Showing posts with label Bit121. Show all posts

So, a few weeks back we highlighted our concerns with the new UK bitcoin exchange bit121. To our surprise we received a prompt reply from the bit121 CEO. Of course as it was a private email, we won't publish the contents of the email, however we will say this. We were very pleased with what we read, and it was good to hear from the horses mouth exactly what the difficulties are with running an exchange in the UK and the reasons why their KYC measures are so rigorous. 

Bit121, still resides hidden behind only an email address, but at least we now know that this email address is linked to the CEO and he has taken the time out of what must be an incredibly busy schedule to address our concerns, and we shall now take the plunge and give bit121 a go.



We will of course let you all know how we find the platform and also how quick the deposit and withdrawal methods are. A working bitcoin exchange in the UK will definitely be a big deal and with no competiton at the moment, we just hope that Jim Iddiols and his team are ready for the rush of traders.

Will this year be the year that hedge funds dip into Bitcoin and raise the market cap? If so will they add much needed liquidity to the Bitcoin economy?

So, a few weeks back we highlighted our concerns with the new UK bitcoin exchange bit121 . To our surprise we received a prompt reply from ...


If your not glued to coindesk 24 hours a day like we are you may have missed the news that Barclays bank (Well known high street bogey men) are working with a newly formed exchange called Bit121 https://bit121.co.uk/


The first thing we noticed about the site is that it's in Barclays colours, trivial as it sounds it was not a good first impression, with the Libor scandal still fresh in my memory. However you never know if they may have decided to lead the way into the brave new world of digital currency, One thing's for sure Barclay's backing will add legitimacy to the people on main st, and this is only a good thing. Time will tell as to what happens next and to how close the relationship is between bit121 and Barclays. We assume that the company (bit121) have just been a bit clever with their marketing and they are not terribly close to Barclays at all, we will know when barclays blocks their accounts and you have to withdraw your Bitcoin to another wallet.


As always the moral of the story here is not to store too much Bitcoin or any crypto in a website wallet, only store what you are prepared to gamble, it's definately NOT a safe place to leave currency, regardless of who's backing the site (alledgedly).

And so onto China and the news that 3rd party payment providers are also not allowed to use Bitcoin. In a country which makes it's daily bread on denying human rights why are we not surprised, does it matter? Yes, because it will keep the Chinese people in economic slavery just a little while longer. We will keep away from political topics though and just focus on the currency. We are still to go critical in UK or USA so there is much more room for growth against FIAT and in general usage terms, which is what is being forgotten by new Bitcoin fans, It's value against the Dollar or Pound are not the most important factor. It's usability is much more important.


This brings us to Litecoin, We will definately analyse this in greater detail in our next post. We see it as the Mini-disc to Bitcoins Cassette tape. It's not going to dominate for long but if it succeeds Bitcoin even briefly then buying it now at $30 a coin would be a very shrewd investment. It's much more difficult to own Litecoin and use it, but that will be easily remedied in the future when developers start 'forking' (nerd speak for converting) Bitcoin software to work with Litecoin.


We will be opening our account with Bit121 and sending them the documents they need (assuming it will be driving licence and utility bill) today. We will let you all know how we find their service.

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Thanks for reading

If your not glued to coindesk 24 hours a day like we are you may have missed the news that Barclays bank (Well known high street bogey men)...

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