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Wednesday , 26 November 2014

Bitcoin arrives in Turkey: BTCTurk is the first Bitcoin exchange in the country

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An exchange where you can trade Turkish liras for Bitcoin? You can bet on it! It already exists and it’s called BTCTurk. This means that cryptocurrency has finally (and properly) arrived in Turkey, after the outbursts in other “unlikely” nations like Iran or Israel.

The new platform, which was being developed since January, was launched earlier this month and already received a good amount of sign-ups in the last few weeks, according to the CTO of the company, Emre Kenci. The company promises lower fees than other exchanges – an average 0,5 percent – and also faster transactions (if the user has a local bank account, of course).

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Although there’s “not a single merchant that accepts Bitcoin in Turkey, a lot of people are interested in it”, says Kenci. For now, the impact of Bitcoin in the Turkish economy is clearly reduced, but “perhaps in the very long-term, Bitcoin might help the Turkish economy by reducing currency weakness and high inflation”, the CTO adds.

The Bitcoin users in Turkey might be a small community in the present, but BTCTurk promises to make it easier for people to adopt cryptocurrency in the country. So we can expect to see some growth and evolution. If you want to know more about BTCTurk you can either check the exchange website or visit their official forum.

Via coindesk.com