The local crypto landscape is always changing. Only last week saw the launch of the first Crypto Cafe in Ireland. Whilst Ireland does not have a company in the crypto space that has achieved major international scale just yet, there are new companies starting up all the time who aim to cater to the local market. The country already even has its own Cryptocurrency.
One of the newest kids on the block is BitIreland. BitIreland aim to help ease the introduction of as many people as possible in Ireland to the world of Bitcoin. We caught up with them to ask them more about their goals and their views on the current state of the market in general.
Why did you start up?
Blockchain technology has fascinated us since 2013. We love the idea behind open source projects and so far, Bitcoin has proven to be one of the most successful decentralized projects. We really believe decentralized blockchain technologies have a huge role to play in the future of everyday life. Our main goal in setting up Bitireland.com was to provide a local, secure and friendly service to everyone interested in buying or selling Bitcoin in Ireland without holding any of our customer’s funds.
What background do the founders have?
We have a combined experience of over 60 years in the software industry. Many systems we have funded, built and managed have been used in all parts of the world from Saudi Arabia to North America. We have a very strong understanding of both software and financial markets.
What advantages do you offer over other Irish brokers?
We try to offer the cheapest Bitcoin buy & sell rates of all Irish based Bitcoin brokers. We also offer a live chat service and phone helpline to assist our customers with any questions or queries they may have.
How do you compare cost wise to the major exchanges?
We are not an exchange, yet!! We are a broker service who add a small margin on top of the exchange rates in return for convenience over international exchanges.
How do you find the regulatory burden? How do you handle this?
We haven’t personally felt any regulatory burden as such thus far. From day 1 we have worked with a leading law firm to ensure we met all legislation required to register, start and operate our company in Ireland. A few examples include, our company performs AML & KYC checks based on European Union Directives and we meet the new GDPR requirements coming into place in May of this year.
Do you think Bitcoin is a victim of its own success?
The Bitcoin success is based not just on the technology but the developers behind it. When this technology was created it was for technology advances and world changing ideas and not for financial gain. In comparison, imagine starting a football team of all the world’s best players, playing for the love of the game rather than money, who could stop them? Granted, popularity has caused problems for Bitcoin with high fees and long transaction times but these will be rectified by the Lightning Network.
What’s your view on the recent volatility in Bitcoin prices?
A 10% rise, and Bitcoin surges. A 5% drop, and Bitcoin has crashed. We all know that this is a typical day in the crypto world. But here’s the thing: Through it all, Bitcoin is still Bitcoin. The fundamentals are the same. The technology is only getting better with things like the Lightning Network.
Bitcoin will survive on its own merits or it won’t, just like every coin out there. And don’t forget, Bitcoin is up roughly 1,000 percent over a year ago.
While the recent price decline in crypto may become scary – scary can be good if you are looking to buy for the long term. One famous hedge fund manager used to say, “The best trades are the toughest trades.”
Will you support other coins in the future?
We are firm believers in Bitcoin. Also the legislation surrounding it is much clearer than other alt coins at present. These are the reasons that, for the time being we are only dealing with Bitcoin.
We wish all those involved with BitIreland the best of the luck with this new venture. Hopefully more and more Irish entrepreneurs embrace the opportunities that blockchain based technologies offer.