{"id":7040,"date":"2018-03-07T10:12:16","date_gmt":"2018-03-07T10:12:16","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=7040"},"modified":"2024-02-22T16:34:33","modified_gmt":"2024-02-22T16:34:33","slug":"digital-crypto-currencies","status":"publish","type":"page","link":"https:\/\/www.ccpc.ie\/consumers\/money\/digital-crypto-currencies\/","title":{"rendered":"Crypto"},"content":{"rendered":"<h2>What is crypto?<\/h2>\n<p>The term crypto is used to refer to a range of different digital or virtual products including crypto-currencies. Cryptocurrency is a type of electronic money or digital currency. It can be used to pay for goods and services but only in limited situations. Cryptocurrencies are created using secured technology. This records who owns what currency and makes payments between users. Some well-known cryptocurrencies include Bitcoin, XRP, Litecoin and Ethereum. Crypto, short for cryptography, is a way to encrypt information. This encryption can be used for many things, including cryptocurrency and Non-Fungible Tokens (<span class='tooltipsall tooltip_post_id_custom_7ce2fd4f01baae648c9f4bf40f94aa31 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>NFTs<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_7ce2fd4f01baae648c9f4bf40f94aa31','NFTs are digital representations of other assets \\(pictures, artwork, in\\-game items, etc\\.\\) that are recorded in the blockchain as a way to prove ownership and can be traded on specific platforms\\.'); });<\/script> ).<\/p>\n<div class=\"vimeowrap\">\n<div class=\"cookie_custom_notice\" style=\"width: 100%; height: 442px; background: #ddd; border: 1px solid #ccc; padding: 20px;\">\n<h4>Understanding crypto<\/h4>\n<p>This video describes what crypto is.<\/p>\n<p><p><i>Please accept functional cookies to watch this video.<\/i><\/p>\n<p><!-- OneTrust Cookies Settings button start --><br \/>\n<a class=\"optanon-toggle-display custom-cookie-button\" style=\"padding: 10px; background: #3c763d; color: white; cursor: pointer;\">Change Cookie Settings<\/a><\/div>\n<p><iframe loading=\"lazy\" class=\"iframe\" style=\"text-align: left; float: left;\" frameborder=\"0\" height=\"442\" src=\"https:\/\/player.vimeo.com\/video\/794879500?h=c05b4591ba&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" width=\"785\"><\/iframe><br \/>\n<\/div><!--\/vimeowrap--><div class=\"clear\"><\/div><\/p>\n<h3>What do I need to know before purchasing crypto?<\/h3>\n<p>Crypto comes with significant risks:<\/p>\n<ul>\n<li>You could lose all of the money you invest<\/li>\n<li>Prices can quickly rise and fall over a short timeframe<\/li>\n<li>If things go wrong you generally do not have any rights to compensation or protection<\/li>\n<li>The majority of crypto and related services are unregulated in Ireland or the EU<\/li>\n<li>As it is unregulated, there are often scams related to fake crypto or gaining access to wallets<\/li>\n<li>They can be very complex products making it difficult to understand what you are buying<\/li>\n<\/ul>\n<p>Some questions to ask yourself before buying crypto:<\/p>\n<ul>\n<li>Can you afford to lose all of the money you invest?<\/li>\n<li>Does the exchange or website you are buying from have a good reputation?<\/li>\n<li>Do you understand the features of the crypto you are buying?<\/li>\n<\/ul>\n<div id=\"accordion-1\" class=\"accordion no-js\"><\/p>\n<p>\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t1\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c1\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tWhat are the risks with crypto? \t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c1\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p><div class=\"vimeowrap\"><\/p>\n<div class=\"cookie_custom_notice\" style=\"width: 100%; height: 442px; background: #ddd; border: 1px solid #ccc; padding: 20px;\">\n<h4>Volatility in crypto.<\/h4>\n<p>This video describes <\/p>\n<p><p><i>Please accept functional cookies to watch this video.<\/i><\/p>\n<p><!-- OneTrust Cookies Settings button start --><br \/>\n<a class=\"optanon-toggle-display custom-cookie-button\" style=\"padding: 10px; background: #3c763d; color: white; cursor: pointer;\">Change Cookie Settings<\/a><\/div>\n<p><iframe loading=\"lazy\" class=\"iframe\" style=\"text-align: left; float: left;\" frameborder=\"0\" height=\"442\" src=\"https:\/\/player.vimeo.com\/video\/794879439?h=43642fb4ea&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\"  width=\"785\"><\/iframe><br \/>\n<\/div><!--\/vimeowrap--><div class=\"clear\"><\/div><\/p>\n<p>Cryptocurrencies are not issued by a State authority, such as a central bank or government. As such if your funds are stolen, no one is responsible for helping you get your money back. Your investment is also not protected by any sort of deposit guarantee scheme. Some crypto-currency providers may offer <span class='tooltipsall tooltip_post_id_custom_0df7d2ee58bbc7fc6680a55c4957d71c classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>stablecoins<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_0df7d2ee58bbc7fc6680a55c4957d71c','A stablecoin is a type of cryptocurrency that attempts to offer stability\\.\\<br \\\/\\><br\/>To do this it\u2019s value is linked to a reserve asset such as gold or a currency such as the US Dollar\\. There is however, no long term guarantee of this link\\.'); });<\/script>. These try to reduce the <span class='tooltipsall tooltip_post_id_custom_97f217373693c707ff8d1fcb15490234 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>volatile<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_97f217373693c707ff8d1fcb15490234','A volatile asset has periods of unpredictable, and sometimes sharp, price movements\\. This is a common feature of crypto\\. '); });<\/script> nature of the cryptocurrency by linking it to another asset, for example the Euro or Gold. There is however, no long term guarantee of the link.<\/p>\n<p>Cryptocurrencies are unlike the money we carry around on a daily basis. For example the Euro is legal tender and must be accepted as payment for goods and services. The European Central Bank guarantees the Euro and controls its supply. There are protection schemes in place if a financial provider your money is with goes out of business<br \/>\n\t\t<\/div>\n\n\t\t<\/p>\n<p>\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t2\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c2\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tCrypto scams \t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c2\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p><div class=\"vimeowrap\"><\/p>\n<div class=\"cookie_custom_notice\" style=\"width: 100%; height: 442px; background: #ddd; border: 1px solid #ccc; padding: 20px;\">\n<h4>Crypto scams<\/h4>\n<p>This video highlights the different typ3es of crypto scams.<\/p>\n<p><p><i>Please accept functional cookies to watch this video.<\/i><\/p>\n<p><!-- OneTrust Cookies Settings button start --><br \/>\n<a class=\"optanon-toggle-display custom-cookie-button\" style=\"padding: 10px; background: #3c763d; color: white; cursor: pointer;\">Change Cookie Settings<\/a><\/div>\n<p><iframe loading=\"lazy\" class=\"iframe\" style=\"text-align: left; float: left;\" frameborder=\"0\" height=\"442\" src=\"https:\/\/player.vimeo.com\/video\/794879368?h=b062b94bdc&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\"  width=\"785\"><\/iframe><br \/>\n<\/div><!--\/vimeowrap--><div class=\"clear\"><\/div><\/p>\n<p>Be very careful of potential scams when it comes to crypto. Here are the most common scams to be aware of:<\/p>\n<p><strong>Social media<\/strong><\/p>\n<p>Crypto is often advertised in an unclear, incomplete, inaccurate or even misleading way. Social media ads may be very short, and focus on the potential gains but not the high risks involved. Beware of social media \u2018influencers\u2019 who may be paid to talk about certain types of crypto and so may be biased.<\/p>\n<p><strong>Wallet hacks<\/strong><\/p>\n<p>This happens when scammers get your login details and gain access to your funds. This is usually done by gaining access to documents on your laptop, emails or cloud storage. Never share your login with anyone under any circumstances. Ensure anywhere you store the login is secure.<\/p>\n<p><strong>Exchange hacks<\/strong><\/p>\n<p>This is when scammers steal email addresses and passwords. They can then log into your account and remove funds. Consider adding <span class='tooltipsall tooltip_post_id_custom_273b080786a9f6680799d0ee81e2e28b classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>two-factor authentication <\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_273b080786a9f6680799d0ee81e2e28b','Two\\-factor authentication is used to strengthen the security of your crypto account\\. It does this by requiring two types of information from you such as,\\<br \\\/\\><br\/>\u2022 A password or personal identification number\\<br \\\/\\><br\/>and\\<br \\\/\\><br\/>\u2022 A code sent to your smartphone, or a fingerprint etc\\.\\<br \\\/\\><br\/>'); });<\/script> to your account to increase your level of security.<\/p>\n<p><strong>Pyramid schemes<\/strong><\/p>\n<p>Some scams may be like <a href=\"https:\/\/www.ccpc.ie\/business\/enforcement\/criminal-enforcement\/pyramid-schemes\/\">pyramid schemes<\/a>. These scams focus on people recruiting friends and family to invest in the crypto. Promoting or participating in a pyramid scheme is illegal under Irish law. You should be suspicious of any kind of crypto that encourages you to recruit people.<\/p>\n<p><strong>Fake Initial coin offerings<\/strong><\/p>\n<p>You should also be wary of fake \u201cinitial coin offerings\u201d (ICOs). An ICO is a way of <a href=\"https:\/\/www.ccpc.ie\/consumers\/money\/investing\/types-of-investment\/#crowdfunding\">crowdfunding<\/a> the launch of new currencies or companies.\u00a0ICOs are not regulated and could turn out to be scams. The currency may not launch at all or it could launch and then the developers walk away from the project. The value of the currency falls and initial investments are wiped out.<\/p>\n<p>Other types of scams related to cryptocurrencies could involve<\/p>\n<ul>\n<li>Significant restrictions around cashing in your currency<\/li>\n<li>Lack of access to the currency you have bought<\/li>\n<li>Incentives for you to invest more money<\/li>\n<\/ul>\n<p>\t\t<\/div>\n\n\t\t<\/p>\n<p>\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t3\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c3\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tHow can you get cryptocurrencies? \t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c3\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>You can get cryptocurrencies either through<\/p>\n<ul>\n<li><span class='tooltipsall tooltip_post_id_custom_d528ccc6abd04e4ab7c253657254dbdc classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>Mining<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_d528ccc6abd04e4ab7c253657254dbdc','Most cryptocurrencies are created by a process known as \u201cmining\u201d\\.\\<br \\\/\\><br\/>This involves using powerful computers to solve complex maths problems to release the currency\\. Cryptocurrencies use a \u201cblockchain\u201d, a shared public record, to create and track transactions\\.\\<br \\\/\\><br\/>Usually only a limited amount of a certain cryptocurrency can exist\\. For example, only 21 million Bitcoins can ever be created by miners\\.'); });<\/script><\/li>\n<li>Buying one through a broker who deals with crypto<\/li>\n<li>Being given one in exchange for something.<\/li>\n<\/ul>\n<p>Another common way to get cryptocurrencies is through cryptoexchanges. These allow you to trade crypto for other assets, like money or digital currencies.<\/p>\n<p>When you get cryptocurrency, you keep it in a digital wallet (<span class='tooltipsall tooltip_post_id_custom_d59fe0a433dc46f526465089a9328a77 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>hosted<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_d59fe0a433dc46f526465089a9328a77','A hosted wallet is a digital account hosted by a third\\-party financial provider\\. This allows the account\\-holder to store, send, and receive crypto\\-currency\\.'); });<\/script> and <span class='tooltipsall tooltip_post_id_custom_8191c01f0f148b20c4b475c02fa1b89a classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>unhosted<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_8191c01f0f148b20c4b475c02fa1b89a','An unhosted\\-wallet allows you to store cryptocurrency without the need for a third party\\.\\<br \\\/\\><br\/>It is usually software installed on a computer, phone or other device\\. The funds in an unhosted wallet are controlled by an individual\\. It is similar to having cash in a physical wallet'); });<\/script>). This is a piece of software that can run on your computer, or usually on your smartphone.<\/p>\n<p>Most digital wallets hold \u201c<span class='tooltipsall tooltip_post_id_custom_bc5adf8baaf2e0cf93b56b5145dacb16 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>public keys<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_bc5adf8baaf2e0cf93b56b5145dacb16','A public key allows you to receive crypto transactions\\.\\<br \\\/\\><br\/>Anyone can send crypto to your public key but you need a private key to unlock them\\. That is why it is best to think about your public key like your bank account number\\.'); });<\/script> \u201d and are protected by \u201c<span class='tooltipsall tooltip_post_id_custom_3921d427a63c41068ec90ad23afb9481 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>private key<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_3921d427a63c41068ec90ad23afb9481','A private key is like a password that allows you to access your crypto funds\\. You should never share your private key with anyone\\. The private key gives you the ability to prove ownership and spend your funds\\. If you lose or forget your private key you will not be able to access to your crypto\\.\\<br \\\/\\><br\/>It will be lost for good since, unlike your bank password, it is not possible to recover a private key\\.'); });<\/script>\u201d. You should think of your \u201cpublic keys\u201d like your bank account number. You might want to share your public key in certain circumstances. Your \u201cprivate key\u201d is like a password, which you should never reveal to anyone. If you lose or forget your private key you will not be able to access to your crypto. It will be lost for good since, unlike your bank password, it is not possible to recover a private key.<br \/>\n\t\t<\/div>\n\n\t\t<\/p>\n<p>\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t4\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c4\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tHow do you use crypto? \t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c4\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>In general, most people buy and hold crypto as an investment. You can use it to buy goods and services that accept cryptocurrencies, however, this is not very widespread. You can also convert your crypto-currency into standard currency using a <span class='tooltipsall tooltip_post_id_custom_57c5ddf9fc106d44849d4bd1488a1e71 classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>crypto-exchange <\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_57c5ddf9fc106d44849d4bd1488a1e71','A crypto\\-exchange is a platform where you can buy, sell and trade crypto\\-currency\\. It will allow you to convert a currency, e\\.g\\. euro, to a cryptocurrency, e\\.g\\. Bitcoin\\.\\<br \\\/\\><br\/>Unlike traditional assets, a broker is not required to interact with a crypto\\-exchange\\. You should also be aware that crypto\\-exchanges are not currently regulated in Ireland\\. '); });<\/script>.<\/p>\n<p>In March 2022 the <a href=\"https:\/\/www.centralbank.ie\/consumer-hub\/consumer-notices\/consumer-warning-on-virtual-currencies\">Central Bank of Ireland warned<\/a> about the risks of investing in crypto, This was part of\u202fa <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/esa_2022_15_joint_esas_warning_on_crypto-assets.pdf\">European-wide campaign by the European Supervisory Authorities<\/a>. In particular, you need to be aware of the risks of misleading advertisements. These are often on social media, where influencers are being paid to advertise crypto.<\/p>\n<p>You should be aware that cryptocurrency is not considered to be suitable for everyday use. A well-functioning currency has the following three functions:<\/p>\n<ul>\n<li>Store of value<\/li>\n<li>Unit of account<\/li>\n<li>Medium of exchange<\/li>\n<\/ul>\n<p>Cryptocurrencies are, therefore, not suitable for the following reasons:<\/p>\n<ul>\n<li><strong>Store of value<\/strong>&#8211; To be a store of value, a currency should be stable over time. Due to large fluctuations in value, this is not the case for cryptocurrencies.<\/li>\n<li><strong>Unit of account<\/strong>&#8211; A unit of account means that the money should allow us to easily form an understanding of the value of goods and services. This allows us to compare them to each other. The volatility of cryptocurrencies makes it difficult to use as a unit of account.<\/li>\n<li><strong>Medium of exchange<\/strong> -A medium of exchange means it should facilitate buyers and sellers to make transactions. In some ways, cryptocurrencies can do this \u2013 as buyers and sellers can use crypto to pay for goods and services but only in limited situations. In addition, some cryptocurrencies have slow transaction speeds and\/or high transaction costs. Their volatility also makes it difficult for them to function as a medium of exchange.<\/li>\n<\/ul>\n<p>In general, cryptocurrencies are more likely to be high-risk, than a standard currency.<br \/>\n\t\t<\/div>\n\n\t\t<\/p>\n<p>\n\t\t\t\t\t<h3 role=\"button\" id=\"accordion-1-t5\" class=\"accordion-title js-accordion-controller\" aria-controls=\"accordion-1-c5\" aria-expanded=\"false\" tabindex=\"0\">\n\t\t\t\tWhat are the fees and charges involved?\t\t\t<\/h3>\n\t\t\n\t\t<div id=\"accordion-1-c5\" class=\"accordion-content\" aria-hidden=\"true\">\n\t\t\t<\/p>\n<p>Most cryptocurrencies have transaction charges for buying, selling and transferring currency. These fees can vary depending on the crypto-exchange used.<\/p>\n<p>An investment in crypto is looked upon by <a href=\"https:\/\/www.revenue.ie\/en\/tax-professionals\/tdm\/income-tax-capital-gains-tax-corporation-tax\/part-02\/02-01-03.pdf\">Revenue<\/a> in the same way that an investment in any other currency, stock or share would be. Every gain you make from crypto must be declared to Revenue for Capital Gains Tax. Revenue will require you to declare details including a description of asset, sales proceeds and the cost of acquisition.<\/p>\n<p>\t\t<\/div>\n\n\t\t<br \/>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A digital or crypto-currency is a currency that is held and traded online and is not a physical currency. There are no notes or coins. They exist only in electronic form on computers.<\/p>\n","protected":false},"author":113,"featured_media":0,"parent":11408,"menu_order":12,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[],"class_list":["post-7040","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Crypto - CCPC Consumers<\/title>\r\n<meta name=\"description\" content=\"Cryptocurrency is a type of electronic money or digital currency. It can be used to pay for goods and services but only in limited situations.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.ccpc.ie\/consumers\/money\/digital-crypto-currencies\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_GB\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Crypto - CCPC Consumers\" \/>\r\n<meta property=\"og:description\" content=\"Cryptocurrency is a type of electronic money or digital currency. 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