Ireland has known about Bitcoin since its emergence in 2009, but as cryptocurrency is on the rise, it is a trend that US, Irish and companies all over the world are looking to as an opportunity. Let’s take a look at this emerging trend and its impact on Ireland;
2018 thus far has been the year of cryptocurrency. Bitcoin and other forms of cryptocurrency made a dazzling entrance to the worldwide online scene and have stood in the spotlight, dominating conversations ever since. Even those who are not financial experts or crypto currency savvy are now familiar with the term. As the market becomes more popular and some are even calling it ‘mainstream’, the demand subsequently increases for this cryptocurrency. The joys of increased demand mean a resulting lower volatility and therefore an easier and more sound investment.
In Ireland, individuals can purchase Bitcoin on peer to peer markets like Paxful, Local Bitcoins and Coin Base. The prominence of BitCoin in Ireland among individuals is increasing as tech and other companies accept this form of payment and enable other companies to do so as well. The rise and potential take-over of this cryptocurrency does not, however, come without implications. According to the experts at Business Insider, producing and keeping Bitcoin stored uses as much energy as the entire country of Ireland. Evidently, this has some serious environmental, social and other impacts that need to be dealt with responsibly and managed in accordance with regulation and expectations.
Bitcoin is something that many people are turning to as an investment that they hope will pay off big time like it has for many before them. Some experts say, however, that it may be less of an investment and may become more mandatory as the currency could actually replace other forms of currency as we know them.