Bitcoin is a virtual currency which has been around since 2009 . Unlike other currencies like Dollar and Euro, bitcoin does not exist in paper bitcoin paypal chargeback coin form . Bitcoin has been making the headlines in recent months because of it’s massive increase in value.
Its value has shifted unpredictably ever since, with frequent wild drops and recoveries. 8770 as of Friday 9th March 2018 . The fast increase in value means that more people in Ireland were looking into how to buy Bitcoin as an investment. Others are put off by the volatility of Bitcoin. Most of the dangers are because the protection that investors would normally enjoy on a stock market are not present.
Bitcoin and the blockchain technology behind it is the beginning of a huge societal change. Bitcoin enthusiasts, who may have a vested interest in the value of Bitcoin , will say that the only reason we accept the Euro is that we all believe in it. The central bank prints paper money and we accept that others will accept it as payment. Sceptics say that Bitcoin is a currency for drug dealers and murders that it is a bubble that will soon end up imploding. Paxful is a a peer to peer marketplace where people can buy and sell Bitcoin . You automatically get a free bitcoin wallet when you join Paxful.
The buyer of bitcoins does not pay any fee at all. Each seller has a different price so it is up to you to select the best one. The Paxful escrow system protects you by holding the sellers bitcoins in escrow. When payment is completed the bitcoins are released to your wallet. This is another person to person trading site for Bitcoin. Started in 2012 and based in Finland. The site allows users to post adverts where they state the exchange rate and the payment methods for buying or selling bitcoins.
You reply to these advertisements and agree to meet the person to buy bitcoins with cash, or trade directly using online banking. Coinbase is another site that Irish residents can use to exchange bitcoin or other digital currencies such as Ethereum or Litecoin. They were founded in June of 2012 and are based in San Francisco, California. A digital wallet is provided when you join up. There are fees for conversion that range from 1. If you make a gain on your Bitcoin currency,do you just pay capital gains tax on your profit less your annual exemption,or are you treated as if you were a trader by the revenue ? Bitcoin would be liable for CGT in Ireland in th same way as any other capital gain.