Bitcoin exchange goes peer-to-peer in the UK
The future of bitcoin in the United Kingdom is looking brighter once again as a new exchange opened up, connecting buyers with sellers directly for instant exchanges.
Matching demand with supply has not been a problem in the past. However, as the two leading exchanges in the UK (Mt.Gox and Intersango) stopped accepting domestic bank transfers, obtaining bitcoins with fiat currency (GBP) has become complicated for the average Joe. While some services still sell bitcoins directly, they offer them way above market price, knowing that buyers will pay for convenience, especially when the alternatives are non-existant, complicated or even risky. The other problem is that one vendor alone will never be able to supply the whole UK market with bitcoins, which is why their prices must reflect demand and stay high.
The solution arrived to the United Kingdom at the very end of 2012. A couple of bitcoin miners and over-the-counter traders came together to create a system that would make their deals as efficient and quick as possible. The execution of this plan turned out better than expected: by new year's eve - in just a few days - customers bought over 300 bitcoins through the site, worth approximately 2,500 british pounds at the current market price. BitBargain was born.
BitBargain is essentially a bridge between advanced bitcoin sellers and the average Joe. The seller only has to accept deal requests in real time and let the system know when the payment has arrived. The buyer only has to request an amount of bitcoins and wire money using an instant payment method. Everything else in this process is automated by the system - from compiling quotes, through educating buyers, to the release of bitcoins from the escrow on receipt of payment. The supported payment methods are currently UK bank transfers, Barclays Pingit and Ukash vouchers.
As demand continues to grow, it will be interesting to see how this revolutionary marketplace will deal with challenges facing the bitcoin community. The bottom line for now is that bitcoins are easy to get in the United Kingdom once again.
BitBargain can be found at https://bitbargain.co.uk/
How to buy bitcoins tutorial at https://bitbargain.co.uk/