What are Bitcoin Exchanges?

Bitcoins are a virtual commodity that can be traded on several exchanges for fiat (real currency), or other cryptocurrencies. While there are no rules currently for bitcoins in Ireland, please note that you may be exposed to capital gains tax, and along the same lines of shares and other non-cash financial instruments.

Lodging funds requires you to transfer bitcoins into a trading account, or to lodge money and required personal identification to companies which may be fly by night, so do your research before you send any money, and don’t send any more than you can afford to lose.

Bitcoin Exchanges are currently unregulated, and as we have seen with the recent demise of Mt Gox, and hacks to Bitstamp and other exchanges. We strongly say caveat emptor, let the buyer beware, and pick your exchanges wisely.

We have a series of reviews on bitcoin exchanges you can read to get details on ones we’ve used.