While there isn’t a formal cryptocurrency law in Ireland, it’s important to know the landscape before deciding.
While there isn’t yet a formal cryptocurrency law in Ireland, it’s interesting to know which payment method, or crypto, is the best choice if you’re only traveling through.
The scenario in Ireland with PayPal and cryptocurrency
It’s important to know which payment method is preferable between PayPal and cryptocurrency because the fall in cash transactions in Ireland has shifted the attention back to digital payments.
Ireland is one of the nations that currently lacks a clear regulatory framework for cryptocurrencies and their use.
Around 10% of Irish adults now possess cryptocurrency, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) being the three most popular.
The number of bitcoin “holders” naturally declined slightly in 2022 compared to 2021 due to the prolonged crypto winter.
PayPal is an Irish-registered company, therefore site users use it without worry.
Where to spend in Ireland?
Knowing where they can be used domestically is important when deciding between PayPal and crypto assets as a payment option.
PayPal is more well-known for being a wallet that enables users to send money to other users or to pay for goods and services online, even though cryptocurrency usage is not as prevalent as PayPal. So where can I use PayPal or cryptocurrency?
According to CoinATMRadar statistics, Dublin alone has 10 Bitcoin and cryptocurrency ATMs. Users would buy cryptocurrency and withdraw cash by selling it if cryptocurrency ATMs were present.
There is a rather small selection of cafes, restaurants, and other establishments where BTC can be used for payment.
On the other hand, you can check on PayPal Ireland’s own website where to pay through QR code when purchasing if you wished to determine where you can spend fiat money from your PayPal account.
PayPal or cryptocurrency: both good but distinct options
Only if you were in Ireland could you use the two digital payment options, PayPal and cryptocurrencies.
This indicates that consumers vacationing in Ireland have options, including PayPal and cryptocurrency.
It is now feasible to evaluate transaction costs, where BTC and other cryptocurrencies might be less expensive than PayPal, or to evaluate the volatility of cryptocurrency values in order to make a decision.
Although Wells Fargo and its partners are developing a new bank wallet, PayPal currently has no serious rivals. Early Warning Services (EWS), a business owned by the bank that runs the Zelle money transfer service, will oversee the new wallet.
This wallet’s objective is to directly compete with PayPal and Apple Pay since banks are concerned about losing control of their client connections.
