How Do I Invest In Bitcoin In Ireland
The majority of bitcoin critics believe that crypto is not a worthwhile investment. But the latest movements in this cryptocurrency have shown that Bitcoin is here to stay.
Guide to Buying Bitcoin in Ireland
According to statistics, the value of Bitcoin has gone up by more than 763% in the last year. This is because more people are buying into the idea of Bitcoin, and Ireland is no exception. Its value in Ireland alone has risen by more than 200% between 2018 and 2021.
It is estimated that in Ireland, investment in Bitcoin is 92% higher than in France, Spain, or Britain.
If you wish to jump on the Bitcoin bandwagon in Ireland, here is how you can go about it.
1. Pick a Bitcoin exchange
A bitcoin exchange is a company that accepts regular currency in exchange for cryptocurrency, in this case, Bitcoin. These exchanges sell the Bitcoin from their reserves, meaning that they charge a fee for their services. Fees vary from company to company. Choose an exchange that offers the lowest transaction fees.
The most popular Bitcoin exchanges in Ireland include Coinbase, eToro, Coinmama, Bitcove, and Kraken.
2. Get a bitcoin wallet
You will need a place to store your Bitcoin once you start purchasing. This virtual store is known as a wallet. There are two types of wallets: hot wallets and cold wallets.
- Hot wallets – there are two types: those provided automatically by an exchange company when you open an account with them, or those that use software that you can store on your computer. Hot wallets you can use in Ireland include Coinbase, Electrum, and Mycelium.
- Cold wallets – they are more secure than hot wallets. They store coins offline on a portable device such as a flash drive. The problem with cold wallets is that if your storage device gets lost or stolen, you cannot get your Bitcoin back. Cold wallets you can use in Ireland include Ledger Nano, Trezor, KeepKey, and Sugi wallets.
3. Connect your wallet to your bank account
Connecting a bank account to your wallet allows you to buy and sell bitcoin. Most exchanges also allow you to add a debit or credit card if you are making smaller purchases. However, when dealing with large amounts of Bitcoin, it is advised to use a bank account since the transfer fees are lower.
4. Buy your bitcoin
After you’ve done all the above, you can now buy Bitcoin. If you do not have money to buy a whole Bitcoin, most exchanges allow people to buy fractions of Bitcoins. This means that one can purchase Bitcoin with as low as 21 euros.
You can use Bitcoin to trade, make transactions online, or even hold onto them and wait for their value to appreciate. There are so many places in Ireland that allow Bitcoin transactions. They include online casinos, Irish Bitcoin lottery, Boden Park Coffee Company, Seapoint Clinic, etc.
Keeping in mind that investing in bitcoin is risky, you should carefully evaluate the market before you start buying. You should also assess your finances and your risk tolerance. Where possible, seek help from financial experts to make sure that you invest right.