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How to buy Maker in Ireland
Is MKR a good investment in Ireland?
Maker coin (MKR) was created in 2015 but officially released to the market in January 2017 with a price of $22.10. It didn’t have many fluctuations until August of the same year when it suddenly reached $288 and continued to grow until it ended the year with a price of $959. That was a surprisingly profitable investment for someone in only one year. The first months of 2018 were even better for Maker owners because its price mounted up to $1,369.99, which was again a record for this token. But it didn’t last long, and the MKR price dropped and ended the year at $449. 2019 and 2020 passed with almost stable prices between $500-$700. MKR again surprised the market in 2021 and reached its highest price of $4,341 in April. For the second time, Maker showed its holders that it could be a profitable investment if they have more tolerance.
The price of Maker coin was shocking all these years and always seemed to be a good investment. But it doesn’t mean it will be a %100 good investment in the future. If you want to invest in this token, MKR price predictions may be helpful, especially for beginners. But you should still read more about its news and experts' opinions the moment you decide to purchase this coin. Crypto analysts and experts expect MKR price to reach $6,000 by 2025. They believe its price could rise to $40,000 in the next ten years. Therefore, they think buying Maker tokens might be a good investment. However, predictions are just predictions, and the future might not be exactly the same as these expectations.
What is Maker ?
Maker is an open-source Ethereum-based blockchain created in August 2015. It is known as one of the most popular and oldest Ethereum-based platforms available. The Maker project is known as MakerDAO, which is an open-source project whose operation is based on the Decentralized Independent Organization (DAO) system. A DAO is considered an organization that is defined based on clear and codified rules, the control of this organization is in the hands of its members. Maker was created as a lending platform. People can use Ether as collateral in a smart contract called Collateralized Debt Position (CDP) to create DAI stable coin through MakerDAO.
Learn more on MakerDAO official website.
Is Maker legal to buy in Ireland?
Yes. According to a press release by the Director of Financial Regulation which was published by the Central Bank of Ireland, blockchain and cryptographic technology have the potential to
bring significant benefits to the economy and to the users of financial services, since cryptocurrency is being deployed in different situations and for various purposes such as
supporting smart contracts, engaging in payment services, investment activities or, as is often the case, speculation.
Is Maker taxed in Ireland
Yes. According to the Irish Tax and Customs Agency (Revenue), if an Irish resident sells a crypto asset and gains profit from it, any gain would be treated as capital gain and could be subject to capital gains tax (currently 33%). According to the above-mentioned document, if an Irish individual was carrying on a ‘trade’ of dealing in cryptocurrency, any profit on the selling of
crypto assets would be subject to income tax, the income tax rates can be up to 55% (including universal social charge and social insurance). According to the above-mentioned Irish Tax
Agency reference, a trade in crypto-assets would be similar in nature to a trade in shares, securities, or other assets. Where a person makes a trading profit or loss on crypto-asset transactions this must be reflected in their accounts and will be taxable in accordance with normal Income Tax rules.
After you've bought Maker in Ireland
Maker coin (MKR) is mostly used as a governance token. MKR holders can propose upgrades to the system, leverage collateral assets, create smart contracts, or simply use their coins as payment for purchasing something online or inside games. DAI coins can be used in the same manner, but since their price is stable, it is not considered an option for investment. However, MKR can still be used as an investment because its price changes over time. People who want to keep this digital asset as an investment should check different factors, from its history to MKR price predictions; there are many things you need to consider while buying Maker coins as an investment.
Who can buy Maker in Ireland?
Anyone. You are able to easily perform cryptocurrency transactions such as buying, selling, holding and managing by the help of cryptocurrency exchanges in Ireland. There are also a
varying range of payment services available in Ireland for your cryptocurrency purchase including: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal which are
highly convenient and secure if your exchange allows these means. Our exchange presents safe and fast cryptocurrency transactions by such service and is one of the cheapest exchanges
out there to buy cryptocurrency in Ireland, as we charge zero fees for all cryptocurrency transactions.
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Frequently asked questions
The Maker coins have experienced many ups and downs during its history, but most of the time it was considered a good investment. Most experts and analysts also predict a bright future for this token.
Certain types of activity are more likely to be in the nature of an investment rather than a trade.
The Irish Tax and Customs Agency has released a document in conjunction with section 21 of the Taxes Consolidation Act, which in detail explains what constitutes trading in Ireland.
Yes. According to the Irish Tax and Customs Agency, purchasing cryptocurrency will generally not arise taxable events.
Almost 100 exchanges support MKR tokens. Since they may have different fees, check their information and find the right exchange. We can suggest you the Blocktrade exchange which doesn’t contain any trading fee.
According to RTE, the national Irish news service, 18% of Irish people currently own or have previously owned cryptocurrency.
The MakerDAO protocol was founded by Rune Christensen. After being introduced to Bitcoin in 2011, Christensen sold his business and invested in Bitcoin, then became interested in stablecoins and eventually founded MakerDAO.