FAQ (Inc GDPR)

BITCOIN'SWhere do I safely store my cryptocurrency?

Hardware wallets are in our opinion the best… and you really must control your own private keys. If you do not understand this part then you should read up

 https://en.bitcoin.it/wiki/Private_key

Known good wallets

Hardware

1 Trezor
2 Ledger Nano S

Software

1 Mycelium
2 Bitcoin Core
3 Electrum
4 Coinomi

Useful sites

Bitbargain.co.uk – UK only trusted & vetted sellers and we are there too!

Localbitcoins.com – Buy & Sell bitcoins with escrow, and we are there too!

Paxful.com – Buy & Sell bitcoins with escrow, and we are there too!

Fee’s

We don’t charge an extra fee for any service.

What we quote is exactly what we charge or you get.

Minimum amount

There is no minimum, well anything from £1 upwards.

What is the UK stance on bitcoin?

Published 19th December 2018 updated guidance.

Cryptoassets for individuals

Worth reading in full and noting the part on record keeping.

Previously ….

“Meetings with policymakers in the UK in September 2013 suggested that bitcoin-based businesses would not have to register with regulators, at least for the time being, while they consider their regulatory position. For a while, the UK suggested that bitcoins wouldn’t be treated as money, but would instead be classified as single-purpose vouchers, which could carry a value-added tax (sales tax) liability on any bitcoins that are sold.

However, this idea was reversed in guidance issued on 3rd March. Although the UK tax department, HMRC, stepped back from explicitly recognising bitcoin as a currency, its approach effectively treats it like any other form of payment for tax purposes: “In all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency.”

6th August 2014, Chancellor George Osborne announced a new initiative that will explore the potential role of cryptocurrencies in Britain’s economy. Osborne said he has commissioned the Treasury to produce a programme of work on cryptocurrencies, examining their potential risks and benefits. The results, due to be published in the Autumn, could pave the way toward a new regulatory framework for cryptocurrencies in Britain.

As a UK Crown dependency, the Isle of Man is self-governing and has also made moves over recent months to set itself up as a regulated but bitcoin-friendly jurisdiction. In July 2014, the island’s Financial Supervision Commission clarified the application of existing regulations on bitcoin, indicating that digital currency businesses will not be subject to a conduct of business or prudential regime by the commission unless they engage in activities regulated under the Financial Services Act of 2008, such as money transmission services. The commission also said it is in the process of drafting a new bill that will provide it with the ability to oversee how digital currency operators comply with AML/CFT legislation.

Confirmations

A confirmation means that there is a consensus on the network that the bitcoin transferred haven’t been sent to anyone else than intended receiver and are considered his property. Once the transaction has been included in one block, it will continue to be buried under every block after it. Each of these blocks built over the one with observed transaction is another confirmation. 6 confirmations from the bitcoin network take approximately 1 hour and are used to avoid fraud and ensure transaction non-reputability.

Money laundering

We do take our commitment very seriously and would fully comply with any official request for assistance from the UK authoritative bodies, with any information we have. We support both Anti Money Laundering (AML) regulations and Know Your Customer (KYC).

I met XXX online via Life Invader/Bleater (or other social network)

And I need to buy bitcoin for them as they are in trouble, or have been held hostage, or just a short term loan – and I love them I really do …… Listen very carefully…. You are being scammed, your bank account will be compromised plus any other details you give them and you will never see your money or bitcoin. If we suspect you are buying for someone else we will politely refuse.

Information & Data & GDPR

DATA PROTECTION POLICY – General Data Protection Regulation compliant. 2018

We are committed to safeguarding the privacy of our website visitors; this policy sets out how we will treat your personal information.

(1) What information do we collect?

We may collect, store and use the following kinds of personal data:

(a) information about your visits to and use of this website;

(2) Information about website visits

We may collect information about your computer and your visits to this website such as your IP address, geographical location, browser type, referral source, length of visit and number of page views. We may use this information in the administration of this website, to improve the website’s usability. We use cookies on this website. A cookie is a text file sent by a web server to a web browser, and stored by the browser. The text file is then sent back to the server each time the browser requests a page from the server. This enables the web server to identify and track the web browser.

We may send a cookie which may be stored on by your browser on your computer’s hard drive. We may use the information we obtain from the cookie in the administration of this website, to improve the website’s usability. We may also use that information to recognise your computer when you visit our website,
and to personalise our website for you. Most browsers allow you to refuse to accept cookies. (For example, in Internet Explorer you can refuse all cookie by clicking “Tools”, “Internet Options”, “Privacy”, and selecting “Block all cookies” using the sliding selector.) This will, however, have a negative impact upon the usability of many websites, including this one..

(3) Using your personal data

Personal data submitted on this website will be used for the purposes specified in this privacy policy. In addition to the uses identified elsewhere in this privacy policy, we may use your personal information to: (a) improve your browsing experience by personalising the website;
We do not share and will not provide your personal information to any third parties for the purpose of marketing.

(4) Other disclosures

In addition to the disclosures reasonably necessary for the purposes identified elsewhere in this privacy policy, we may disclose information about you: (a) to the extent that we are required to do so by law; (b) in connection with any legal proceedings or prospective legal proceedings; (c) in order to establish, exercise or defend our legal rights (including providing information to others for the purposes of fraud prevention and reducing credit risk). We will not provide your information to third parties.

(5) International data transfers

Information that we collect may be stored and processed in and transferred between any of the countries in which we operate in order to enable us to use the information in accordance with this privacy policy. If you are in the European Union, information which you provide may be transferred to countries (including the United States, Japan, which do not have data protection laws equivalent to those in force in the European Union. You expressly agree to such transfers.

(6) Security of your personal data

We will take reasonable precautions to prevent the loss, misuse or alteration of your personal information. Of course, data transmission over the internet is inherently insecure, and we cannot guarantee the security of data sent over the internet. We will store all the personal information you provide on our secure servers.

(7) Policy amendments

We may update this privacy policy from time-to-time by posting a new version on our website. You should check this page occasionally to ensure you are happy with any changes. We may also notify you of changes to our privacy policy by email.

(8) Your rights

You may instruct us to provide you with any personal information we hold about you.

(9) Third party websites

The website contains links to other websites. We are not responsible for the privacy policies of third party websites.

(10) Contact

If you have any questions about this privacy policy or our treatment of your personal data, please contact us

Description of processing – The following is a broad description of the way this organisation processes personal information. To understand how your own personal information is processed you may need to refer to any personal communications you have received, check any privacy notices the organisation has provided or contact the organisation to ask about your personal circumstances.

Reasons/purposes for processing information – We process personal information to enable us to buy, sell, promote and advertise our products and services; maintain our own accounts and records; support and manage our employees; the trading and sharing of personal information; the use of CCTV systems for crime prevention.

Type/classes of information processed – We process information relevant to the above reasons/purposes. This may include: personal details, family details, lifestyle and social circumstances, education and employment details, financial details, goods and services

We also process sensitive classes of information that may include: racial or ethnic origin, religious or other beliefs, trade union membership, physical or mental health details, offences and alleged offences, visual images, personal appearance and behaviour, criminal proceedings and behaviour

We process personal information about: employees, customers, suppliers, service providers, enquirers, complainants, offenders and suspected offenders, individuals captured by CCTV images

Who the information may be shared with – We sometimes need to share the personal information we process with the individual themself and also with other organisations. Where this is necessary we are required to comply with all aspects of the Data Protection Act (DPA). What follows is a description of the types of organisations we may need to share some of the personal information we process with for one or more reasons.

Where necessary or required we share information with: employees, customers, suppliers, family, associates and representatives of the person whose personal data we are processing, services providers, current, past and prospective employers, business associates, financial organisations, recruitment and employment agencies, educators and examining bodies, other companies in the same group, credit reference agencies, debt collection and tracing agencies, central government, traders in personal data, police forces and security organisations

FAQ – Bitcoin FAQ – UK Bitcoin FAQ’s – FAQ for bitcoin

The Bitcoin King