2016-06-07 CJ Turkey’s Bitcoin Exchange Has Best Week of 2016 After Paypal Exit

[IanDeMartino]

BTCTurk, Turkey’s largest bitcoin exchange, has seen a significant increase in volume after Paypal announced that it would cease operations in the country.

After the news that the online payments giant would be leaving the country after it failed to get permits allowing it to operate there became public, bitcoin media and advocates immediately started to speculate if the news opened an opportunity for Bitcoin in Turkey.

The immediate effects are already becoming apparent. From May 28th to June 3rd, BTCTurk claims 4696 BTC, or roughly $2.7 million in total volume, according to BTCTurk’s Twitter page and API. That figure is higher than any previous week in 2016. The second highest figure for 2016 is April 2nd to April 8th, coming in at 4250.

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[cr1776]

This is yet another example of why p2p is the future.  No one should rely on PayPal (use Bitcoin), Twitter (use Twister), Facebook or any of the other big companies when you can avoid it.  You are at their mercy and under their thumb from the start.

[richardsNY]

This is yet another example of why p2p is the future.  No one should rely on PayPal (use Bitcoin), Twitter (use Twister), Facebook or any of the other big companies when you can avoid it.  You are at their mercy and under their thumb from the start.

More and more people are getting aware of this. It will be a very slow road to getting rid of everything that goes against our values. But you have to start somewhere...

[yayayo]

This is yet another example of why p2p is the future.  No one should rely on PayPal (use Bitcoin), Twitter (use Twister), Facebook or any of the other big companies when you can avoid it.  You are at their mercy and under their thumb from the start.

It's a bit premature to draw the conclusion that the end of the big companies is near. I agree that p2p-networking is the (or at least a desirable) future, however people will only use p2p if it's really easy to do so.

The volume increase at BTCTurk could be the result of people seeking an alternative to PayPal, but it could as well simply be due to the recent rise in BTC price or the result of speculative buying on the presumption that Bitcoin might see increased adoption after the decision. However if PayPal ceased operations in Turkey, it's also possible that BTCTurk might cease operations if the government pressures it to do so.

Although a volume of $2,7 million is nice, it is certainly just a tiny fraction of the PayPal processing volume in the country. But it's a start...

ya.ya.yo!

[cr1776]

This is yet another example of why p2p is the future.  No one should rely on PayPal (use Bitcoin), Twitter (use Twister), Facebook or any of the other big companies when you can avoid it.  You are at their mercy and under their thumb from the start.

It's a bit premature to draw the conclusion that the end of the big companies is near. I agree that p2p-networking is the (or at least a desirable) future, however people will only use p2p if it's really easy to do so.

The volume increase at BTCTurk could be the result of people seeking an alternative to PayPal, but it could as well simply be due to the recent rise in BTC price or the result of speculative buying on the presumption that Bitcoin might see increased adoption after the decision. However if PayPal ceased operations in Turkey, it's also possible that BTCTurk might cease operations if the government pressures it to do so.

Although a volume of $2,7 million is nice, it is certainly just a tiny fraction of the PayPal processing volume in the country. But it's a start...

ya.ya.yo!

I didn't say the end of the big companies is near, just that people should be using p2p to avoid the censorship and bias on the platforms etc.