GBP - Definition & Advantages of GBP| What is GBP?

GBP is a digital currency with benefits including efficiency, cost-effectiveness, security, anonymity, and resistance to inflation. 

GBP Overview

The pound sterling, also known as GBP, is the official currency of the United Kingdom and its certain territories. It is recognized as the fourth most-traded currency in the foreign exchange market and is subdivided into 100 pence. 

The term 'sterling' originated from the quality of silver coins minted at 90% purity. The GBP is not the sole legal tender in all UK territories but is often used as a reference for local currencies.  

GBP Benefits

GBP is a stable and widely accepted currency in international trade. This stability facilitates cost prediction for businesses, while its wide acceptance simplifies transactions. The strength of GBP also provides higher value compared to weaker currencies. 

Using GBP

Using GBP involves having the currency at hand and finding accepting vendors. Once found, you can exchange your GBP for the vendor's currency. Planning is key to using GBP effectively. 

Summary

The pound sterling, or GBP, is the currency of the United Kingdom. It's symbol is £ and it consists of 100 pence. As of June 2018, 1 GBP equals $1.32 USD.