Bitcoin - we learn a bit more about Bitcoin with Bittylicious
by Startacus Admin
Heard of Bitcoin but not really too sure if the penny has dropped with regards to what it’s really all about? Yep - us too. So we thought what better place to start than by speaking to Bittylicious, a UK based marketplace that connects buyers and sellers of Bitcoins together.
Looking to find out more about the Bitcoin scene, and whether this is a ‘fad’ or if you’d bank on it to be around for years to come, we started with the 
most obvious but most apt question…
Bitcoin? In layman's terms explain!
It's the closest thing we've ever had to "digital cash", in other words, cash, but over the Internet. The way this differs from other sorts of digital payments, like PayPal or even bank transfers, is that you don't have to involve any other companies like banks. Bitcoins are always in your control, and they go from you straight to the recipient, through a mesh of icomputers validating all transactions.
Where are we at in terms of Bitcoin being recognised as an official currency?
No countries recognise it as a currency yet, but this is often because the definition of "legal currency" or "legal tender" relies on one other country recognising it as a currency first. It's treated in many different ways by different jurisdictions, e.g. as property by the IRS in the USA when it comes to taxes, or similar to foreign currency (just not named as such) by HMRC in the UK.
Talk to us about the UK Bitcoin 'scene' and how does Bittylicious fit into this?
The Bitcoin scene in the UK is absolutely full of energy. There seems to be a thriving scene in Scotland and a few English cities but Bittylicious's local area is London and the buzz there is amazing. There are many dozens 
of people there with all sorts of interesting ideas, established businesses getting traction and some larger, VC funded companies around. Bittylicious has been involved in the scene since around one year ago and really, we are all in it together, sharing useful information and trying to help each other out. It's very much a start up atmosphere where there's such enthusiasm and we're all trying to change the world at the end of the day.
In terms of your own business, tell us how and when did you set up and where you intend to be in the next 12 months?
Bittylicious is 13 months old now and intentionally started with a fairly low key launch. It was originally a site just where I would sell Bitcoins on, but rapidly morphed into a "hidden marketplace" which connects buyers and sellers of Bitcoins under a very streamlined interface. In 12 months, I would like to see it as the one stop shop to buy Bitcoins, wherever you are in the world and with whatever payment method you would like to use.
How regulated is Bitcoin in the UK so far?
It's not regulated, basically. The FCA, our financial regulatory body, has said that it is not regulating cryptocurrencies. There are signs that there might be regulation in the near future though.
Is this just a fad, or is a 'digital' currency here to stay?
It's revolutionary, serves a true purpose and has true value, so it's without a doubt here to say. Fads don't typically have genuine, long term uses, but I would say that digital cash with the ability to transaction with anyone near-instantly and near-free, with no way to shut down the network, sounds like a pretty useful innovation.
Cheers guys for all the info, like a lot of our readers - we've been chomping at the BIT to find out more about Bitcoin!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Take advantage of today’s digitised world! Here are 4 reasons digital marketing could work for you and your business.
Research shows that the majority of staff prefer benefits to high monetary compensation. Here are some ideas on how to increase talent retention...
Innovative project launched by UK Proptech startup to reduce workers' commuting and in turn help alleviate pollution and congestion
Startup funding is never easy, however here are a few of the options that can help you fund your startup without going broke in the process
The future and success of Britain’s high streets has been long debated. So, what are the tech trends that could help impact the Highstreet in 2020?
Innovative startups are currently being sought by BMW Group Financial Services UK which has just launched the third instalment of its Innovation Lab
Starting a business can be a lot of hard work, so here's a few ways to avoid burnout and find a healthy work life balance.
The child health app on a mission to become the first nationwide digital redbook, just got a step closer to making their mission a reality...
The Cambridge-based startup that has created an empowering tool to drive the next wave of biological innovation
The fintech startup that's making it a doddle for the self-employed, freelancers and contractors to organise their pensions
Published on: 23rd July 2014
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Ideation NI Thon at NI Science Festival sets out to solve global issues 17th Jan 2020 At one-day event Ideation NI Thon, students will get the chance to solve global and local sustainability, environmental, city and health problems.
- NI startup ESTHER takes flight to New York 16th Jan 2020 NI startup ESTHER, a peer-2-peer giving platform allowing charitable donors to give money directly to people living in poverty, head to New York for a 4-day fact finding mission.
- 2019 stats show that the gender pay gap continues 14th Jan 2020 Recent research by Starling bank shows that in 2019, women earned up to £12,319 less per year than their male colleagues of the same age and within the same industry
- Digital DNA Awards 2020 nominations now open 13th Jan 2020 The Digital DNA Awards, held in partnership with MCS Group, celebrate the best tech talent, from companies of all sizes, excelling in the world of Digital and Tech and not just in NI...
