it will only increase over time due to its limited supply. When Satoshi Nakamoto designed the cryptocurrency, they made certain that there will only ever be 21 million BTC in circulation, ensuring that the value will inflate. To know the value of Bitcoin at any given time, users should check a reputable exchange.

Anonymity

On top of the decentralized and peer-to-peer nature, the cryptocurrency also offers more privacy than that of fiat transactions. Each user on the network is given an alphanumeric wallet code through which they can receive and transfer BTC, and while blockchain technology records this in a public ledger, each user can remain anonymous as there is no link from the wallet code to an individual’s identity.

Value of Bitcoin

Since Bitcoin’s first market presence, the cryptocurrency has experienced an increase in value of over 9,000%. The beauty behind Bitcoin is that it was designed to be deflationary, meaning that it will only increase over time due to its limited supply. When Satoshi Nakamoto designed the cryptocurrency, they made certain that there will only ever be 21 million BTC in circulation, ensuring that the value will inflate. To know the value of Bitcoin at any given time, users should check a reputable exchange.

What Is Bitcoin Used For?

Bitcoin is a peer to peer payment system and form of software technology that facilitates fast and cheap transactions of value across a blockchain network, allowing the funds to move seamlessly and directly between users whether it be used for a payment or a method of sending money to friends and family around the world. Bitcoin offers a new level of security and operates as both a medium of exchange and a store of value and requires no paperwork or personal information to use. Due to its decentralized nature, there is no governing body or authoritative power that can take control of your cryptocurrency funds or freeze your account.

How Does Bitcoin Work and Maintain Market Value?

The network is created to be deflationary in nature, with a limit on the number of coins that can enter circulation. Due to the way in which new coins enter the system (through a process called mining), the currency does not suffer from increased inflation rates as its fiat counterparts do.

The total supply of Bitcoin is capped at 21 million coins, and as of 2021, and there are currently over 18.7 million coins in circulation (roughly 89% of the supply). In line with basic economics, as the supply has decreased the demand has increased, with a corresponding rise in the Bitcoin price over the years. While supply and demand govern the price of Bitcoin, other factors play an influential role too, including the news, fiat markets, celebrity opinions.

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How Does Bitcoin Operate And Handle Transactions?

Built using blockchain technology, the Bitcoin network is operated by a number of nodes around the world who work together to maintain and ensure it’s running safely just as banks would. Instead of one entity being in charge and delegating work, the nodes operate in a decentralized manner and follow the specific Bitcoin protocol to operate as a service for individuals and businesses. 

Miners on the network are responsible for executing transactions, and in the process release new coins into circulation. As the transactions are verified they are added to a block on the blockchain (chronologically) and new coins are minted and used as a "payment" to the miners for their contribution to the network. This does not require traditional software such as JavaScript or anything of a similar nature in order to run and be operational.


Why Tap Global is the best for buying Bitcoin

Buy Bitcoin

With Tap Global you can buy Bitcoin anytime, anywhere, with our easy to use and secure app. With us, you can track markets and keep up to date with the latest changes to make sure you get the best price.

Hold Bitcoin

Tap Global is a digital wallet with a difference. Your cryptocurrency assets are always secure and always accessible, allowing you to hold them when you want, and be certain that they’re safe.

Sell Bitcoin

It’s important to be able to sell when the time is right, and with Tap Global that’s never been easier. Our app is the perfect platform for selling cryptocurrency at the perfect time, and making sure you get the most for your money.

Spend Bitcoin

It used to be hard to spend cryptocurrency, but the Tap Global Prepaid Mastercard makes it easier than ever. You can pay for purchases with your cryptocurrency without having to worry about transfer times and steep charges.

How Is Bitcoin Divisible?

Something not many people or an investor new to the market understand when it comes to Bitcoin and other digital currencies is that it is divisible by up to 8 decimal places. This means that despite the soaring Bitcoin price, anyone anywhere can still enter the market for as little as a £10 investment.

The smallest denomination of Bitcoin is 0.00000001 and is known as a Satoshi and when 100 million are collected support a single Bitcoin. The payment system was designed like this to facilitate small transactions in the future, with the idea eventually being to pay for a cup of coffee with Satoshis.


How To Buy Bitcoin UK?

If like Elon Musk, you'd like to own Bitcoins or a fraction of one, you can easily buy BTC and other digital currencies through the Tap app. Simply follow these easy steps and you'll have a piece of the world's biggest cryptocurrency in no time. In order to find the most accurate UK price for Bitcoin, you can head to our Bitcoin pricing page.