In Ireland, there is still no specific cryptocurrency law, so it is interesting to understand what is the best option between PayPal and crypto if you are passing through the country.
PayPal or Crypto: the situation in Ireland
The decline in cash transactions in Ireland has put the focus back on digital payments, which is why it is interesting to understand what is the best option between PayPal and crypto.
Indeed, Ireland is one of those countries where there is still no specific regulation regarding cryptocurrencies and how to use them.
This has led to about 10% of Irish adults owning crypto, of which the three most popular are Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).
Of course with the long crypto winter, the number of cryptocurrency “holders” decreased slightly in 2022, compared to 2021.
PayPal, on the other hand, is a duly registered company in Ireland and is used without fear by those who have accounts on the platform.
Where to spend in Ireland?
In choosing between PayPal and crypto assets as a payment method, it is necessary to know where they are spendable within the country.
And indeed, while crypto adoption is not as mainstream as PayPal, at the same time PayPal is known more for being a wallet that allows users to send money to other users or to pay for goods and services online. So where is it possible to use PayPal or crypto?
Looking at CoinATMRadar data, there are 10 Bitcoin and cryptocurrency ATMs in the city of Dublin alone. The presence of crypto ATMs would lead users to both buy crypto and withdraw cash by selling cryptocurrencies.
As for where BTC can be spent, it is possible to find a relatively limited range of cafes, restaurants, and other places to spend the tokens.
Conversely, if you wanted to evaluate where you can spend fiat money from your PayPal account, then you can check on PayPal Ireland’s own website where to pay via QR code when shopping.
PayPal or Crypto: viable but different options
If you were in Ireland, the two digital payment options of PayPal and crypto could both be used in a limited way.
This means that both PayPal and crypto are viable options that can help users who are traveling in Ireland.
At this point, to make a choice, it is possible to assess transaction fees where BTC and other cryptocurrencies might be lower than PayPal, or to assess the volatility of cryptocurrency prices.
At the moment, PayPal has no viable competitors, although early this 2023, a new bank wallet was announced that Wells Fargo is working on, along with its partners. The new wallet will be managed by Early Warning Services (EWS), a company owned by the bank itself that operates the Zelle money transfer service.
The goal of this wallet is to compete precisely with PayPal and Apple Pay, as banks fear losing control of their customer relationships.