As Bitcoin makes the news for its rising prices, buying into this cryptocurrency might seem like a sound investment. Yet you must first know the legal issues surrounding this currency before you can learn how to invest in Bitcoin in Ireland. Understanding its legal status will teach you your obligations. So, you can choose whether you should buy Bitcoin.
This post will also explain Bitcoin and the risks that come with buying its tokens. Once you have this information, you will have the knowledge base on how to invest in Bitcoin.
What Is Bitcoin?
Bitcoin is a digital asset that you can use as a currency that operates on a decentralised system. Unlike the Euro, the Irish government does not recognize this cryptocurrency as legal tender. This means that although businesses and lenders must accept the Euro as a form of payment, the government does not force them to do so for Bitcoin. So, you can only use Bitcoins in platforms and stores that accept it.
In fact, you can use this crypto for other purposes than buying goods and services. Bitcoin also serves as an investment. According to reports, 20% of younger people hold cryptocurrencies as a form of investment in Ireland. To invest with Bitcoin, you can either hold this crypto for a long period of time and wait for it to accrue in value. Alternatively, you can trade crypto to make a profit.
Furthermore, its price fluctuates greatly. This fluctuation could be because of world events. For instance, reports indicate that Bitcoin rose to above $93,000 after Donald J Trump won the 2024 US Presidential election.
Is Bitcoin Legal in Ireland?
Although the Central Bank of Ireland has the ability and duty to regulate cryptocurrencies, there are no regulations. Therefore, it is legal to trade and hold Bitcoin tokens in this country. Interestingly, since Bitcoin is unregulated and decentralised, you can store it without fear of confiscation.
That said, there are laws that virtual asset providers that trade fiat currency for cryptocurrencies have to obey. Principally, they must follow the European Union’s anti-money laundering guidelines. Nevertheless, this does not affect how to invest in Bitcoin Ireland.
Even though this crypto works as a digital currency, you should legally consider it an asset. Therefore, part of learning how to invest in Bitcoin is to pay income taxes on earnings you generate through Bitcoin.
What Is the Risk of Buying Bitcoin?
Before you learn how to buy Bitcoin in Ireland, you need to understand that, like any financial investment, it has risks.
Just as its value has greatly increased in 2024, it has also had lows, such as in 2022 when reports indicate that it reached as low as $16,500. Should there be such a drastic change in price in the future, you could lose a lot of the money you had invested.
In addition, you may risk legal action for any earnings you receive without paying taxes.
It is also important to consider that when you try to buy crypto, there is a risk that you will buy into a scam. This is especially likely if you use disreputable platforms or links shared on social media.
You may also lose your investment if you try to use loopholes or other tricks to earn Bitcoin. Moreover, there is no European Union protection, so you will have little to no recourse should you encounter any such issue.
How to Buy and Invest Bitcoin in Ireland in 4 Easy Steps
As you are now fully aware of the risks of buying crypto, you are now ready to buy it. You will need to follow the steps below to buy Bitcoin:
1. Join a Crypto Trading Platform
To start buying this crypto, you will need to join a well-known and reputable crypto trading platform. Alternatively, if your bank facilitates this kind of transaction, you can use your bank account.
2. Pay into the Trading Platform
Now that you have joined a crypto trading platform, you should pay for it. This may require sending currency from your bank account to your new one on the platform.
3. Buy Bitcoin Tokens
Once you have traded your money, you will need to buy Bitcoin in Ireland.
4. Invest in Bitcoin
Finally, you should invest in Bitcoin by keeping Bitcoin in your wallet for the long term. For the best investment, you should buy tokens when the price is low to ensure maximum value for your money.
Where Can I Buy Bitcoin in Ireland to Trade or Invest?
Since buying crypto can be risky, you should be cautious and use the right platform to learn how to invest money in Bitcoin. One of the best services you can use to manage your crypto is CryptoCracker. We ensure that you have all the information you need to not only understand crypto but also the current state of the market. With this information and our recommendation tool, you will make better investment choices.
Furthermore, when you use our platform, you will be able to trade in multiple cryptocurrencies ― not only Bitcoin. This allows you to optimise your investments by recommending the best-performing coins. Plus, we work with the reputable Coinbase and looking at other exchange integration, so you can be sure that your transactions are safe.
Conclusion
Now you know that you can invest in Bitcoin in Ireland through trading platforms. It is an easy process that only requires you to sign up for a trading account and move money from your bank account to your new trading account. Then, you can buy Bitcoin tokens ― or any other crypto you want!
Nonetheless, you should be wary of scams and only use the most reputable services such as CryptoCracker. We use a trustworthy system and give you all the tools you need to buy crypto and learn investing techniques in the most efficient way.
Frequently Asked Questions
Is Bitcoin ATM in Ireland?
Yes, you can find Bitcoin ATMs in Ireland. In general, you will find them in Dublin. Nevertheless, they are also available in Galway and Limerick.
How much do I need to start buying Bitcoin?
To start buying Bitcoin, you can use as little as $10. The minimum amount will depend on the service provider you are using. However, to buy 1 BTC, you may have to pay over $88,000.
How to make money daily with Bitcoin?
You can make money with Bitcoin by trading it when it is low in price and selling when its price rises. Alternatively, you could lend it at an interest rate. Otherwise, you could mine Bitcoin or stake your current crypto and earn rewards.