The British pound is one of the most economically and financially important fiat currencies being the fourth-most traded currency in terms of turnover and the third-most widely held reserve currency worldwide.
BTC/GBP is one of the most popular crypto-to-fiat currency pairs in the market, offering attractive opportunities to traders.
Although the volume of BTC/GBP trading is lower than BTC/USD, its highly volatile nature makes it a good alternative to the traditional Forex markets.
Bitcoin traders can take advantage of BTC price swings and earn a profit. They can go long or short according to the way GBP is moving and profit from the price difference. Bitcoin got off to a strong start in 2020 and with Bitcoin futures volume also increasing, the currency pair is set for more growth in the future.
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Bitcoin is the world’s number one cryptocurrency. Due to the fact it is decentralised, transactions do not require a middleman. This means no banks or other authorities are involved. As well as being an alternative payment method and store of value, Bitcoin offers potentially-lucrative opportunities for traders.
Launched in 2009
The first decentralised cryptocurrency
Created by Satoshi Nakamoto
80% of all Bitcoins have already been mined
The maximum number of Bitcoins is 21 million
The British pound is one of the strongest, stable fiat currencies worldwide and the fourth most-traded currency in the Forex market after the USD, EUR and JPY.
Its value is influenced by general market factors, such as the GDP figures, interest rates and speculation surrounding future developments.
Those interested in trading BTC/GBP are advised to keep an eye on crypto market news as well as an economic/political event calendar, especially Bank of England releases which can have a marked impact on the value of GBP.