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! 

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• #bitcoin
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Published on: 23rd July 2014