In Turkey, it is possible to buy cryptocurrency with cash thanks to the service offered by Nakitcoins.
The offices of Nakitcoins
Nakitcoins has opened real offices where users can go to open their crypto wallets, make deposits and withdrawals in dollars or euros, all in a minute’s time.
These offices at the moment are located in Ankara and Istanbul, i.e. the capital and the largest Turkish city.
In the offices you can:
- buy cryptocurrencies with fiat money;
- sell cryptocurrencies for money;
- make money transfers;
- convert Bitcoin.
Doing all this is very simple. To buy cryptocurrencies, simply go to one of Nakitcoins’ offices with a Visa or Mastercard, with which to make cryptocurrency purchases in euros or dollars. You can buy Bitcoin, Ethereum, Monero, ZCash and Ripple.
All you need is an email address, open an account with Nakitcoins and make the transaction to which a 1% commission fee applies. A similar process when selling cryptocurrencies for cash, simply go to the agency and tell the staff that you want to sell your cryptocurrencies for cash.
Another service offered by Nakitcoins is one that allows converting cryptocurrencies into dollars. This, they explain from the agency, is to protect their funds from the volatility of BTC.
Bitcoin and cryptocurrencies in Turkey
The services offered by Nakitcoins are set in the Turkish context where cryptocurrencies are seen as a loophole to the continuous devaluation of the local currency, the Turkish lira.
According to what the Wall Street Journal reports, Turks are definitely in love with cryptocurrencies and in particular with Tether, which they exchange with the Turkish lira.
The crisis of the local currency, which has lost 40% against the US dollar in recent months, has led Turks to seek refuge in cryptocurrencies, with offices like those of Nakitcoins springing up in several cities.
The government has certainly not stood idly by, so much so that President Erdogan has announced a law to regulate cryptocurrency trading. At the moment, local laws prohibit cryptocurrencies as a means of payment but not as a tool for trading. This has contributed to their growing popularity.
This is also confirmed by the high number of users who have signed up for the Turkish Bitlo exchange in recent months.
Esra Alpay, CMO of the exchange, told the WSJ:
“The Turkish lira’s volatility and rising inflation seen in recent months has led our investors to see cryptocurrency as a profitable investment in the long term and as a hedge against inflation in the short term”.
Should Turkey fail to reverse its economic situation, it is likely that Turks will continue to put more trust in Bitcoin than their own currency.