Crypto Use Cases in Ireland – Beyond Trading and Investment

Around 13% of Irish adults own cryptocurrencies, and around 25% have at some point. That puts Ireland ahead of their nearest neighbor, the UK, in crypto adoption levels. But well behind the global leaders in the US. However, most activity remains centred on crypto trading – or simply holding it as a long-term investment. What about the much-vaunted use cases of crypto? And what is even possible at this stage?

This article will look at four of the most popular uses of crypto that treat it as more than an investment. Although its market-defined price has always been key to Bitcoin, crypto alt coins can now do a lot more and in more efficient ways than the main coin everyone knows about. For example, some 40% of Irish people in a recent survey said they would buy crypto if there was more clear educational resources on the topic. In that spirit, these are four ways Irish crypto owners can actually use their coins right now.

Merchants Accepting Crypto are Limited

If you want to spend your crypto in person – good for you. Most people are afraid of being Bitcoin Pizza guy, who spent 10,000 BTC on a takeout pizza in 2011. Worth almost a billion dollars today. Although he – Florida-based programmer Laszlo Hanyecz – says he was happy to be an early adopter, and regrets nothing.

Which is kind of the point. If people want BTC to truly rocket to the moon, it needs widespread commercial adoption. However, a lot of people also don’t want to spend it.

So, for Irish crypto holders, in person options are limited. Businesses are allowed to accept crypto, so there should be a few venues like bars or restaurants that offer crypto payments in Dublin, as the tech sector in the city is booming right now.

However, they’re often temporary or not widely advertised. So potential customers should always check ahead.

Outside of commercial businesses, crypto, DeFi and blockchain meetups in Dublin often have crypto payments for tickets, drinks or merch at their events, so that may be worth looking into for you.

Gambling is Now an Established Crypto Use Case

No two ways about it (unironically) – online gambling is now one of the most popular uses of cryptocurrency. Crypto casinos, relatively niche even a decade ago, are now some of the biggest gambling brands in the world and bring in billions of dollars in revenue.

Players like them because crypto payments mean fast transactions and fewer bank restrictions across international markets. As well as unique blockchain based games that have proved popular in recent years.

Ireland’s gambling laws currently do not legislate for crypto casinos. That means players can and do access them without breaking any local law. However, that situation may change soon as the government is rolling out its new Gambling Regulation Act 2024. A full regulated market should open later this year.

All of this confusion around the fragmented market means players often look for up-to-date expert advice as to what their options are. For example, casino.org explains the pros and cons of crypto casinos in Ireland, allowing players to make their own judgement with all the information they need. That includes crypto payment options but also game selections, bonuses and other things casino fans like to know.

Crypto is Often Used by Workers Sending Money Abroad

One of the biggest use cases for crypto is people sending money internationally. Dublin’s tech boom has attracted significant immigration from the US and other countries with higher crypto ownership. Often known as remittances, these transactions add up to around $900 billion per year globally.

Crypto transfers are faster than international bank transfers in most cases. They also often have lower fees, depending on the coin and platform used. International bank wires can take 2 to 5 working days in some cases, and they can commony cost 6.5% of the transaction.

Where crypto payments aren’t bothered about working days or bank holidays and can take just seconds on some networks, at a fraction of the fee.

Stablecoins like USDT or USDC are often used for this kind of transaction. Some estimates suggest that up to 25% of people sending money internationally now use crypto – so in Ireland that market would be worth millions at least.

Blockchain Services Could be a Big New Market

Blockchain technology is being explored by companies in Dublin and elsewhere in Ireland as part of the country’s growing tech sector.

If blockchain-based transparency and decentralized coordination over mass-scale transactions can be converted into real world business use cases in massive industries – the potential revenue could be huge.

For example, blockchains are currently used in insurance – but very rarely. Around 0.01% of the market, globally. However the total insurance business is worth around $9 trillion. Which means even growing to 0.1% adoption would mean a potential $8 billion sector.

So you can see why blockchain-based business applications are a big target for many tech companies across the world and in Ireland.

Popularising blockchain technology will be part of a broader global trend that needs to happen if actually using crypto – and not just holding it as an investment – is going to become widespread.