Bitcoin price news: Can you buy bitcoin in the UK – How to buy bitcoin? | City & Business | Finance

Bitcoin is trading at £5,022.42 ($6,546.64) per token at 11.03am BST, according to CoinDesk, on Friday, October 5.

The easiest way to send and receive the cryptocurrency, as well as monitoring your balance, is to sign up to a Bitcoin wallet service.

And the simplest way to set up and control your wallet is via a third-party Bitcoin exchange service.

Popular options include the Coinbase, and Xapo sites, which are available anywhere in the world but are not the only options on the market.

Cryptocurrency exchanges like these let you buy popular tokens like Bitcoin, litecoin and ethereum as well as other cryptocurrencies.

Sign up to one of the available services with your name, email address and password to get started.

Then connect your bank account, debit card or credit card to your account.

Adequately securing your account is paramount and a two-factor authentication is highly recommended.

Doing so adds another layer of security by supplementing a regular password with a code that only you has access to – this is typically texted or emailed to you.

Always avoid entering your phone number, as criminals only require your name and number to steal from your Bitcoin wallet.

You can now use a traditional payment method such as a credit or debit card to buy Bitcoin, or any other virtual currencies, from an exchange.

It is as straightforward as clicking “Buy” tab if you want to buy, and “Sell” tab if you want to sell.

You will be asked to chose which currency you are buying or selling and which payment method you want to use.

The best thing you can do to protect yourself from a notoriously volatile market is to always proceed with extreme caution.

Some services allow to you set price alerts that tell you when the value of Bitcoin has dipped below or climbed above specific figures.

When you decide it is time to sell up, you can complete the transaction through the wallet service.

Scammers present another danger to first-time Bitcoin buyers.

These thieves use “phishing” attacks to trick people into visiting malicious websites.

They commonly send out fake but legitimate-looking emails, which you need to be wary of. To stay safe, you simply should not engage with them.

Do not follow any links in the messages or enter any private details they ask you for. Instead, you should always make sure you’re on the right website or app.

Bitcoin transactions are irreversible, so if any of the currency leaves your account, you will not be able to get a refund.

Always use common sense to protect yourself, and avoid taking any unnecessary risks.

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