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.
- QUICK GUIDE: HOW TO BUY BITCOIN IN IRELAND
- Where to buy Bitcoin in Ireland
- A Step-by-step Guide to Buying Bitcoin in Ireland
- How to Sell Bitcoin
- Which wallets can I use to hold Bitcoin?
- How Bitcoin works
- Key things to consider if you’re thinking about buying Bitcoin in Ireland
QUICK GUIDE: HOW TO BUY BITCOIN IN IRELAND
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Bitcoin
- Enter how many Bitcoin coins you want to buy.
- Check the details and confirm your purchase.
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.
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.
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 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.
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.
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
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Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy Bitcoin in Ireland?
The only place for you to buy Bitcoin is from a cryptocurrency exchange
Are Bitcoin tokens volatile?
Bitcoin token is extremely volatile. Just like with the other cryptocurrencies, and their prices are always fluctuating.
Can I buy Bitcoin with a credit card?
Certainly! A credit card is one of the options.