FinancialCentre Reports – Rising Popularity Of Cryptocurrencies In Ireland; A Moment Of Joy Or Concern?

London, UK, 4 Sep 2021, ZEXPRWIRE – Back in the year 2009, when cryptocurrencies were first introduced people had no idea they would put financial experts to work this way. Most people were least interested because they had never met the idea of a digital currency that was only seen and spent through their mobile’s screen. It was hard to comprehend the subject back then but things have changed for crypto and the confused individuals who saw no way this could boom one day. 

Today we have many different types of cryptos and each one of them has distinct pros and cons but Bitcoin remains to be the most popular one. It is seen that the people belonging from the age bracket 25-35 are showing the greatest interest in the area. It is right that cryptos hold the potential to make you rich overnight or in a small time span at least but we cannot and should not forget that crypto is a lot riskier than any sort of currency we have had before. 

Bittersweet Crypto

The FinancialCentre Broker Nick Johnson says that it is not only the rising number of scams that have put crypto traders on high alert but also the unpredictable and super volatile nature of the currencies. One of the major reasons why crypto has managed to attract a lot of attention is the anonymity and the lack of involvement of the third party. This means that your assets are not regulated by the government or any of its financial institutions. While this might be a great feature for many exchangers and crypto traders, governments were not ready to accept it the way it was. This nature of the currencies had made them a perfect candidate for propagating anti-state activities like money laundering and funding terrorism and this is why states like China, Pakistan and Turkey continue having a harsh stance against it. 

Even the ones who have a more positive approach towards cryptocurrencies have made it clear that these cannot be adopted without any regulations that bring the level of associated anonymity considerably down. States wish to keep a record of all of the transactions not only for taxation but also to make sure that they are not a threat to the country. 

Where Does Ireland Stand?

Ireland is a country where the popularity of cryptos is rising more than ever. Mr Johnson thinks that the most interesting point is that this growing interest does not seem to slow down even after several ways that have been given by the financial authorities such as the Central Bank. It has been reported that around 15% of the Irish individuals continue owning cryptocurrency today and out of these most of the people are aged between 25-34. This might not be something to worry about if it was assured that all these young men and women are well aware of the fact that crypto is a lot about profits but this does not cancel the risk which might lead you to lose all the money that you own. This is not an exaggerated statement because according to reports from different parts of the world, it is being noted that the crypto scam is at its peak and the fraudulent companies seem to have escaped any regulations by law enforcement agencies. Mr Johnson says he cannot stress enough the importance of researching well before making a move. He says that if traders all around the globe continue making uninformed decisions then things can become terrible for the coming generations. 

Statistical Insights

Mr Johnson says that these facts and statistics can be turned into something positive if the individuals are trained and educated about the use. If the authorities and the influences decide to help the traders and make them more aware of the risks and how it holds the power to bring you back to square 1 then things can get better for both, the economic conditions of the society and the traders too. If we look at the statistics, till now users have lost around 50,000 euros at hands of these frauds and unfortunately, this number keeps growing. With the high prevalence of criminals in the area, the rising number of users might not be very comforting. 

After those falling in the range, 25-34 come the ones who are aged between 45-54. It has been reported that Ireland is still below average in terms of the number of people investing in crypto but is well above countries like the United States and the United Kingdom. In the list of 26 crypto owning companies, Ireland stands in the 15th position which says a lot about how much the residents are fascinated by the digital tokens. Ireland has been one of the few countries that have been working on making crypto more acceptable by coming up with laws that decrease anonymity. 

Disclaimer: Our content is intended to be used for informational purposes only. 

It is very important to do your own research before making any investment based on your own personal circumstances. 

You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

Published On: September 4, 2021