Bitcoin is the first decentralized cryptocurrency, a global payment system that works without a central authority. It is verified by a network of peers and recorded in a public distributed ledger called the blockchain. The blockchain is a cryptographic protocol that enables digital transactions to be confirmed and recorded chronologically. Bitcoin was created in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto and released as open-source software. URL theinvestorscentre.co.uk

Investing in Bitcoin is straightforward and convenient via a crypto exchange, where you can buy and sell cryptocurrencies like Bitcoin. Creating an account with a reputable crypto exchange is simple and you can deposit funds using various methods, including bank transfers or credit/debit cards. Once your funds have been deposited on the exchange, simply navigate to the ‘Buy’ or ‘Trade’ section and select Bitcoin as the currency you want to purchase. You can then specify the amount you want to buy and complete the transaction. Once purchased, your Bitcoin will be held in a crypto wallet linked to your exchange. If you wish to transfer your cryptocurrency from the exchange to a ‘hot’ or ‘cold’ wallet, this is usually possible for a small fee.

Best Way to Buy Bitcoin in the UK: Safe & Cost-Effective Methods

It is important to note that Bitcoin and other cryptocurrencies are treated as property in the UK, so operations with them will carry tax implications. These taxes will depend on the type of transaction and whether it is considered income or capital gains. The HM Revenue and Customs (HMRC) has a data-sharing program with all UK-based exchanges, so they can track cryptocurrency activity.