DEFINITION of 'Britcoin'

A now-defunct U.K.-based Bitcoin exchange, Britcoin was the first Bitcoin exchange in the U.K. to offer support for GBP trading. Traders are able to trade bitcoins by placing buy or sell orders into an order book and those orders will be matched against opposing open orders in full or partially filled, with Britcoin acting as an escrow for the funds.

As of August 2011 Britcoin had been renamed Intersango, and after failing to establish a reliable UK banking relationship, the 

BREAKING DOWN 'Britcoin'

Bitcoins are a digital currency created in 2009, which allow users of bitcoin exchanges to make payments and trades at a very low cost. Bitcoin circulation and expansion is governed by Bitcoin software and is programmed to expand as a geometric series, thus limiting the effects of monetary inflation on the virtual currency. Bitcoins are one of many virtual currencies that can be traded online by users.

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