You've likely heard the term bitcoin thrown around more and more often throughout the years, but what exactly is the meaning behind this buzzword?
Bitcoin is the most talked about cryptocurrency and has risen substantially in value over the past decade, with even brighter horizons forecasted in the future.
Given the trajectory that the currency is forecasted to reach in the not-so-distant future, you’re likely wondering how you can get your hands on it and add it to your investment portfolio.
The aim of this article is to provide some clarity on the digital currency and walk you through the steps of buying Bitcoin right here on the island of Ireland.
What Exactly is Bitcoin?
In a simple sense, Bitcoin is a digital currency that has captured vast attention from the media and investment funds alike, and it has reshaped the financial sector quite significantly since it came onto the scene in the late 2000s.
Basically how it works and why it is so attractive as it offers a direct avenue for transactions, cutting out the middle man without any necessity for financial intermediaries or a central regulating body.
So, if you think about any time you go about transferring money, whether it be to pay for your rent, a good or school tuition fees, the payment that you send will have to go through a bank or financial entity of some description. With bitcoin, it offers a direct transaction between you and the person you are paying. You can think of it as an asset similar to gold.
Just as gold is extracted from the ground by mining, Bitcoin is also mined, only through advanced computer systems that tackle intricate math puzzles to produce fresh Bitcoins. The obvious difference between the two is that one is tangible and the other isn’t. You can reach out and touch gold if you happen to have some lying around the house that is, while you Bitcoin solely exists in the digital sphere.
You could say that the reason that Bitcoin is the name that we hear so often, above any other cryptocurrencies that are available on the market is simply because it’s market capitalisation far surpasses any of the others.
Then, there's the blockchain technology that underpins the currency, making it a transparent and immutable digital ledger that records all transactions. One of the main reasons it has become such a popular alternative is that it ensures security and transparency, making it nearly impossible to tamper with transaction records.
This might seem a little contradictory if you haven’t managed to add Bitcoin to your digital wallet just yet, but one of its key features is its accessibility. Anyone with internet access can use Bitcoin, making it a truly global currency. You can use digital currency as a medium for exchange, or it is also extremely popular as a store of value!
Where to Buy Bitcoin in Ireland
Okay, so now that you have an understanding of what Bitcoin is, the technology which underpins it, as well as some practical use cases of the cryptocurrency, let’s dive right into some of the exchanges that you can purchase Bitcoin on right here in Ireland.
There are plenty of reputable choices to consider when exploring your options and we’ll take a look at some of the most trusted and used exchanges.
Before investing any of your hard-earned money, you should also note that cryptocurrency markets are very volatile and lack regulation.
So you won’t benefit from any EU investor protection measures that would otherwise cover you if you were investing in stocks. If you choose from the best trading platforms in Ireland, you’ll be setting yourself up for success.
Etorix
The first option that we’re going to take a look at is Etorix, a well-known internet trading platform that lets you trade Bitcoin among many other digital currencies.
One thing that you should always look for when you’re on the hunt for a reputable platform is the size of the user base that trades there. There is a certain stamp of reassurance that comes with Etorix listing over 30 currencies for trade across over 140 countries worldwide.
The process is also quite simplified, which adds to the platform's appeal, allowing you to purchase bitcoin in fractional amounts.
The next thing that you will want to train your eye to be on the lookout for is the transaction fees charged on your purchases. This is another reason why Etorix has enjoyed much success since the platform charges a modest fee of just 1%.
Uncover all the crucial details about investing in Ireland, guiding you towards your financial targets.
Coinbase
If you ask any ‘crypto guru’ about reputable exchanges to purchase bitcoin in Ireland, it is highly likely that they will point you in the direction of Coinbace.
The platform is recognised as the go-to Bitcoin exchange in Ireland in many ways and boasts a user base of 110 million individuals who find it beginner-friendly and easy to navigate.
Coinbase is set to remain a dominant force in the crypto exchange landscape, attracting Irish investors with its trusted platform. As users increasingly engage in trading BTC and other cryptocurrencies, Coinbase offers seamless integration with bank accounts and credit card payments. The exchange's robust network supports efficient deposit and transfer processes, ensuring competitive rates.
With new features and enhanced support, Coinbase continues to meet the evolving needs of its customers. As the price of digital assets fluctuates, its advanced tools empower investors to make informed decisions. Coinbase even provides the option to link your bank account directly or make purchases using a debit card for added convenience.
Before you get yourself signed up with an account, you’ll need to verify your identification and follow the verification steps.
Binance
Another exchange that you’ll come across even from a simple search for Bitcoin is Binance. This is a great option for experienced traders and novices alike, as it has competitive fees and strong security measures. It simplifies the rather daunting process of purchasing Bitcoin for the first time since it presents various payment options like bank transfers and depositing directly from your debit or credit cards.
As Irish investors increasingly turn to digital assets, Binance offers a trusted platform for trading BTC and other cryptocurrencies. With competitive rates and support, it remains a favourite among users.
The exchange's robust network facilitates seamless deposit and transfer processes, making it easy for customers to manage their crypto wallets. As the price of cryptocurrencies fluctuates, Binance's advanced tools help investors make informed decisions.
The platform's integration with bank systems and credit card payments enhances its usability. New features and services continue to attract users, ensuring Binance stays ahead of competitors like eToro. As the need for reliable exchanges grows, Binance's commitment to innovation and customer satisfaction positions it as one of the best choices for Irish investors looking to capitalize on the evolving crypto market.
In order to get started with Binance in Ireland, all you’ll need to do is sign up for an account and proceed through the steps of the verification process. Once that’s all out of the way its really as simple as clicking on the 'Buy Bitcoin’ tile. Understanding how to buy shares in Ireland equips you with the knowledge to leverage the country's expanding economy.
Revolut
If you are looking to buy Bitcoin in Ireland and don’t want the hassle and unnecessary use of your phone’s storage space, you can even use an that you’ve likely already got downloaded.
You can purchase Bitcoin directly through the Revolut app, which is very convenient, seeing as this is the place so many people in the country already use to manage their finances. Offering seamless integration between bank accounts and crypto wallets, Revolut enables efficient trading and exchange of BTC.
Revolut is rapidly establishing itself as a formidable player in the crypto space, appealing to Irish users with its versatile app. Users enjoy trusted payment options and competitive rates, making it a preferred choice for managing deposits and transfers. The platform's credit card features and support network enhance its appeal, allowing customers to easily buy and sell cryptocurrencies.
As the price of digital assets fluctuates, Revolut's tools provide the insights needed for informed trading. Competing with established exchanges like eToro, Revolut is poised for significant growth. They also have fees that start at 0%, provided that you are subscribed to a qualifying subscription plan.
With Revoluts services, you have the option to buy Bitcoin with 36 currencies available to choose from, creating a convenient experience for a wide range of users.
Is Cryptocurrency Legal in Ireland?
It’s only natural to be sceptical of a currency or prospective investment opportunity that you know little about, especially when you’re going to be putting your hard-earned savings towards it!
Well, cryptocurrency is in fact, permitted in Ireland; however, it functions within a framework that is mostly hands-off.
You are completely free to purchase and sell cryptocurrencies without violating any laws; nonetheless, it is worth noting that the Central Bank of Ireland does not recognise cryptocurrency as currency.
The rules governing cryptocurrencies in Ireland are changing gradually nowadays, with no regulations dedicated solely to cryptocurrencies currently in place there as of now.
The European Union is set to implement a law called the Markets in Crypto Assets Regulation (MiCAR) by December 30th 2024 with a focus on establishing a thorough structure for service providers dealing with crypto assets across the EU.
In Ireland MiCAR framework for crypto assets services providers to operate legally will require authorisation from the bank and also impose regulations to safeguard against market misconduct like insider trading and manipulation of the market in crypto transactions.
In terms of taxation here in Ireland; cryptocurrencies are treated similarly to assets. If you earn money from cryptocurrencies, you must pay income tax. Likewise, profiting from the sale of crypto assets will necessitate Capital Gains Tax payment.
What are the Best Resources for Learning About Bitcoin?
If you feel like you want to do a little more research before you get right into buying Bitcoin, then there are plenty of resources out there across the web that will help you learn more about what you are putting your money into.
Many of the platforms mentioned throughout this article also offer avenues to learn more about the world of crypto. If you're looking to delve into Bitcoin in a little more detail, then you will get a lot of value from checking out Binance Academy. The platform will teach you all about the essential terms and ideas in the world of cryptocurrency and blockchain technology.
If you like the sound of mixing your learning with earning some money on the side, then Coinbase Earn provides the perfect method for that. They compensate you for gaining knowledge about cryptocurrency initiatives by watching brief educational videos.
If you would like to have all your questions answered by an experienced mentor and receive advice that is tailored to your financial goals and interests, then you might want to consider taking your search to Supeprof.
On Superof, you can find private tutors providing hourly lessons about the intricacies of Bitcoin and other cryptocurrencies so that you can make more informed investments.
You will also learn how to manage your investment portfolio and know what proportion of your capital to invest here in Ireland to maximise your return while mitigating the risk that comes with the volatile market.
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