Today, In Bitcoin We Trust, a virtual currency exchange, launched. In Bitcoin We Trust (IBWT)will initially be working with Bitcoin, potentially expanding to encompass Litecoin and other viable digital currencies as time goes on. This UK based exchange will accept GBP to date and plans on expanding to accept euros. As one of the first UK exchanges, IBWT will plan on taking a wait and see approach to how the US market develops before getting involved in USD.
IBWT serves as the United Kingdom’s only virtual currency exchanged solely handling Bitcoin. Fully verified services currently only available to UK residents and individuals with a UK bank account. IBWT has capped customer account and withdrawal/deposit limits at £1,000. After some time the IBWT team plans to expand customer account limits. While currently having one tier of customers, IBWT hopes to expand tiers to allow for higher value deposits and withdrawals. While gradually increasing customer account and withdrawal limits, IBWT plans to strategically grow as one of the first British cryptocurrency exchanges.
IBWT uses the Faster Payments system within the UK, allowing wire transfers (deposits/withdrawals), once cleared, to be processed within 2 hours, excluding weekends. Additionally, to protect the privacy of customers, unverified customers can use almost all services, deposit/withdraw bitcoins and trade on the trading platform. Verified customers can also deposit and withdraw fiat GDP.
Currently, IBWT is not governed by HMRC (Her Majesty’s Revenue and Customers) or FCA (Financial Conduct Authority, recently known as the FSA, Financial Services Authority). However IBWT leadership plans on adhering to any regulatory changes required by the UK government. Working to improve the visibility and credibility of cryptocurrencies and non traditional exchanges, IBWT plans on providing an example of how an exchange can operate within the regulatory framework of the United Kingdom. IBWT will establish a business network of exchanges to further build confidence in cryptocurrency exchanges in the UK and around the world.
The IBWT team intends to provide a more secure platform for transacting Bitcoin and related cryptocurrencies. Security is ensured with Cold Storage, SSL 256-bit encryption & 2FA. In particular IBWT uses a method of enforced (email ToTP) Two Factor Authentication for user account to login to ibwt.co.uk. IBWT customers can also set an extra layer of security, (google authenticator) Time-based One-time Password Algorithm (TOTP) for login, withdrawal/deposits and settings.
In addition to serving as a secure exchange, IBWT will work to provide top customer service. To maintain profitability of their site, IBWT will charge only 0.8% per transaction. To avoid a lengthy approval process, IBWT is committed to a simple verification process, meaning one can become a full customer in a matter of days. With a dedicated server for an enhanced customer experience, IBWT hopes to build up customer trust and serve as a convenient yet secure exchange. All deposits and withdrawals run through wire transfers and while services are only available to UK residents to date, IBWT plans on expanding its user base.
As the Bitcoin and cryptocurrency ecosystem is only as strong as an active userbase, IBWT aims to encourage financial participation in the UK and around the world. With a new Bitcoin and cryptocurrency related exchange in the UK, IBWT will promote cooperative business practices with traditional and non-traditional banks. Bitcoin Magazine encourages readers in the UK to check out In Bitcoin We Trust. Please visit the IBWT exchange or the IBWT Facebook Page for further information and updates.