United Kingdom Britcoin (UKB) is a blockchain-based currency within the Galactic Milieu.

However here on Earth it is not currently implemented in the form of a blockchain, due to the vulnerability of blockchains in the absence of sufficient hashing power to secure the blockchain.

Thus here on Earth United Kingdom Britcoin is currently implemented by means of an Open Transactions server, specifically the Digitalis Open Transactions server.

As a blockchain based currency, United Kingdom Britcoin is basically a clone of Bitcoin, having the same total number of coins generated using the same schedule. From the perspective of those of us living here on the planet known as Earth however, it differs in that its minting of coins began late in the 19th century rather than early in the 21st century, thus its early inflationary period is long over.

If transaction volumes ever become high enough that the blockchain could reasonably be secured on the basis of transaction fees, it will be able to move back to a blockchain implementation; however for now it has been decided (chiefly by Britclan) that it is best to use an Open Transactions implementation, thus protecting it from various attacks that blockchains have proven to be vulnerable to.

Although UKB is traded on the Digitalis Open Transactions server, trade on that server's markets has not so far been a major part of the UKB economy. Large scale trades between nations, clans and suchlike groups have typically been conducted by direct account to account transfer, so the markets do not see most UKB activity. Like other clans and similar groups, Britclan is believed to operate Tor, I2P and/or Freenet services whereby much of their clan business is conducted; in particular any interfaces with (Earth) fiat currencies would presumably be carried out by such means. or more likely by way of bitcoin since clanmembers and nonmembers both have access to a wide array of existing third party services through which bitcoin can be exchanged into (Earth) fiat.

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