Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Key takeaways
The best and simplest way to buy crypto like Bitcoin in the UK is to use a cryptocurrency exchange.
You can choose how much Bitcoin to buy as an investment – it could be several Bitcoin down to a fraction (known as a Satoshi).
To invest, you’ll need to create an account on a crypto exchange, decide how much Bitcoin you want to buy, and then make a purchase.
Bitcoin (BTC) is a cryptoasset that currently ranks as the 1sd largest by market cap (that's the total value of Bitcoin in circulation – $851.4 billion).
Like all cryptoassets, it's highly volatile, and capable of major price swings in a single day. As of 7 December, BTC is trading for $43,513.00 (£34,514.51), a decrease of 1.20% against $44,043.44 a day earlier. Over the past year, Bitcoin's price has seen a barnstorming increase of 158.03%.
How to buy Bitcoin in 4 steps
Compare crypto exchanges
The easiest way to buy Bitcoin is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit funds using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Bitcoin
You can now exchange your funds for Bitcoin. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking "Buy". If you like, you can now withdraw your Bitcoin to your personal wallet.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade Bitcoin by comparing deposit methods, supported fiat currencies and fees. Select "Go to site" to sign up directly with the exchange.
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These exchanges cover a wide range of cryptocurrencies, but we can’t guarantee they’ll all offer this coin.
Is it a good time to buy Bitcoin?
Only you can make the decision about when is the best time to buy Bitcoin. However, here are some things to consider as part of your research.
Take a look at the fundamentals of Bitcoin. What type of coin is it? Utility, payment or governance token etc? How large is its market cap? How many coins are in circulation? All this will help you to understand how Bitcoin works and how much risk is involved.
Also consider how has performed so far. Our charts below show you Bitcoin's performance over time as well as its all time high.
This price chart helps you to see how Bitcoin is performing against a fiat currency like USD. It shows the opening, high, low and closing prices for each period and is a visual representation of Bitcoin range within that period.
Bitcoin price chart
Bitcoin at a glance
Information last updated 7 December 2023, 03:12 UTC.
Coin symbol
BTC
Coin Marketcap
$851,402,881,043
Total BTC supply
21,000,000
Circulating BTC
19,563,418
Current price
$43,513.000000
All time high
$69,045.00
All time high date
10 November 2021
Bitcoin price performance over time
For a more in-depth view, this chart shows you how Bitcoin has performed over time. You can see historical prices up to 1 year previously.
Historical prices compared with the price of $43513 at 7 December 2023, 03:12 UTC.
1 hour
0.54%
24 hours
-1.20%
7 days
15.37%
14 days
16.91%
30 days
24.87%
60 days
55.74%
200 days
61.40%
1 year
158.03%
What is the current price of Bitcoin versus it's all time high?
Our chart to tracks how Bitcoin has performed in the last 24 hours and compares it with its all time high. You can see where the current price sits in comparison to the last 24 hours, as well as what today's price is vs its peak.
BTC price last updated 7 December 2023, 03:12 UTC.
$42,908.00 (24h low)
$44,122.00 (24h high)
$0
$69,045.00 (10 Nov 2021)
Recent Bitcoin developments
2 November, 2023: Bitcoin rose by 22% in October as a result of rumours that a spot Bitcoin ETF was due to be approved in the US. 3 October, 2023: The Bitcoin network is facing congestion issues due to the popularity of Ordinals, which are a way of tokenising assets on the Bitcoin network. Bitcoin reached a peak of 700,00 unconfirmed transactions on September 6, and has no dropped to 40,000 a the time of writing. 1 September, 2023: A court ruling in favor of Grayscale allows its Bitcoin Trust to convert into an ETF, creating a new opportunity for a Bitcoin spot ETF in the US.
Where could Bitcoin's price be heading?
Bitcoin's price is expected to rise to US$30,463 by year-end 2023, according to the average prediction from Finder's panel of fintech specialists.
The panellists also predict BTC will hit US$87,125 by 2025 and US$220,708 by 2030.
Key statistics from 2022 reports:
In 2022, Finder's panel tried to predict what the price of Bitcoin would be at the end of the year.
In January just 19% of panellists said the value of Bitcoin would go down as central bank interest rates go up.
61% of the panel said January was a good time to buy Bitcoin, compared to 50% in July and 46% in October.
In January just 10% said it was a good time to sell Bitcoin but 30% said they thought they were in a crypto bubble similar to the dot com bubble of the 1990s.
45% think Bitcoin is the best cryptocurrency to hold in a bear market, followed by Ethereum (15%).
In April, half the panel said Bitcoin will eventually be overtaken as the most popular cryptocurrency by a more advanced blockchain.
In the July report over two-thirds of the panel said they believe we're in a 'crypto winter' with less than a third saying the bear market would end in 2022.
In April 2021, Finder's panel predicted Bitcoin would end the year at nearly $95k on average, up from a prediction of nearly $52k made in December of 2020. However just a few months later in July, the panel's prediction dropped to $66k before increasing in the October report to $71k. It turns out the panel was far too bullish with Bitcoin ending 2021 at just $32k.
Key statistics from 2021 reports:
In April the majority of panellists (58%) said institutional investors were driving the rally, compared to 24% who said retail investors and 18% by whales.
In July the majority of panellists (54%) said Bitcoin will overtake fiat currency by 2050, with 29% believing it will happen as soon as 2035. However 44% don't expect Bitcoin to ever become the dominant form of global finance.
60% of panellists in the October report were in favour of a Bitcoin ETF, with 22% against it and 18% unsure.
Just 46% thought it was a good time to buy Bitcoin in October 2021 down from 55% in July.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions.
He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
Every three months, Finder consults a panel of industry specialists to get an expert view on what the future could hold for crypto. This is a summary of those findings.
The world of cryptocurrency has a language of its own. And one of the terms that’s coming into common parlance is fiat currency. But what is fiat currency?
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