Academy Market Insights Article

It’s OK to be different – Crypto in Turkey

2020.05.12

Turkey_poster[1]Bitcoin is becoming more prominent day by day, thus the growth of Bitcoin and cryptocurrencies in different countries from the last decade has shown that there is strong momentum. But is it easy to purchase Bitcoin? Can you pay for your dinner with it or other cryptocurrencies? The answer—it depends on the location. 

We are happy to have a chat with a famous local influencer, Wolfe (@XryptoWolfe) on Twitter to share more with us about crypto culture in Turkey!

 

1、Can you tell us about the crypto culture in your country? 

In Turkey, due to the high inflation of Turkish Lira in the last decade, cryptocurrencies have vital importance to make investment and transfer money across the world. 

There are lots of crypto-related communities that help to grow crypto-culture.

 

2、What do people do with their crypto-asset?

I think all of the answers to this question are valid for Turkish crypto users because the usage of cryptocurrencies varies such as Investments, Forex trading, Altcoin trading, Transactions, and Payments. Turkish crypto users want to use all of the advantages of cryptocurrencies.

 

3、Do they HODL or do they trade?

The number of  HODLers is actually much greater than traders. 

 

4、How popular is crypto in your country? 

Cryptocurrencies are quite popular. Sometimes it goes mainstream also. Adaption is very high in the under 40 ages generation. 

 

5、What’s your country’s view on crypto regulation?

The 5th cryptocurrency exchange in the world started in Turkey. Currently, there are no specific regulations but KYC/AML regulations of other businesses are still in charge to prevent fraud.  

 

6、Ask your friend or family, if they’ll choose to accept 50 USD or 1 BTC at the moment you offer, what will their answer be? 

Everyone knows that Bitcoin has great value here in Turkey, so I can say that everyone will choose 1 BTC especially if asking my friends and family. 

 

7、Are there Bitcoin ATMs in your country? 

I never used Bitcoin ATMs but there are 5-6 Bitcoin ATMs in Turkey with high commissions.

 

8、On a scale of 1 to 10 (10 being the easiest), how would you rate the convenience and accessibility for people to buy Bitcoin with fiat? 

The smooth answer is 1, it is quite easy if one is willing to give KYC to local exchanges. But there are some liquidity problems, especially in trend times, the sell-side consists of arbitrage with more expensive prices than the world price. Also, there are no good services to give people OTC via Bank to Bank. So when one thinks to invest money, they can’t find proper liquidity.

 

9、Can you name some popular crypto exchanges/projects in your country? 

As a standard spot exchange, Btcturk is very popular. But the more crypto-industry grows, the more sophisticated exchanges like Felixo Exchange take their place in the industry.  

 

10、Can you provide one quote or a sum up for our readers, how do you think the future of crypto is going to be like in your country?

Popularity doesn’t relate the quality. The main reason many places are popular, it’s about opening date. Currently in the crypto world similar to fashion, but it’s changing while people learn the crypto-industry and understand what quality is.

 

Follow Wolfe @XryptoWolfe to get more info about crypto trading: https://twitter.com/XryptoWolfe

Follow OKEx Academy on Twitter if you have any questions for us: https://twitter.com/OKEx

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