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.
Insurtech startup DeadHappy officially launched this week, bringing the UK’s first fully digital pay-as-you-go life insurance to consumers.
1 in 10 UK kids spending more than 50 hours per week watching TV, playing video games or interacting with a smartphone according to the findings of a report conducted by Care.com
“Free-from” food-to-go startup Pollen + Grace to launch into national supermarkets Tesco and Co-Op, continuing its mission to bring exciting healthy meals to the high street.
Skyports - The drone focused startup that is creating end to end cargo and passenger drone delivery solutions
Bristol and Bath based early-stage startups and entrepreneurs take note - here's the lowdown on key startup support and help available where you are...
Artificial intelligence platform Ricochet is on an AI mission to find new business leads that fit the needs of your company.
From understanding more about how a business can invoice effectively to avoid late payments, to what debt recovery means, to how to take legal action against overdue debt.
For businesses, where getting maximum return on their investment is the name of the game, detecting the next big thing in its infancy is crucial.
If you’re counting on receiving a payment, days or even months after the due date, it’s time to take action. Here's some handy tips for dealing with late payments.
Published on: 23rd July 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- 1 in 10 UK kids spend more than 50 hours a week in front of a screen 20th Feb 2019 1 in 10 UK kids spending more than 50 hours per week watching TV, playing video games or interacting with a smartphone according to the findings of a report conducted by Care.com
- Startup Weekend Dublin immigration aims to builds ideas not borders 7th Feb 2019 Migrants are gonna surround us, With ideas! We take a look at Startup Weekend Dublin immigration...
- Sports facility management platform Pitchbooking nets £250k investment 6th Feb 2019 SportTech Belfast startup Pitchbooking, secures £250k investment to help become the market leader in sports facility management.
- Too Good To Go raises further €6m to keep fighting food waste everywhere 6th Feb 2019 Fast growing tech for good app Too Good To Go raises a further €6 million to accelerate its mission to eliminate food waste globally, taking its total investment to €16m.
