Britcoin Launches (First GBP Market)
Britcoin opens as the first exchange allowing direct trading between British Pounds and Bitcoin, expanding fiat access.
On March 27, 2011, the exchange Britcoin (later rebranded as Intersango) officially launched, marking the first time Bitcoin could be traded directly for British Pounds (GBP). Founded by the 'Bitcoin Consultancy' group (which included early developers like Amir Taaki), Britcoin broke the hegemony of the US Dollar in the Bitcoin ecosystem. Prior to this, UK users generally had to convert GBP to USD and wire funds to Mt. Gox in Japan, incurring double foreign exchange fees and significant delays. Britcoin utilized local UK bank transfers (Faster Payments), allowing for much faster and cheaper settlement for British enthusiasts.
The launch of Britcoin was a pivotal moment in the internationalization of Bitcoin. It proved that the demand for cryptocurrency was not limited to the US or tech-centric Asia, but was a global phenomenon. It paved the way for regional exchanges, demonstrating that local liquidity pools could compete with global giants by offering superior local banking integration. This was essential for arbitrage, as price differences between Mt. Gox (USD) and Britcoin (GBP) created opportunities that helped keep global prices in alignment. It also marked the entry of Amir Taaki, a prominent and controversial figure in crypto anarchy, into the exchange business.
Britcoin's technology was built on an open-source codebase that would later power Intersango, eventually expanding to Euro trading. While Britcoin ultimately closed due to banking difficulties, its launch represents the moment Bitcoin began to decouple from the Dollar, taking its first step toward becoming a truly agnostic global reserve asset tradable against any fiat currency. It signaled to the world that Bitcoin was money, regardless of what jurisdiction you lived in.
Key Sources: Bitcoin Wiki: Britcoin | Bitcointalk: Britcoin Launch Thread