June 24, 2024

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How to Buy Bitcoin (BTC) in Turkey

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How to Buy Bitcoin (BTC) in Turkey

Being the first and most popular cryptocurrency on the globe, which has been in existence up to now, Bitcoin has captured the citizens of Turkey. Its status as an investment opportunity and feature related to financial inclusion has created a significant trend in acquiring BTC easily and securely in Turkey. People have started thinking about how to buy crypto with Google Pay, as in most parts of the world, including Turkey, this option is not available. But it is pretty easy for residents of Turkey to purchase Bitcoin using myriad trusted ways. In this article, we describe the most common and easily accessible ways.

Crypto

Reason to Invest in Bitcoin in Turkey

These are some of the reasons that could make Bitcoin an investment that Turkish residents would find interesting.

  • Protection Against Inflation: Over the past few years, the Turkish Lira has been inflating. Bitcoin, being a scarce asset, can offer some protection against these inflations.
  • Global Diversification: Exposure to Bitcoin consumption, therefore, would come with diversification benefits, thus diversifying risks related to traditional assets.
  • Growth Potential: The volatility in its price notwithstanding, Bitcoin’s historical growth path makes it an investment opportunity that’s potentially attractive to some people.

How to Buy Crypto with Google Pay

Note that Google Pay is not available for payment on Turkish cryptocurrency exchanges. Probably there are some international ones that accept it; here is a basic process of what you should do:

  • Choose a solid exchange that can be used to purchase Bitcoin with Google Pay. Always make sure to do thorough research in advance; compare trading platforms and make sure they operate securely and in accordance with the rules of the Turkish government.
  • Verify your account. Most exchanges have to implement an ID verification procedure to be in compliance with KYC regulations.
  • Connect your Google Pay account. You can easily connect your GPay account as a method of payment by following the instructions in the exchange.
  • Buy some Bitcoin. Choose Bitcoin in the list of available cryptos and Google Pay as your payment option.
  • Review and verify your transaction. Double-check the amount of Bitcoin you are purchasing and associated fees before you confirm.

Alternative Methods of Buying Bitcoin in Turkey

Although Google Pay is not very widespread in the country, there are other well-established avenues to get Bitcoin in Turkey:

1. Cryptocurrency exchanges

Sign up: Register with a genuine Turkish cryptocurrency exchange like BTCTurk, Paribu, or Binance Turkey.

Fiat: These exchanges typically accept bank transfer deposits, card deposits — possibly at a charge — and peer-to-peer exchange funding.

Purchase: After funding the account, one should proceed to the “buy” page in order to purchase Bitcoin (BTC). They can simply enter the amount they want and click proceed so as to make the transaction.

2. P2P Platforms:

Peer-to-peer platforms: these are platforms like LocalBitcoins and Paxful, which link buyers and sellers directly.

Process: Browse the deals of the sellers, select any offer dealing with a payment method convenient for you (cash on delivery, bank transfer, etc.), and then close the deal when you get satisfied with the reputation of the seller.

3. ATMs:

Availability: In terms of the availability of Bitcoin ATMs, they are relatively sparse when compared to other countries in Turkey. However, some of the services, such as BTMlocator, have a way to help you locate one in your region in case it is available.

Process: Find an ATM nearby, follow the instructions on the screen, and deposit cash directly into your Bitcoin wallet.

What one needs to consider before investing in Bitcoin in Turkey

  • Regulation: The Turkish Central Bank does not recognize Bitcoin as a legal currency. Nonetheless, ownership and trading in Bitcoin are not labeled as explicitly prohibited. Look out for any regulatory changes.
  • Volatility: The price of Bitcoin can vary greatly. Invest only what you can afford to lose and make sure to do your own prior research.
  • Security: Use a reputable exchange with high security in place. Store your Bitcoin in a safe wallet. Never share your private keys with anyone.

Crypto market

Conclusion

Of course, there are just a few ways to buy Bitcoin in Turkey, and the best variant depends on personal needs and preferences. Take all of the above factors into consideration and do research before entering the market. Remember also that Bitcoin is an asset with a lot of volatility, so you should invest in it with a long-term perspective.

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