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 made the headlines in 2017/2018 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.
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
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% .