These days, Bitcoin is one of the hottest topics in the world. In 2021, as in the rest of the world, interest in Bitcoin also increased rapidly in Turkey – the country that draws attention with its growing economy and diplomatic initiatives and is rich in historical and touristic sites. With the escalating popularity of the cryptocurrency market, people started to talk about Bitcoin with their friends, colleagues, even while walking down the street, and desire to learn more about crypto. Some of them have been researching cryptos and investing in Bitcoin for years, while others have jumped into the market as Bitcoin has grown in popularity. Still, some people prefer to stay out of the market because Bitcoin is too risky to invest and they are not knowledgeable enough.
For those who have never purchased cryptocurrency before, we will cover topics such as where to buy Bitcoin in Istanbul, where to store it, how a cryptocurrency investment works, and what steps you need to take to get started in this article.
Despite the fact that you have already been familiarized several times prior to reading this article, we would like to begin by explaining some necessary information on Bitcoin. Because one of the most common questions about cryptocurrencies in Turkey is what is Bitcoin. Before buying your first Bitcoin, it is important to first gain some background knowledge about what Bitcoin is.
What Is Bitcoin?
Bitcoin is a type of digital currency, or more accurately is a cryptocurrency. The technology which is created by an unknown developer called Satoshi Nakamoto in 2008. This digital currency is not affiliated with any central bank or official institution, but it can be bought and sold with national currencies and transferred to any third-party service without the use of an intermediary.
Where to Buy Bitcoin in Istanbul?
There are several ways to buy Bitcoin in Istanbul. Let's first start with buying Bitcoin with cash. Many investors in Istanbul would prefer to buy Bitcoin with cash through OTC exchanges. This is because it is a very simple, secure, and convenient method that also allows for faster payment.
There are many platforms and crypto exchanges where you can buy Bitcoin with Turkish Lira. OTC exchanges are the best option if you don't want to waste time with traditional exchanges due to insufficient liquidity and the risk of unintended market changes caused by trading. Coinsfera Bitcoinshop is the most well-known of these cryptocurrency exchanges. One of the most important features that distinguish Coinsfera from other OTC exchanges is that it is the world's first and only Bitcoinshop and offers the transfer of hundreds of cryptocurrencies other than Bitcoin.
If you prefer to do your transactions online rather than in person, or if you have access to an ATM, you can also make Bitcoin purchases that way. Even though it is not widely used right now, more Bitcoin and altcoin ATMs will be available in Turkey as the demand for cryptocurrencies grows. But if you want to conduct your transactions on an online cryptocurrency exchange, the first and most important step is to ensure that the exchange is trustworthy. Be sure that the exchange is popular, reliable, and has not received any complaints from other users. An exchange that offers 24/7 customer support and can be contacted in case of any problem should also be preferred.
If you're sure about the exchange you've chosen, then you'll need to demonstrate that you're who you say before you can buy Bitcoin. This is known as KYC (Know Your Customer), and the exchange must be able to demonstrate that it has performed customer authentication as a financial institution. To be ready to trade on the cryptocurrency exchange after securely registering, you must have enough fiat money in your account's wallet section to cover the amount of Bitcoin you want to buy.
Why Do You Need a Bitcoin Wallet If You're Investing in Bitcoin?
To safely store the cryptocurrency Bitcoin, you must first create a Bitcoin wallet. Private keys that provide access to the Bitcoin address and confirm transactions are defined as Bitcoin wallets.
Bitcoin wallets are divided into cold wallets and hot wallets. A cold wallet is an easiest and safest way to keep your savings safe. Hot wallet, on the other hand, is suitable for instant transactions with an online web connection.
Is Bitcoin a Good Investment Tool?
The sudden rise in the value of Bitcoin piqued everyone's interest, and everyone is trying to figure out how Bitcoin rose in value in such a short period. This is why, in comparison to fiat money and gold, Bitcoin remains a risky asset for many risk-averse people.
The importance of digital money, on the other hand, has become more apparent as a result of the opportunities and challenges created by digitalization. People started to feel the need for a digital currency that they can use in the digital age.
In recent years, a significant number of central banks in the world have started to work on the digital currency and blockchain base. Furthermore, over the last year, the number of crypto money projects in Turkey has increased significantly. For this reason, Turkey's central bank is also taking serious steps towards creating its digital currency. The Turkish economy's desire to launch its cryptocurrency arose during periods when the Turkish Lira depreciated against the US Dollar in a short time. Part of the country's population is converting their savings into cryptocurrency during the financial crisis. Turkey is one of the countries that think crypto money will be the future of banking. The future of money transactions needs to be fast, yet secure. The introduction of digital currency by major organizations around the world is expected to turn Bitcoin into a reliable medium of exchange.
