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Im quite confused about this bitcoin software/system.

I have successfully sync'd to the network (took hours) and have recieved my address. Now, if someone is selling something for 5Bitcoins. What is the process that i have to do to remove money from my Barclays UK account and convert it bitcoins and send it to my wallet.

I really do not understand the process.

Thanks for anyone who can clear up this confusion i have.

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If you don't want to deal with the hassle of an exchange you could try our new service for UK users:

https://blockchain.info/wallet/deposit-pingit

The fee is slightly higher at 3.49%

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  • That's awesome! Was waiting to see someone begin offering this! – Stephen Gornick Sep 19 '12 at 22:23
  • This is a link to a blockchain.info wallet that doesn't exist. Am I missing something here? – Drazisil Aug 30 '15 at 6:58
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[--------------

Update: Apparently cash deposit at Barclays is no longer possible.

Fortunately, Mt. Gox has a cash deposit method using Barclay's. It does require a physical trip to the bank, I believe, but at least you withdraw cash and then deposit cash in a single visit to your bank.

There is a fee of 1.5% for depositing cash.

-----------------]

If you are transferring a larger amount (e.g., maybe more than £300 or so) you may wish to do an electronic bank transfer and pay the bank transfer fee instead.

You could do that from Mt. Gox (Funding) as well.

Then once your funds are in Mt. Gox, you simply use those funds to place an order to purchase bitcoins, and then withdraw coins to your own wallet when you are done trading.

[Update: Also, BlockChain.info/wallet now offers the purchase of bitcoins using Barclay's Pingit:

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  • Is there a quicker online way to transfer my money from barclays into a bitcoin exchange or does it have to be done whilst at a local branch? – Mike Smith Sep 19 '12 at 1:54
  • Barclays do NOT accept cash deposit. I transfered mine via online banking. They state cash deposits in their bank branch may be delayed/non-credited. In took around 2 days to be credited on my account. There was no fee. – MaxSan Sep 19 '12 at 12:39
  • Ah, they must have just stopped doing that. The deposit instructions page now shows: "Note: Direct cash deposits should not be made, as they may not be credited." Just last month they put out this: mtgox.com/press_release_20120806.html <-- Announcing 1.5% fee for cash deposits as Barclays. – Stephen Gornick Sep 19 '12 at 21:40
  • Mt. Gox doesn't exist anymore, this answer is not longer valid and could confuse users. – Drazisil Aug 30 '15 at 7:02

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