Progress of Bitcoin Trading in Ireland
By Space Coast Daily // April 28, 2022
In Ireland, bitcoin trading has progressed rapidly in recent years. The Irish Times reported in December 2017 that the number of people trading bitcoin in Ireland had quadrupled in just six months. You have to do plenty of research for Today Profit.
The same article noted that the value of a single bitcoin had surged to over €10,000 at that time. This was a massive increase from its price of just €1,000 at the start of 2017.
Bitcoin trading activity in Ireland seems to have picked up even more since then. The Dublin-based Bitcoin ATM company BitVendo installed its first machine in Dublin in January 2018.
Since then, the company has installed five more machines in different parts of the country. This suggests that there is significant demand for bitcoin among Irish people.
The Irish government has taken a hands-off approach to regulate bitcoin so far. This could change in the future, but for now, it seems that Ireland is a friendly environment for bitcoin trading.
Role of Bitcoin Trading in Ireland’s Economy
Bitcoin trading plays an important role in the Irish economy. The country’s e-commerce sector is growing rapidly, and Bitcoin provides a convenient way for businesses to accept payments from customers around the world. In addition, the Irish government has been supportive of Bitcoin and other digital currencies. In 2016, the Central Bank of Ireland issued a report on digital currencies, stating that they have the potential to “deliver significant benefits to users and society.”
The report also acknowledged that there are risks associated with digital currencies, but these are “manageable and should not be overstated.”
Overall, Bitcoin trading is a positive development for the Irish economy. It is helping to drive growth in the e-commerce sector and providing businesses with a convenient way to accept payments from customers. The Irish government has also been supportive of Bitcoin and other digital currencies, recognizing their potential to deliver benefits to users and society.
Future of Bitcoin Trading in Ireland
Bitcoin trading in Ireland is still in its early stages, but there is already a lot of interest in cryptocurrency. In fact, Irish bitcoin exchanges are some of the most popular in Europe.
However, it’s important to remember that bitcoin is a volatile asset and its price can go up and down quickly. So, if you’re thinking about investing in bitcoin, it’s important to do your research and only invest what you can afford to lose.
With that said, here’s a look at the future of bitcoin trading in Ireland.
1. More Regulation
At the moment, there is very little regulation around bitcoin trading in Ireland. However, this is likely to change in the future as the government starts to take a closer interest in cryptocurrency.
This could mean that bitcoin exchanges will need to be registered with the Central Bank of Ireland and follow certain rules. This would make it easier for investors to know that their money is safe and secure.
2. More Awareness
At the moment, there is still a lot of confusion about bitcoin and how it works. However, as more people start using cryptocurrency, this is likely to change.
There will also be more media coverage of bitcoin, which will help to raise awareness of the cryptocurrency. This could lead to more people investing in bitcoin and trading on Irish exchanges.
3. More Adoption
Currently, only a small minority of businesses accept bitcoin as payment. However, this is likely to change in the future as more and more businesses start to see the benefits of accepting bitcoin.
This could lead to a situation where more people are using bitcoin to buy goods and services. This would further increase the demand for bitcoin and make it an even more attractive investment.
4. Lower Fees
At the moment, Irish bitcoin exchanges charge quite high fees compared to other European exchanges. However, this is likely to change in the future as competition increases.
As more exchanges enter the market, fees are likely to go down. This would make investing in bitcoin even more appealing to potential investors.
5. More Innovative Products
Currently, most Irish bitcoin exchanges only offer basic products and services. However, this is likely to change in the future as exchanges start to offer more innovative products.
For example, we could see the development of bitcoin derivatives that would allow investors to hedge their positions or even trade on leverage. This would make bitcoin trading even more accessible to a wider range of investors.
The future of bitcoin trading in Ireland looks very promising. With more regulation, awareness, and adoption, the cryptocurrency is set to become even more popular in the country.