{"id":164337,"date":"2019-01-30T17:03:16","date_gmt":"2019-01-30T17:03:16","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=164337"},"modified":"2026-02-18T07:14:10","modified_gmt":"2026-02-18T07:14:10","slug":"babb-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/cryptocurrency\/babb-review","title":{"rendered":"BABB review"},"content":{"rendered":"<div id=\"ukfcyfixeddisclaimer\" class=\"visible no-margin-top\" data-template=\"masthead-two-columns\">\n<div id=\"ukfcyfixeddisclaimerbody\" class=\"text-center fin-text-white\" data-nosnippet><strong>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. <u id=\"ukfcydscmdl\" onclick=\"ukfcyshowmodal();\">Take 2 mins to learn more<\/u>.<\/strong><\/div>\n<\/div>\n<style>\n@media (max-width: 767px) { .fixeddisclaimerbody { letter-spacing: -0.4px; } }\n@media (min-width: 1350px) { #page, #side-nav-container { padding-top: 24px !important; } .gn svg.w-\\[16px\\].h-\\[9px\\] { margin-top: 24px !important; } }\n@media (max-width: 1349px) and (min-width: 701px) { #page, #side-nav-container { padding-top: 48px !important; } .gn svg.w-\\[16px\\].h-\\[9px\\] { margin-top: 48px !important; } }\n@media (max-width: 700px) and (min-width: 481px) { #page, #side-nav-container { padding-top: 68px !important; } }\n@media (max-width: 480px) and (min-width: 381px) { #page, #side-nav-container { padding-top: 86px !important; } }\n@media (max-width: 380px) { #page, #side-nav-container { padding-top: 102px !important; } }\n#ukfcyfixeddisclaimer { top: 0; left: 0; position: fixed; right: 0; width: 100%; z-index: 40001; text-align: center; }\n#ukfcyfixeddisclaimerbody { line-height: 1.2; background-color: #6c7881; overflow: hidden; letter-spacing: -0.2px; padding: 4px 3px 5px 3px; }\n#ukfcymodal { z-index: 40002; }\n#ukfcymodalclosereal { z-index: 40003; position: fixed; left: 0; right: 0; top: 0; bottom: 0; }\n#modal-content { z-index: 40004; }\n.gn .nav-slideout--active { top: auto !important; }\n.gn .fixed { position: static !important; }\n#ukfcydscmdl { cursor: pointer; }\n<\/style>\n\n\n<div class=\"docsModal\">\n<section class=\"luna-modal\" aria-hidden=\"false\" role=\"dialog\" id=\"ukfcymodal\" aria-labelledby=\"modal-heading\" aria-describedby=\"modal-content\" tabindex=\"-1\">\n<div class=\"luna-modal__content\">\n<button id=\"ukfcymodalclose\" class=\"luna-modal__close\" type=\"button\" aria-label=\"Close modal\">\n<svg class=\"luna-icon\" aria-hidden=\"true\"><use xlink:href=\"#close\"><\/use><\/svg>\n<\/button>\n<div id=\"ukfcymodalclosereal\"><\/div>\n<div class=\"luna-modal__body\" id=\"modal-content\">\n<div class=\"luna-modal__wrapper\">\n\n<p><strong>Estimated reading time: 2 min<\/strong><\/p>\n\n<p>Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.<\/p>\n\n<h4 id=\"modal-heading\">What are the key risks?<\/h4>\n\n<p>1. You could lose all the money you invest<\/p>\n\n<ul> \n<li>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.<\/li>\n<li>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.<\/li>\n<\/ul>\n\n<p>2. You should not expect to be protected if something goes wrong<\/p>\n\n<ul>\n<li>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 \u2013 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 <a href=\"https:\/\/www.fscs.org.uk\/check\/investmentprotection-checker\">investment protection checker<\/a>.<\/li>\n<li>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 <a href=\"https:\/\/www.financialombudsman.org.uk\/consumers\">here<\/a>.<\/li>\n<\/ul>\n\n<p>3. You may not be able to sell your investment when you want to<\/p>\n\n<ul>\n<li>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.<\/li>\n<li>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.<\/li>\n<\/ul>\n\n<p>4. Cryptoasset investments can be complex<\/p>\n\n<ul>\n<li>Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.<\/li>\n<li>You should do your own research before investing. If something sounds too good to be true, it probably is.<\/li>\n<\/ul>\n\n<p>5. Don't put all your eggs in one basket<\/p>\n\n<ul>\n<li>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.<\/li>\n<li>A good rule of thumb is not to invest more than 10% of your money in high-risk investments.<\/li>\n<\/ul>\n\n<p>If you are interested in learning more about how to protect yourself, visit the FCA's website <a href=\"https:\/\/www.fca.org.uk\/investsmart\">here<\/a>.<\/p>\n\n<p>For further information about cryptoassets, visit the FCA's website <a href=\"https:\/\/www.fca.org.uk\/investsmart\/crypto-basics\">here<\/a>.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n\n\n<script>\nfunction ukfcyshowmodal() {\nvar infomodal = document.getElementById(\"ukfcymodal\");\ninfomodal.classList.add('is-visible');\ninfomodal.setAttribute(\"aria-hidden\", \"false\");\ndocument.getElementById(\"ukfcymodalclosereal\").addEventListener('click',function()\n{\nvar infomodal = document.getElementById(\"ukfcymodal\");\ninfomodal.classList.remove('is-visible');\ninfomodal.setAttribute(\"aria-hidden\", \"true\");\n});\n};\n<\/script><p>Cryptocurrencies have been part of the mainstream conversation for years now, but when it comes to using them to develop a full peer-to-peer bank, that\u2019s still uncharted territory.<\/p><p>However, that\u2019s exactly what BABB is plotting, so we took a look at its plans and how they\u2019re likely to work out in the next few months \u2013 in plain English, we promise!<\/p><h3>What is BABB?<\/h3><p>BABB stands for <strong>B<\/strong>ank <strong>A<\/strong>ccount <strong>B<\/strong>ased <strong>B<\/strong>lockchain. The company was founded by Rushd Averroes, a Yemeni who moved to the UK and experienced the difficulties of opening a mainstream bank account as an expat. Averroes hopes to target the 2 billion people in the world who are still unbanked.<\/p><p>BABB is yet to launch, so everything we say about it will be updated in the coming months. But the basics are already quite clear.<\/p><p>BABB wants to become a decentralised bank. In order to understand what this means, you have to think about how a bank works at its most basic level: that is, by acting as an intermediary. For example, when I make a bank transfer to my landlord to pay the rent, I\u2019m not actually giving my landlord the money. I\u2019m giving money to my bank, which will then give it to the landlord\u2019s bank, which will then give it to my landlord.<\/p><p>BABB\u2019s idea is to build a platform that allows people to skip this step, enabling them to rely on direct peer-to-peer transactions and to do it by using blockchain technology. Brace yourself because here comes the difficult part.<\/p><h3 id=\"how\">How does BABB work?<\/h3><p>BABB uses blockchain technology and cryptocurrency. If you\u2019re in need of a revision on either, <a href=\"https:\/\/www.finder.com\/uk\/cryptocurrency\">Finder\u2019s crypto page has got the basics covered for you.<\/a><\/p><p>BABB\u2019s platform is part of the Ethereum network. Ethereum is basically a cryptocurrency platform: it allows people to create their own applications and platform (they\u2019re called dapps or decentralised applications) using Ethereum\u2019s cryptocurrency, Ether (ETH). Each application can then create its own cryptocurrency to be used inside the dapp (they\u2019re called tokens). If you\u2019re lost or you want to know more, <a href=\"https:\/\/www.finder.com\/uk\/cryptocurrency\">here\u2019s a complete explanation on Ethereum<\/a>.<\/p><p>So BABB is basically a platform, built on another platform (Ethereum), in the crypto landscape. It has its own cryptocurrency, BAX, which you\u2019re going to need in order to access the platform.<\/p><p>What\u2019s new is that this whole structure is aimed at building a proper bank. BABB is planning on securing a banking licence and offering its customers a full UK bank account that is not so different from the one you\u2019d get from Lloyds or Barclays, including account number and sort code.<\/p><h3>What can I use BABB for?<\/h3><p>BABB isn\u2019t operative for now, but when it will be, you should be able to use it for a number of financial operations. Here\u2019s what you\u2019ll get when you register to BABB:<\/p><ul><li><strong>Account.<\/strong> A full UK multicurrency bank account based on BAX. However, this will only become true if BABB gets a banking licence.<\/li><li><strong>Card.<\/strong> It will work through a QR code or through NFC technology, which means that it doesn\u2019t carry any actual personal data. If you lose it, you just need to deactivate it from the app, and nothing will happen. Think about it as something similar to your Oyster card for the Tube.<\/li><li><strong>App.<\/strong> Once you downloaded it, you\u2019ll be able to use it to send money, exchange currencies, borrow or lend money (at set rates), fundraise and potentially even receive your salary. However, do always keep in mind that it\u2019s all peer-to-peer: in all those cases, you won\u2019t be interacting with BABB, but with other BABB users <em>through<\/em> the BABB platform.<\/li><\/ul><p>BABB\u2019s black card won\u2019t be a debit or a credit card in the regular sense of the word. It won\u2019t have a chip and it will be issued directly by BABB, not by Mastercard or VISA as it usually is. The downside is, only retailers who download the BABB app can accept payment through the card, so the network needs to become quite well known and widespread to be actually useful. On the other hand, for the same reason, it makes accepting payments easier for businesses.<\/p><h3>How do I sign up to BABB?<\/h3><p>As we said, for now you can\u2019t. But once everything is up and running, here\u2019s how it should work:<\/p><ul><li><strong>You download the app.<\/strong> You\u2019ll definitely need a smartphone to use BABB.<\/li><li><strong>You register.<\/strong> You\u2019ll only need an ID document, nothing on your address. Moreover, BABB plans on making its basic services available to people who don\u2019t have documentation and only using biometrics to verify their identity.<\/li><li><strong>You purchase some BAX currency.<\/strong> You\u2019ll need it to open the account, and you can buy it from BABB or from other users or third parties.<\/li><li><strong>You receive the card.<\/strong> You are now ready to go.<\/li><\/ul><h3>When will BABB launch?<\/h3><p>BABB doesn\u2019t have an official release date, and it may take a while.<\/p><p>BABB is planning to secure a UK banking licence, which will take quite a long time even <em>if<\/em> it does get it (and it\u2019s quite a big if). Although BABB can function without it, it\u2019d be necessary for some of its most advanced features.<\/p><p>What BABB\u2019s done for now is to submit a banking licence application in the Cayman Islands and to prepare the applications to submit in Lithuania and in the UK.<\/p><p>BAX, BABB\u2019s cryptocurrency, is in a somewhat more advanced stage. It\u2019s already registered on the Ethereum network and a pre-sale was held in February 2018, during which BABB sold 20 billion BAX. BABB says there will be a second round once the app is live, \u201cin 2019 at the earliest\u201d.<\/p><h3>How much does BABB cost?<\/h3><p>BABB doesn\u2019t have a fee system in place yet, but a good part of the whole point is to make it cheaper than most traditional banks or prepaid cards.<\/p><p>BABB says that they\u2019re still working on it, but they\u2019re looking at very small fees (\u201cequivalent to cents of a dollar\u201d) to open an account and to make transactions.<\/p><h3>Is BABB safe?<\/h3><p>That\u2019s the million dollar question. On one hand, since all transactions will be blockchain transactions, they\u2019re extremely safe \u2013 they\u2019ll be almost impossible to hack or falsify. Moreover, if BABB were to get a UK banking licence, it would automatically come with <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">FSCS<\/a> (Financial Services Compensation Scheme) protection on all deposits up to \u00a3120,000.<\/p><p>On the other hand, precisely because BABB will be based on BAX, there\u2019s a high volatility risk that always comes with owning cryptocurrency: all currencies\u2019 value can drop or rise, but with digital currencies, the risk is always higher.<\/p><p>Whilst crypto trading isn\u2019t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed its AML and counter-terrorism checks. BABB can be found on the FCA\u2019s register.<\/p><h3>BABB pros and cons<\/h3><p>You may be wondering what\u2019s the point of such a complicated system. Here are some of the advantages (and disadvantages) that a blockchain-based bank would carry:<\/p><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li><strong>More accessibility and inclusivity.<\/strong> People who are affected by financial exclusion would be able to get a bank account.<\/li>\n                                    <li><strong>Lower fees.<\/strong> Fees will be lower than a traditional bank, especially when it comes to international money transfers.<\/li>\n                                    <li><strong>International.<\/strong> People from all around the world would be able to connect directly to one another.<\/li>\n                                    <li><strong>Very low fraud risk.<\/strong> Thanks to how blockchain transactions work, there's minimal risk of fraud.<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li><strong>Still a long way to go.<\/strong> It's definitely too early to say if it'll work.<\/li>\n                                    <li><strong>Needs a large network.<\/strong> The more people join, the better the services are going to work.<\/li>\n                                    <li><strong>Volatility.<\/strong> Cryptocurrency's prices can fluctuate hugely.<\/li>\n                                    <li><strong>No ATM cash withdrawals.<\/strong> You can only get cash from another BABB user directly, in exchange for a digital transaction.<\/li>\n                                    <li><strong>No physical branches.<\/strong> Obviously, you'll never be able to just pop into a branch and ask for help.<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<p>Finally, decentralisation can be both an advantage or a disadvantage: it\u2019s a more equal and democratic way of doing finance, but it\u2019s also true that a centralised authority, such as a bank, takes responsibility for what happens with its users in a much more direct way.<\/p>                                    \n<style>\n.tablefade { height: 850px; width: 100%; overflow-x: auto; overflow-y: scroll; }\n.tablefade .luna-table { position: relative; border-left: none !important; }\n.tablefade th:first-child, .tablefade td:first-child { position: sticky; left: 0; background: #ffffff; border-left: 1px solid #d4d3ce; z-index: 2; }\n.tablefade .luna-table td { vertical-align: middle; }\n.tablefade tbody tr:hover td { background-color: #f5f4ef !important; }\n.tablefadeafter { background: linear-gradient(to bottom, rgba(255, 255, 255, 0) 0%, rgba(255, 255, 255, 1) 100%); width: 100%; height: 10rem; margin-top: -10rem; margin-bottom: 4rem; position: relative; pointer-events: none; }\n.tablefade img { min-width: 96px; min-height: 53px; }\n\n.tablefade-filtered { max-height: 500px; width: 100%; overflow-x: auto; overflow-y: auto; }\n.tablefade-filtered .luna-table { position: relative; border-left: none !important; }\n.tablefade-filtered th:first-child, .tablefade-filtered td:first-child { position: sticky; left: 0; background: #ffffff; border-left: 1px solid #d4d3ce; z-index: 2; }\n.tablefade-filtered .luna-table td { vertical-align: middle; }\n.tablefade-filtered tbody tr:hover td { background-color: #f5f4ef !important; }\n.tablefadeafter-filtered { background: linear-gradient(to bottom, rgba(255, 255, 255, 0) 0%, rgba(255, 255, 255, 1) 100%); width: 100%; height: 3rem; margin-top: -3rem; margin-bottom: 4rem; position: relative; pointer-events: none; z-index: 5; }\n\n.lightbox { display: none; position: fixed; z-index: 9999; left: 0; top: 0; width: 100%; height: 100%; background-color: rgba(0, 0, 0, 0.8); }\n.lightbox img { display: block; max-width: 90%; max-height: 90%; margin: auto; position: absolute; top: 50%; left: 50%; transform: translate(-50%, -50%); }\n<\/style>\n\n                    \n    \n\n<div id=\"lightbox\" class=\"lightbox\" onclick=\"closeLightbox()\">\n  <img decoding=\"async\" id=\"lightbox-img\" src=\"\" alt=\"Expanded Finder Badge\" loading=\"lazy\">\n<\/div>\n\n<script>\n  function openLightbox(event, imageUrl) {\n    event.preventDefault();\n    const lb = document.getElementById('lightbox');\n    const lbImg = document.getElementById('lightbox-img');\n    if(lb && lbImg) {\n        lbImg.src = imageUrl;\n        lb.style.display = \"block\";\n    }\n  }\n  function closeLightbox() {\n    const lb = document.getElementById('lightbox');\n    if(lb) lb.style.display = \"none\";\n  }\n<\/script><h3>Customer service information for BABB<\/h3><table class=\"i_infobox product_infobox has-margin-bottom\">\n<tbody>\n<tr>\n<th>Email support<\/th>\n<td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--success luna-icon--medium\"><use xlink:href=\"#check\"><\/use><\/svg><\/td>\n<\/tr>\n<tr>\n<th>Telephone support<\/th>\n<td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium luna-icon--error\"><use xlink:href=\"#close\"><\/use><\/svg><\/td>\n<\/tr>\n<tr>\n<th>In-app or live chat<\/th>\n<td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--success luna-icon--medium\"><use xlink:href=\"#check\"><\/use><\/svg><\/td>\n<\/tr>\n<tr>\n<th>Contact form<\/th>\n<td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium luna-icon--error\"><use xlink:href=\"#close\"><\/use><\/svg><\/td>\n<\/tr>\n<tr>\n<th>Branch support<\/th>\n<td class=\"i_infobox_data product_infobox_data\"><svg class=\"luna-icon luna-icon--medium luna-icon--error\"><use xlink:href=\"#close\"><\/use><\/svg><\/td>\n<\/tr>\n<\/tbody>\n<\/table><h3 id=\"verdict\">The verdict<\/h3><p>BABB\u2019s idea of using blockchain to build a parallel, more equal banking system that also plugs into the mainstream one is somewhat visionary and very interesting. However, it\u2019s also very difficult to put in practice.<\/p><p>The system is complicated, and it needs lots of people using it to actually make it work \u2013 otherwise users won\u2019t have any retailers accepting the card or no one lending them the money they need.<\/p><p>It has potential, but we\u2019ll have to wait and see if it actually works out.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">What is BAX?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>BAX is BABB\u2019s cryptocurrency and is an Ethereum utility token. BABB plans to create a total of 50 billion BAX.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">Why do I need BAX in order to register on BABB?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>BABB needs BAX for all its transactions, even those in other currencies. It\u2019s what ensures that all the transactions are blockchain-based \u2013 the whole system is built on this.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Why does BABB calls itself 'the bank for the microeconomy'?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>That\u2019s their target audience. BABB says that the microeconomy \u2013 especially SMEs (small and medium enterprises) and freelancers \u2013 is underserved by mainstream banks that are often making banking expensive and difficult for them.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Will BABB be a bank?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>That\u2019s a tricky one. In principle, no \u2013 it works in a very different way. In practice, especially if it obtains a banking licence, it will be able to provide lots of services that are usually provided by banks.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000004\" data-toggle=\"collapse\" data-target=\"#accordion0000000004\">\n        <span class=\"luna-accordion__title\">What is blockchain?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000004\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>A blockchain is essentially a growing list of records, linked using cryptography. In cryptocurrency terms, blockchain is bitcoin\u2019s public transaction ledger, which means that it\u2019s responsible for recording and totalling transactions made in bitcoin. You might think of it as a giant records book that\u2019s being constantly added to, for example. The point of having blockchain is that it prevents double-spending, which is a flaw in digital cash schemes where the same single token is spent more than once.<\/p><p>If you want to know more about crypto, have a read of our <a href=\"https:\/\/www.finder.com\/uk\/cryptocurrency\">articles and guides<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000005\" data-toggle=\"collapse\" data-target=\"#accordion0000000005\">\n        <span class=\"luna-accordion__title\">What is a cryptocurrency?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000005\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>A cryptocurrency is a decentralised, entirely digital currency. They work as mediums of exchange, using cryptography to secure financial transactions. If you want to know more about crypto, have a read of our <a href=\"https:\/\/www.finder.com\/uk\/cryptocurrency\">articles and guides<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\"><p class=\"has-margin-bottom-xsmall\">*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.<\/p><p>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.<\/p><\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Can cryptocurrency be used to build a peer-to-peer bank for everyone? 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