GB (or GBP) is an abbreviation for the British Pound Sterling, a currency used in the United Kingdom as well as many other countries. It is one of the most heavily traded currencies in the world and can be found on a variety of cryptocurrency exchanges.
The British Pound Sterling was originally created by King Henry II of England in 1158, who declared that 240 silver pennies should constitute one pound sterling. This basic principle still stands today, with each pound being worth 100 pence. The GBP has seen various iterations over time, including paper notes and coins; however it now mainly exists electronically within banks and digital wallets.
Cryptocurrency traders may use GBP to buy cryptocurrencies such as Bitcoin or Ethereum through cryptocurrency exchanges which accept this form of payment. Many major exchanges offer users access to trading pairs denominated in GBP (such as BTC/GBP or ETH/GBP). When trading with these pairs, profits are typically paid out either directly into bank accounts held in pounds sterling or converted into another currency at market rates before being deposited into user accounts.
In addition to buying cryptocurrencies outright with pound sterling, there are also some options for those looking to trade derivatives based on British pounds such as Spread Betting Contracts for Difference (CFDs). These allow experienced traders to speculate on price movements without having to physically own any cryptocurrency assets themselves – although they do come with their own set of risks which must be understood before entering trades using them.
Finally it’s important that if you’re interested in trading crypto-assets denominated in pound sterling then it’s essential that you understand how different exchange fees and commissions work since these will affect your overall returns from any given trade significantly. As always make sure you thoroughly research all aspects related to any potential investments and remember: never invest more than what you can afford to lose!
