Following the financial crisis, cryptocurrencies’ rise and popularity have intensively risen. A significant number of investors became interested in finding safer investments, alongside alternative currencies to traditional fundamentals. Among the first cryptocurrencies to come into play was Britcoin.
It is one of the most talked-about cryptocurrencies from the United Kingdom. If you are among the crypto devotees, we suppose you’ve heard of Britcoin before, and you’d like to find more relevant information from real professionals in this industry.
As you may already know, the famous Britcoin is one of the news cryptocurrencies created and launched in the UK. Like any other cryptocurrency, it also allows traders to execute transactions safely and privately, excluding the use of any bank account.
In order to understand how the Britcoin function and what has happened since its launching, let’s get to know how it all began in the first place, shall we?
The brief history of Britcoin
Britcoin was developed in 2008 and began trading in 2009 on a network or peer-to-peer service. It’s mandatory to understand that they do not require any intermediates or the use of bank accounts. All transactions are verified and recorded through a publicly accessible ledger that records cryptocurrency transactions. It is called a “blockchain.”
In July 2011, the service went live by a software firm Intersango. One month later, this software firm was renamed Britcoin Exchange Intersango. The reason for that was its failure to establishing reliable banking relationships in the United Kingdom.
It’s interesting to note that it was the first Bitcoin exchange in the United Kingdom to support GBP trading. In December 2012, Intersango closed its trade. It was time for trading to move to other websites.
How have traders been able to trade bitcoins?
All traders have been able to trade bitcoins by placing buy or sell orders into an order book. This book was matched against opposing open orders, partially filled or in full, with Britcoin that had an escrow for the funds.
In addition to that, Britcoin also promised to cut verification time from nearly ten minutes to just a few seconds. It rewarder its holders with no less than 5% annual interest.
What are the advantages of Britcoin?
Usually, everyone who is seriously interested in Britcoin would like to know what are its main advantages. As you may guess, through Britcoin, it’s possible to use the Bank of England’s money without any need for a middleman. It can potentially reduce some profits and fees for other commercial banks.
It is also interesting that it would also remove any risk of money to be held by a commercial bank that afterward went bankrupt.
The Bottom Line
In conclusion, it is imperative to know that the Digital Pound happens to be the next and mandatory evolution in central banking. It represents a unique opportunity for the United Kingdom to construct how b businesses and individuals experience their money.
The expertise needed to establish an authentic and innovative Digital Pound exists across the UK since the Bank of England is very eager to provide anyone with the public digital service. Britcoin can stimulate private services to innovate while limiting the opportunity for providers to extract rents on the other hand.
