What To Consider If You Want to Buy Bitcoin in Istanbul with Cash?

During the crypto boom, buying bitcoin in Istanbul with cash was trending. Everyone was searching where and how to buy Bitcoin in Istanbul.

Before moving into the main topic, it would be informational to talk about Bitcoin first. Bitcoin was introduced by Satoshi Nakamoto. At first glance, you may think he is from Japan, but in reality, no one knows who the real Satoshi Nakamoto is. There are many theories about it but none of the scenarios could not be proved correct because it did not end up finding the real Satoshi. The picture you see on social media when you search about Satoshi Nakamoto, you will encounter this picture, but he is not the creator of Bitcoin. The guy in the picture never agreed that he is a real Satoshi. So this scenario ended up dead.

Maybe one of the reasons that Bitcoin is so valuable is because no one owns or leads Bitcoin. Until now, the real creator of Bitcoin has not been found. Also, the timing of Bitcoin was after the financial recession that the world suffered for many years. Something was wrong with the current financial system, and Bitcoin was the cure to that.

Bitcoin is one of the cryptocurrencies that have a high value. The high value can be explained in many ways. Some would say it is a reliable tool to store value, others may think it is the best tool to transfer value. The behavior of central banks all over the world was not considered as transparent by the people. The FED was doing quantitative easing to help the economy to get back on its feet during the COVID-19. More than 1 trillion digital USD was printed. If you ask why it is a good store of value because it is revolutionary digital money that cannot be "printed" more than 21 million. Bitcoin keeps its value because even one Bitcoin will not be released from now on.

Why People Buy Bitcoin in Turkey?

We previously mentioned the store of the value property of Bitcoin. Since it gains value day by day in comparison with USD, people who live in Turkey can benefit from that. USD is the main currency globally, and worldwide trading, financial and other activities are in form of USD. If the local currency is devalued due to economic or political issues, then it is always better to hold some other currency as a backup. It can be national currencies or cryptocurrencies.

National cryptocurrencies such as Russian Rouble, the Chinese Yuan, EURO, and others can be used as an alternative currency. However, even some of those currencies are not stable and not worthy to keep your holdings on them.

On the other hand, during the boom periods, Bitcoin is an unreplaceable cryptocurrency that some people prefer to hold. In 6 months, Bitcoin price displayed unprecedented upward activity that yielded 6x gains. The rarity of Bitcoin caused to be referred to as "digital gold."

During recent months, the Turkish Lira in exchange for USD was devalued by a lot. Analysts say that during this kind of period, people can invest in different assets other than national currency to hold the real value of the mentioned currency. One of those assets is said to be Bitcoin. After analyzing the advantages and disadvantages of buy BTC with cash in Istanbul, people may prefer to invest in BTC or not.

Pros And Cons to Buy Bitcoin In Istanbul With Cash

Bitcoin is the largest cryptocurrency to its market capitalization, and it is on the market since 2019. When it emerged initially, there was not proper exchange to buy or sell Bitcoin with cash or credit card. Due to its low value, people did not take it seriously and considered it as not currency until the price of Bitcoin began to take off. During 2012-2013, Bitcoin got attention due to the price increase, and early investors got acquainted with Bitcoin.

As time passed, Bitcoin got significant attention from individual and corporate investors. Usually, individuals invest in Bitcoin in small amounts, and corporate investors invest in bulk amounts. Corporate investors mainly use intermediary organizations to help them hold bitcoins. However, individuals buy Bitcoin at exchanges- centralized and decentralized. Additionally, over-the-counter (OTC) trading is also pretty popular among individuals. Here the transaction occurs with usually cash. Many exchanges, such as the Coinsfera Bitcoin shop, enable anyone to buy Bitcoin in Istanbul, Turkey. If you prefer to buy Bitcoin in Istanbul with cash, then you should think carefully about its advantages and disadvantages.

Legal advantage- This is one of the main reasons many investors choose to buy Bitcoin in Istanbul with cash. In all countries, the bank account of the individuals is monitored by the regulatory entities. If they see a suspicious transaction, they usually freeze the holding of those people. Buying Bitcoin with cash is one of the best alternatives to this. Here people can easily withdraw money from their accounts and invest in Bitcoin. So those entities lose their ability to track those transactions. Secondly, in some countries buying Bitcoin is prohibited. If legal bodies prove that money has been spent on Bitcoin, then they can ban the account. Buying Bitcoin with cash is one way to evade this.

Option to buy with Turkish Lira - it is also important for those who do not have foreign currencies such as EURO or USD. They can easily visit the OTC Bitcoin exchanges and convert their cash to Bitcoin. Since most people hold TRY in Turkey, then buying bitcoin in Istanbul with cash is one of the best options.

Scam-free experience- During the crypto boom periods, cryptocurrencies scammers begin to work full time on social media. They usually offer double or triple-fold investment gains if you send your Bitcoin to them. They create an exact duplicate of the website and convince individuals to buy Bitcoin from those websites which record their credit card credentials and steal money from them. When you buy Bitcoin with cash at OTC, you get a chance to see the actual person and ask for support during the transaction. Since those shops operate for more than 3 years, the possibility of getting scammed is almost zero.

Requirement for ID- This can be considered as the disadvantage of buying with cash. Some people may want to buy Bitcoin anonymously in Istanbul. Almost all exchanges require ID.

Carrying cash- Carrying a significant amount of money can cause problems for individuals. Since Bitcoin is worthing more than $30k then it converts to 240k TRY, it can be risky to hold such an amount of money.

Conclusion

Buying BTC with cash in Istanbul is one of the best options in Turkey. Many people use cash instead of credit card and this provides simplicity for buying Bitcoin. Considering the advantages of buying Bitcoin with cash is preferable by many people.

This article is not financial advice and all statements are informational. The investment decision can only be made by your thorough analysis of the market.