Bitcoin is a virtual currency or “cryptocurrency” which has been around since 2009. Unlike other “fiat” mainstream currencies such as the US Dollar and the Euro, Bitcoin does not exist in paper or coin form.
There is a fixed supply of 21 million Bitcoins.
Thousands of people have already found out how to buy Bitcoin in Ireland – as shown in the results of a 2023 survey. The survey for the Banking & Payments Federation Ireland found that 8% of adults aged 18+ in Ireland held Bitcoin or other crypto assets. That equates to around 300,000 people.
The percentage of 18 to 34-year-olds in Ireland reporting that they had invested in Bitcoin or similar cryptocurrencies was 16% .
There are now dozens of other cryptocurrencies as well as Bitcoin – some of the most popular include Ethereum, Litecoin Ripple, Dogecoin, Shiba, Cardano and Stellar.
Find out where you can buy Dogecoin, Shiba and other cryptocurrencies in Ireland
The Price of Bitcoin
In early 2024 , the price of Bitcoin rose after a decision by UK regulators to give the green light to exchange-traded notes (ETNs) tied to Bitcoin . However, the real game-changer was January’s launch of multiple Bitcoin exchange-traded funds (ETFs) in the US, which has given the cryptocurrency a new respectability.
On Nov 6th – after US election results showing a Trump win – Bitcoin reached a new record high of $75,000, as traders bet on possible regulatory shifts under Trump.
By November 11th , the price of bitcoin had risen to a new high of $87,000 . It comes as the Republicans are edging closer to overall control of the US Congress after having already secured the presidency and a majority in the US Senate.
The value of world’s biggest cryptocurrency has now risen by more than 80% this year.
Other cryptocurrencies, including dogecoin – which has been promoted by high-profile Trump supporter Elon Musk – are also making gains.
You can check the current price of Bitcoin here.
Bitcoin Price History
During 2020 and 2021 the value of Bitcoin rocketed as demand for it increased – but there were also many wild fluctuations in value.
- In January 2021 , investment strategists at JP Morgan put out a note to clients suggesting that Bitcoin may ultimately reach $146,000 over the long term.
- In March 2021 , it was revealed that €1.5 billion had been invested in Bitcoin by Elon Musk’s electric carmaker Tesla.
At the start of 2020, one Bitcoin was worth around $8000. On November 9th 2021 – the price of Bitcoin hit a high of just over $65,0000 USD.
The price of Bitcoin fell to $16389 in November 2022 after the collapse of the crypto exchange FTX.
On 11th March 2024 the Bitcoin price hit a new high of $72,000 .
On Nov 6th – after early US election results indicated a Trump win – Bitcoin reached a record high of $75,000, as traders bet on possible regulatory shifts under Trump.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection.
Tax on profits may apply.
Where to Buy Bitcoin in Ireland
First of all – we must point out that investing in Bitcoin, or any cryptocurrency , involves a risk of loss.
Cryptoassets are highly volatile unregulated investment products with no EU investor protection.
However, if you plan to invest in Bitcoin, it is probably best to stick to larger, established exchanges that have been around for a while and have verified links to other major financial companies.
Avoid any of the potential scams such as “Bitcoin Loophole” or any similar sites offering guarantees of making money. Many of these scam sites use fake adverts on social media using pictures of well-known people such as Dragons Den stars. Also – avoid getting involved with any cryptocurrency scammers who make contact by sending an email or with a cold call promising big returns on investment.
Listed below are some of the major cryptocurrency trading platforms that can be used to buy Bitcoin in Ireland.
Etoro
Etoro is an established online trading platform where you can trade in Bitcoin and over 30 other cryptocurrencies, as well as stocks, CFDs and commodities.
Since being founded in 2006, eToro has grown to become one of the biggest crypto trading platforms with operations in over 140 countries.
eToro (Europe) Ltd. is a Financial Services Company authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under license 109/10.
Bitcoin can be purchased fractionally on Etoro, so you don’t need to buy a full Bitcoin to own some. For example, if Bitcoin’s price was $50,000, you could purchase 0.001 Bitcoin for $50.
Etoro accepts deposits by debit card as well as bank transfer and Paypal. Irish customers can use Revolut to deposit USD with Etoro and avoid Etoro’s current conversion fee (0.75%)
Cryptocurrencies such as Bitcoin (BTC) can be transferred from the eToro platform to an eToro Wallet where they will be more secure.
Etoro Fees
A fee of 1% is charged when buying or selling Bitcoin and other crypto-assets on eToro .
Etoro will also apply a “Spread” – just like any other trading platform. The market spread is the difference between the bid and ask prices, and can vary depending on market conditions.
The eToro platform operates mainly in USD .
There may be currency conversion fees that you need to take into account . With eToro, all clients can hold funds in a USD account. Clients in Ireland can also hold funds in a EUR account. Currency conversions can be needed in the following scenarios:
- Trading an asset that’s in a different currency to your eToro account. (0.75%)
- Transferring between your USD account and your EUR account. (0.75% fee)
- Depositing or withdrawing in a different currency to your eToro account. (1.5% fee)
However, you can easily avoid the Etoro conversion fees by using Revolut to deposit and withdraw USD (bank transfer)
There is a flat-rate fee of $5 on each USD withdrawal from Etoro.
Read more about Using Etoro in Ireland.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Note : 51% of retail investor accounts lose money when trading CFDs with Etoro. You should consider whether you can afford to take the high risk of losing your money.
Coinbase
Coinbase is another major global online crypto exchange that can be used in Ireland to buy and hold Bitcoin.
Coinbase was set up in San Francisco in 2012 and floated on the NASDAQ stock exchange in mid-April 2021.
Coinbase can be used in Ireland to buy and sell over 100 different cryptocurrencies such as Bitcoin, Ethereum and Litecoin.
On Coinbase you can buy fractional Bitcoin in increments from as little as 2 Euros.
The EU head office of Coinbase is in Ireland (Dublin) and Coinbase Ireland Limited is authorised and regulated by the Central Bank of Ireland as an electronic money institution (fiat currencies).
Coinbase is backed by Spanish bank BBVA and the New York Stock Exchange and it was the first crypto company to become a principal member of Visa.
Coinbase Fees
Coinbase seems to have higher fees and a more confusing fee structure than other cryptocurrency exchanges.
Coinbase accepts payments by bank transfer, credit card or debit card, as well as PayPal .
- Bitcoin purchases by bank transfer are charged a 1.49% fee.
- Credit and debit card Bitcoin purchases are charged a 3.99% fee. (Fees may differ outside Europe).
Coinbase can charge from 0.5% to 4.5% depending on the payment method, cryptocurrency type, transaction size and platform. Other fees may apply.
Coinbase states that – Fees are calculated at the time you place your order and can be influenced by factors such as your chosen payment method, order size, market conditions, jurisdictional location, and other costs they incur to facilitate your transaction.
Before submitting your transaction, you can view the fees in the trade preview screen. Please note that fees may vary for similar transactions. By completing an order, you agree to pay the applicable Coinbase fees for that transaction.
Coinbase does not charge a fee to use its wallet service.
Important – Bitcoin and other crypto-assets are highly volatile unregulated investment products. There is no EU investor protection.
Disclosure: We may receive compensation for promoting Coinbase.
Gemini
Gemini is a large cryptocurrency exchange based in New York. It was founded in 2015 by the Winklevoss twins, best known for their legal dispute with Facebook founder Mark Zuckerberg.
Gemini is regulated by the New York State Department of Financial Services (NYSDFS).
In the UK, Gemini is Licenced as an Electronic Money Institution license by the FCA and it is one of the very few companies that is an FCA-registered crypto assets company. This doesn’t cover Ireland nor does it mean that crypto funds are protected – but it does mean they have complied with UK anti-money laundering and counter-terrorist financing rules.
Irish customers of Gemini can use bank transfers in Euro or GBP to deposit money with Gemini for free.
Debit cards can also be used to buy Bitcoin with Gemini, but there is a 3.49% fee.
Transaction fees at Gemini for crypto purchases depend on the size of the transaction.
The fee is 1.49% on transactions of €200 or more.
- On smaller transactions, there is a flat rate charge.
- €1 for orders under €10 euro; ;
- €1.50 on orders between €10 and €25 ;
- €2 on orders between €25 and €50 ,
- €3 on orders between €50 and €200.
- Gemini also adds a 0.5% ” convenience fee” to the prevailing price when buying crypto.
Fees example at Gemini:
If the prevailing market price of BTC was $40000 USD – you will be quoted a price of $40200 USD to buy 1 BTC.
(This includes the 0.5% convenience fee)
If you were then to buy €100 of BTC with EUR the transaction fee would be €3 EUR.
Gemini certainly makes a good Coinbase alternative for those who are getting more serious about trading digital assets, rather than just investing.
Bitcoin ETFs and Bitcoin Trackers
If you want a method of investing or speculating on the value of Bitcoin – but without actually owning any or worrying about virtual wallets – you can buy shares in a Bitcoin tracker from a stockbroker.
An easy way to do this in Ireland is with an established online stockbroker such as DEGIRO.
There was a lot of publicity and a surge in the value of Bitcoin in early 2024 when regulators in the US approved Bitcoin ETFs issued by Fidelity and BlackRock. These ETFs are not available for Irish residents – but there are similar Bitcoin trackers available.
A Bitcoin tracker can give investors exposure to Bitcoin without the technical challenges such as setting up a digital wallet, managing cryptographic keys, or trading on unregulated crypto exchanges.
If the price of Bitcoin rises by 1% over a day, then a Bitcoin tracker will rise by 1%. However if price of Bitcoin falls by 1% over a day,then the ETP will fall by 1%. In both cases excluding fees.
Some examples of Bitcoin Trackers available on Degiro in early 2024 included :
- ETC Group Physical Bitcoin (BTCE) These are bearer bonds under German law that are secured by Bitcoin deposited in a depositary
- Wisdom Tree Bitcoin (WBIT) . This exchange-traded product is physically backed by Bitcoin.
- 21 Shares Bitcoin ETP (21XB) – a non-interest bearing bond under Swiss law that is fully secured by holdings of Bitcoin (BTC) or other assets denominated therein.
The fees when trading these crypto trackers on Degiro are the same as buying any other ETF. That is €2 per trade plus a €1 handling fee.
Note – These types of crypto investments are high-risk investments. You could lose your money.
Read more here about Degiro Fees in Ireland
Please note that Investing involves risk of loss.
DEGIRO fees compared to other online stockbrokers in Ireland
Where to Buy Fractional Shares in Ireland
Some information about Taxation of Cryptocurrency in Ireland
Investing in Bitcoin involves a high risk of loss of capital.
Cryptoassets are volatile instruments which can fluctuate widely in a very short time frame and, therefore, are not
appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and, therefore, is not supervised by any EU regulatory framework. Your capital is at risk.