What is Britcoin (BRIT) Crypto Beginner’s Guide
The 2008 financial crisis had a huge effect that was experienced the world over, and ripple effects are still being seen today. The United Kingdom’s financial perspective has changed, and many people have become wary of traditional economics and the monopoly of big banks. Britcoin was developed to offer a viable, decentralized alternative to the pound.
Built on an open-source, peer-to-peer network, Britcoin is intended as an equal opportunity to the pound. By placing Britcoin on the blockchain, this coin is able cut out costly intermediaries like banks, who demand high fees and are often seen as an untrustworthy system by the public. Technological improvements in the wake of the 2008 crisis brought about the development of Bitcoin and gave opportunity, security, and privacy to users.
Britcoin follows in those footsteps by continuing these important technological advancements. It allows for private and secure transfers between people and investment exchanges and availability to anyone without the need of a bank account. The decentralization aspect allows currencies to avoid regulation and offer financial freedom to investors. Transactions take place directly between users, allowing fees to be significantly reduced or removed altogether.
Why Use Britcoin (BRIT)?
Britcoin offers freedom for its users that is not available through fiat currencies. Not only do individuals benefit from the use of Britcoin, but companies can find use in this coin as well. Businesses can lower fees and costs both for themselves and the end user and allow for savings on both ends of the spectrum so that both merchant and consumer can save money through transactions.
Purchases are simple because the only requirement is the Britcoin wallet, which is capable of multiple addresses. People do not need to worry about credit scores, and rural areas can have access to buying and selling digital funds with the inaccessibility of banks. Digital currency can be obtained by everyone regardless of location, class status, and credit score.
Britcoin, or BRIT, was originally released in an ICO in 2014. The coin’s value remained unchanged for several years but has seen an upswing since 2017, improving from a market capitalization of about 12,000 dollars to over 2 million. Trading volume is largely implemented by the movement between BRIT and Bitcoin, but conversion between BRIT and sterling is also a huge factor.
While the Britcoin website does not offer a whitepaper, it is an established site with a lot of information regarding the behavior and availability of the coin. Potential investors can easily find the Britcoin mission statement, wallet information, services, and useful links to community forums that can encourage communication between holders and interested parties.
Many people took a financial hit during the 2008 crisis and lost their faith in regulated currency and big banks. By functioning as a peer-to-peer currency, Britcoin is able to offer a viable alternative to fiat currency that does not incur large fees or fall under regulations of government and banks, thus making it an alluring currency for the United Kingdom.