Bitcoin is a virtual currency which has been around since 2009 . Unlike other currencies like Dollar and Euro, bitcoin does not exist in paper or coin form . Bitcoin has been making the headlines in recent months because of it’s massive increase in value.
The price of Bitcoin hit a record high when it passed $19,850 in mid-December 2017 , but then tumbled rapidly, falling to below $12,000 within days. Its value has shifted unpredictably ever since, with frequent wild drops and recoveries.
This week (Nov 27th 2028) Bitcoin rose back above $4,300.
The upward move was an abrupt turnaround after it fell 35 percent over seven days, falling below $3,500 for the first time in 14 months.
In 2017 – the fast increase in Bitcoin’s value meant that more people in Ireland were looking into how to buy Bitcoin as an investment.
Advocates of bitcoin said that it could eventually take over from “normal” currency .. that Bitcoin and the blockchain technology behind it is the beginning of a huge societal change.
Sceptics say that Bitcoin is a currency for drug dealers and murders that it is a bubble that will soon end up imploding.
(Of course more criminals probably use “real” money than the do Bitcoin – it’s easier to fake !
Buying Bitcoin in Ireland
You can invest in Bitcoin and other cryptocurrencies online using Revolut
With Revolut you can use any supported fiat currency to gain cryptocurrency exposure or exchange this exposure back for a fiat currency. It can be done via the Exchange section within the Revolut app. (You won’t actually own any Bitcoin – but you will gain or lose from any change in it’s value.)
There are no additional fees for using Revolut’s crypto currency service, and you can enjoy all the other benefits of the Revolut platform. Their rates are derived from the cryptocurrency exchange that they have partnered with – which at this time is Bitstamp – plus a 1.5% markup, to account for volatility.
Paxful is a a peer to peer marketplace where people can buy and sell Bitcoin . You can pay with Paypal, bank transfer , debit or credit card – or even by cash. You automatically get a free bitcoin wallet when you join Paxful.
On Paxful the Seller of bitcoins pays a 1% fee. The buyer of bitcoins does not pay any fee at all. The buyer does, however, pay a fee to the seller for converting their Cash, gift card or PayPal money etc… into bitcoin. Each seller has a different price so it is up to you to select the best one.
The Paxful escrow system protects you by holding the sellers bitcoins in escrow. When payment is completed the bitcoins are released to your wallet.
This is another person to person trading site for Bitcoin. Started in 2012 and based in Finland. People in Ireland (and other countries) can exchange Euros for bitcoins. The site allows users to post adverts where they state the exchange rate and the payment methods for buying or selling bitcoins. You reply to these advertisements and agree to meet the person to buy bitcoins with cash, or trade directly using online banking. Bitcoins are placed in a LocalBitcoins.com web wallet from where you can pay your bitcoin purchases directly. Users who create adverts are charged a 1% fee for every completed trade. Find out more on LocalBitcoins
Coinbase is another site that Irish residents can use to exchange bitcoin or other digital currencies such as Ethereum or Litecoin. They were founded in June of 2012 and are based in San Francisco, California. A digital wallet is provided when you join up. There are fees for conversion that range from 1.49% to 3,99% .