The Irish people seem to have developed quite a taste for cryptocurrencies. According to a report released by Red Flag and Amarach Research, roughly 120,000 Irish citizens are already crypto owners.
That’s a far cry from the measly figure of 4 years ago when very few people even had an idea what cryptocurrencies stand for. That said, a 300% increase in crypto ownership over a period of 4 years look really good, especially when the figure represents people between the ages of 25 and 34.
That also presents an interesting scenario where the public perception of cryptos seem to have changed from suspicion to the current wave of curiosity, with men taking the lead as the more willing parties to try digital currencies. Bitcoin takes the mantle as the most popular cryptocurrency among the Irish public.
What Makes It Tick?
Bitcoin’s popularity in Ireland can be attributed to the recent positive developments in Ireland regarding cryptocurrencies. One of such is the opening of Crypto Café, an establishment started on Aungier Street just a few months ago.
Crypto Café was funded with cryptos and therefore accepts only cryptocurrencies as payment. Another one is Lottoland, a venture that holds jackpot draws and pays out prizes in Bitcoin.
Another factor that’s made a great significance in popularizing cryptos in Ireland is the launch of Irishcoin back in 2014. Aimed at boosting tourism, the Irishcoin can be used at select hotels, bars, and restaurants at discounted prices. It may not compare in value to the major cryptos like Bitcoin and Ethereum, but the Irishcoin has managed to remain afloat and serve its niche market for years.
It’s a fact that progressive developments in the crypto world are bringing the digital currencies much closer to mass adoption as well as acceptance as legal fiat tokens, and developers are working hard to come up with better ways to stem fraud.
For example, there’s the Flexa App, a digital app that makes it possible for people to buy store items using Bitcoin Cash, Ethereum, Bitcoin, or Litecoin. The goal is to enable users to pay for items without necessarily using bankcards – and that solves the issues like fraud that plague various payment platforms.
However, the Central Bank is yet to make a move to regulate the cryptos, and that’s why not many businesses accept them as payment. That’s about to change because as more people adopt and invest in cryptos, the government will feel the need to regulate them.
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