How To Buy Bitcoin In Ireland

Last Updated July 23rd 2021

6 Min Read

A Beginner’s Guide to Buying and Selling Bitcoin in Ireland

If you’re based in Ireland and wish to buy Bitcoin – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Bitcoin tokens you want to buy.

In making the decision that cryptocurrencies will be your preferred investment market, it is important that you conduct thorough research so that you are well informed to make the right investment choices and at the right time. Bitcoin is a renowned cryptocurrency in the market today, popular for its remarkable contributions in decentralized finance especially because it is based on the blockchain network.

What’s in this guide?

This guide is intended to help anyone who wishes to venture into the crypto market, showing them how to buy, sell and even store their Bitcoin tokens. The guide is thorough and simple to understand, attributes that make it ideal even for an investor with little to no experience or prior knowledge. Nonetheless, in case you have any little uncertainties concerning the crypto market, make a point of consulting with your financial advisor or expert in the crypto space, so that you can gain an understanding of what the crypto market demands. Noteworthy, however, is the fact that this is an extremely risky, volatile and highly unpredictable investment arena.

How To Buy Bitcoin In Ireland – Quick Guide

To help you buy Bitcoin coins as quickly as possible, we broke the process down into a few easy steps:

Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
Step 3: Deposit – Fund your new eToro account with a minimum of $10.
Step 4: Search for Bitcoin on eToro – Search for BTC or Bitcoin in the eToro crypto market.
Step 5: Buy BTC – Enter the amount of the worth of Bitcoin you want to purchase in United States Dollars (USD), then click Open Trade.

That’s it! By following these easy steps, you can invest in Bitcoin in Ireland in less than 5 minutes.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Where To Buy Bitcoin In Ireland

The crypto exchange is the only place where one can buy Bitcoin cryptocurrencies in the whole of Ireland. The country features several exchange accounts and requires that an investor chooses an account that best aligns and supports their investment needs and specifications.

Some of the popular cryptocurrency exchanges in Ireland are:

eToro - Best broker to buy Bitcoin (BTC) in Ireland
Binance - Best exchange to buy Bitcoin in Ireland for asset diversity
Coinbase - Best exchange to buy Bitcoin (BTC) for beginners
OKEx - Best broker to buy BTC in Ireland for low-cost

A Step-by-step Guide To Buying Bitcoin In Ireland

If you want to buy Bitcoin, there are two main ways for you to do it:

Buying Bitcoin with other cryptocurrencies

The first way of buying Bitcoin tokens is by using other cryptocurrencies. All you need is to buy other cryptocurrencies like Bitcoin, Bitcoin Cash or Ethereum and thereafter exchange them for Bitcoin. This option is not available on all exchanges.

For example, if you want to buy Bitcoin using Bitcoin, look out for the pair labelled Bitcoin/Bitcoin, and this will exchange your Bitcoin with Bitcoin tokens.

Buying Bitcoin using fiat currencies

The other way for you to buy Bitcoin is by using fiat currency and, in this case, the EUR. As mentioned earlier, before registering with an exchange, ensure that it supports EUR.

To start buying Bitcoin, follow these simple steps:

Step 1: Register with an exchange

Registering with an exchange account is the first step in buying the Bitcoin coin. The Ireland crypto market features several crypto exchange companies, and all an investor is expected to do is choose a company that aligns with their needs. This means that the account must support the Bitcoin tokens as well as EUR. There are certain personal details that the investor will be expected to provide when opening the exchange account. Some of this information includes name, phone number, and email address. For compliance measures that govern the exchange accounts, it is also required that verification be done using a government-issued identity card, a utility bill for proof of address and others as specified by the account.

For security reasons, make sure that you set a very strong password when you are setting up your account. Also, use multi-factor authentication so that your account is safe from unauthorized access.

Step 2: Fund your account

Having successfully registered the account, you have to fund it before you can finally buy the Bitcoin coins. Funding is done by linking the exchange account directly to your bank account and making a direct money transfer from the bank to the exchange. Alternatively, you can fund the exchange by using a debit or credit card.

Step 3: Buy Bitcoin

The next step involves the actual purchase of the Bitcoin coins and comes immediately after funding has been done successfully. At this point, you must know that funding is by means of EUR or other cryptocurrencies that will be exchanged for the Bitcoin tokens.

To trade other cryptocurrencies for the Bitcoin tokens, choose the pairs that are matched against the Bitcoin tokens. For example, to trade Ethereum Classic for Bitcoin, select the pair that reads Ethereum Classic/Bitcoin.

If however, you wish to buy the tokens using USD, simply select the pair that reads USD/Bitcoin.

Having effectively and efficiently select the pairs that align with your specifications, confirm your transaction and check your mail where you will have received notification that the transaction is under processing.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Sell Bitcoin

When you have successfully bought your Bitcoin tokens, you may want to sell them for a profit or to achieve the predetermined interest. Follow the following steps to sell the Bitcoin tokens.

First, sign in to the exchange account you opened earlier, and navigate to the sell section. Select to specify the amount of Bitcoin tokens you intend to sell or convert into cash. On the off chance that the exchange does not support exchanging Bitcoin tokens for EUR, then the remaining option is to trade the Bitcoin coins for other cryptocurrencies like Bitcoin, Bitcoin Cash or Ethereum, among others. These cryptocurrencies can later be sold for EUR and the funds withdrawn directly from the exchange account.

Which Wallets Can I Use To Hold Bitcoin?

Cryptocurrencies can be held in either of the following two types of crypto wallets. First, the hot wallet otherwise referred to as the online wallet. Hot wallets store the cryptocurrency online, and for a brief duration, giving the holder a chance to easily retrieve them to facilitate a transaction of another investment.

The other type of wallet is the cold wallet, otherwise referred to as the offline wallet, and allows the holder to store their tokens externally on a hardware storage device like a USB drive. This type of wallet is safer and more reliable for larger amounts of coins because it is not vulnerable to hackers and other online threats.

How Bitcoin Works

Similar to other cryptocurrencies in the market today, Bitcoin is based on the blockchain network. This means that it bears a decentralized quality that makes it possible to buy Bitcoin coins and even sell them in the absence of a broker. Financial transactions are made easier, simpler, less costly and very brief when the tokens are decentralized.

Key Things To Consider If You’re Thinking About Buying Bitcoin In Ireland

Some things you should consider before buying Bitcoin in Ireland include:

Availability

Availability of the Bitcoin tokens is one of the first considerations because a high availability scores (high supply market circulation) enables for easy and fast-selling or buying of the tokens.

Usability

If the Bitcoin coin has more uses other than being traded for money, then it holds more value and is safer from market depressions. Find out whether Bitcoin supports other DeFi projects as this raises its value with the passing of time.

Volatility

The volatility of Bitcoin is also a key factor to look into because every cryptocurrency is very volatile. Prices constantly change and investing in Bitcoin is no different.

Read Also: Why Bitcoin Will Skyrocket