Bitcoin Adoption in Turkey Grows Stronger

[taufik123]

When looking at the X.com (Twitter) page today, I found a video from one of the female Crypto Traders, Eunice D Wong.
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.


https://twitter.com/Eunicedwong/status/1692985505892225498

Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.

Meanwhile, Turkish people are increasingly converting Lira into USD  or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years

https://cryptopotato.com/crypto-trading-volume-in-turkey-surges-as-local-currency-plunges/

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/

[yazher]

Looks like they took this initiative when they were bombarded by sanctions from the US because they cannot just let their businesses die when they know there is an alternative that they can use to stable their income. honestly, this is one of the positive effects of bitcoins where other countries cannot kill their national currency whenever they wish because bitcoins will always be there to save them from that. If only fewer people would doubt it, we would see good results just like this one and wherever you look when you are downtown, you will often see those cryptos accepted here signs.

[panganib999]

Only makes sense after what the US did to them economically. They'd have to look for ways to still get access to monetary aids and all that stuff else every Turk will die from starvation. This is a good thing especially if this keeps up as it would signify that no country will need the backing of any international standard currency to survive, and everything is a lie up to this point to control countries and governments into subservience to a "more powerful country" like the US and China. In El Salvador stuff is not looking that good, things could be different with Turkiye as the situation called for it.

[bittraffic]

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Looks like it. It's not so strange to hear any more of this kind of story. There are other countries with high inflation also where the citizens are starting to use crypto namely Argentina which OP gave in the 2nd link. It however may not make sense if BTC also dives deeper so it's not going to save them if crypto continues its bear market down to 20k.

I just watch the video and they are accepting not just BTC, including TRON. If they trade it to their local currency right after receiving BTC though, it would be pointless.

[Ale88]

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Looks like it. It's not so strange to hear any more of this kind of story. There are other countries with high inflation also where the citizens are starting to use crypto namely Argentina which OP gave in the 2nd link. It however may not make sense if BTC also dives deeper so it's not going to save them if crypto continues its bear market down to 20k.

It's the only way they have to protect their money. Even if they are able to exchange the local lira or peso (depending on the country we are talking about) they are still getting a currency that is losing value day after day. Bitcoin is really the only option they have, of course there is the volatility problem for the moment, if the future I'm sure bitcoin will be more stable.

[stompix]

Looks like they took this initiative when they were bombarded by sanctions from the US

When did "bombardment" happen?

Only makes sense after what the US did to them economically.

Oh, funny, you didn't know what to say so you thought of repeating what the other guy who also didn't have a clue abut the subject, right?
So, let's hear it, what did the US do to them economically? Care to give one example?

She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

This is what happens when the crew decides the script for wanna-be influencers, stupid girl didn't even know she was in Cyprus not Turkey!
LE:
But as usual, nobody cares, everyone reads the title, look a bit at her boobs then become for 4 lines of quota post experts in international economomics!

[uneng]

The fact inflation is hitting hard may be a good reason behind the sudden increasement in Bitcoin adoption rates in Turkey. The same has been already observed in another countries like Venezuela and Nigeria, so we can see it's a global phenomenon, which is present in different continents around the globe.

What I think interesting on these cases is that we are seeing Bitcoin supplying a real necessity faced by people. It's the real usecase many talk about, but can't connect it to cryptocurrencies, assuming they are just speculative assets. However, they are wrong, as Bitcoin is being useful on the daily life of many citizens living in countries troubled by economical crisis.

[Agbe]

This is not an old news but the update of Twitter is new and I may say yes for the inflation, because the US dollar is rising above the fiat currencies day and night and the cost of living is unbearable and poverty is increasing everyday, so good governments are looking for an alternative ways to sustain their economy. And bitcoin is one of the best alternative for that, so those countries leaders who understand the value of bitcoin adopt it to sustain their economy. Using bitcoin with local currency will make the economy more stronger. US dollar has weakened many currencies in the third world countries.

[EFS]

She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

https://twitter.com/Eunicedwong/status/1692985505892225498

Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.

Meanwhile, Turkish people are increasingly converting Lira into USD  or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years

First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.

Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.

[The Cryptovator]

First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.

It's disappointing that Turkey isn't behind this adaptation. I was pleased to see updates suggesting Turkey's positive stance on Bitcoin. Allowing Bitcoin transactions in shopping malls would've been a smart move, but it's unfortunate to learn that Turkey doesn't permit it. I'm uncertain about their crypto regulations, but based on what I know, it's puzzling why governments, including mine, are against Bitcoin despite its potential economic benefits. Their concerns about money laundering are raised, even though it's challenging to prevent in both digital and traditional currencies.

[SamReomo]

She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

https://twitter.com/Eunicedwong/status/1692985505892225498

Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.

Meanwhile, Turkish people are increasingly converting Lira into USD  or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years

First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.

Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.

I think the Türkiye is still allowing the markets or bazaars to accept Bitcoin payments. The grand Bazaar which is one of the oldest malls of Türkiye located in Istanbul city seems to be accepting Bitcoin payments as well as other crypto-currency payments from its customers.

I have also heard that the Turks (people who live in Türkiye,) are converting Lira to Bitcoin at that mall because they want to avoid banks and I think which is something everyone will do if they get chance like that. I'm not sure about the picture of the girl, but I think OP is correct.

I'm not sure about other malls but at the time The Grand Bazaar mall is accepting Bitcoin payments and soon there will be other malls which will be accepting the crypto-currency based payments.

Source

[EFS]

I think the Türkiye is still allowing the markets or bazaars to accept Bitcoin payments. The grand Bazaar which is one of the oldest malls of Türkiye located in Istanbul city seems to be accepting Bitcoin payments as well as other crypto-currency payments from its customers.
I have also heard that the Turks (people who live in Türkiye,) are converting Lira to Bitcoin at that mall because they want to avoid banks and I think which is something everyone will do if they get chance like that. I'm not sure about the picture of the girl, but I think OP is correct.
I'm not sure about other malls but at the time The Grand Bazaar mall is accepting Bitcoin payments and soon there will be other malls which will be accepting the crypto-currency based payments.

No, it's illegal to use Bitcoin in selling goods and services. Any of the shop that say they accept crypto payments is breaking the law.
Bitcoin trades are not illegal. You can buy and sell crypto currencies in both online and physical exchanges.

On 16 April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including Bitcoin, directly or indirectly, to pay for goods and services.
Source

[macson]

snip

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/

actually it's not the adoption of bitcoin in Turkey that drives the inflation of their country's currency but when there are issues of inflation going to happen, people flock to protect the money they have by buying bitcoin and when the economy returns to normal they will definitely return to converting the bitcoin they have with their country's currency, but if this continues to happen en masse in various countries that will experience inflation, then the value of bitcoin will continue to rise, people will increasingly believe that bitcoin is a protective asset from inflation cmiiw

[Hamza2424]

When looking at the X.com (Twitter) page today, I found a video from one of the female Crypto Traders, Eunice D Wong.
She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

__SNIP___

Hmm, Interesting more or less in the pro-crypto countries most of the Malls and Retailers accept Bitcoin as their payment mode to grab attention. In UAE particularly. Turkey's policies on the crypto market are not that good enough to consider it Pro-crypto. Even in my country where most of the population is in Villages until now the Grand generation and Parent generation are still not familiar with Bitcoin maybe they just heard of it as digital currency from their children.

Even there as well in cities I can easily find a store or conceive a retailer for Bitcoin payment even if it will be hard but possible to find already exiting Bitcoin payment for the goods. The adoption or growth will be considered when the treasury bill or any government institute level Bill will recognize Bitcoin as a tender.

[Lida93]

snip

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Source: https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/

actually it's not the adoption of bitcoin in Turkey that drives the inflation of their country's currency but when there are issues of inflation going to happen, people flock to protect the money they have by buying bitcoin and when the economy returns to normal they will definitely return to converting the bitcoin they have with their country's currency, but if this continues to happen en masse in various countries that will experience inflation, then the value of bitcoin will continue to rise, people will increasingly believe that bitcoin is a protective asset from inflation cmiiw

In this scenario now it's only favours those that have much to spend probably the rich in protecting the value of their money by buy bitcoin holding while waiting for the inflation to dissipate but for those low income earners that can't afford to feed or provide certain basic needs with their income let alone having extra amount of money to buy bitcoin to maintain value for their money.  The idea is that you can be able to buy and hold with time when you have something left to hold onto while holding. So I can only imagine the living conditions of those with financial insufficiency which hinders them from taking the opportunity with bitcoin under his inflation period.

[n0ne]

The government have failed and people lost their hope. Now the only choice is to secure what is available with them than losing those earnings. The best choice available is the investment on bitcoin. Turkish people have begun to do it and this isn't too late. However the government needs to take some measures at the earliest, if not situation would go even worse. Job losses have reached the peak and I'm sure this could create problem within the country beyond the ongoing inflation. Slowly in the regions where inflation have hit hard people have begun to take a strong decision to stay with bitcoin which makes them stronger than holding fiat.

[l99l]

She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

https://twitter.com/Eunicedwong/status/1692985505892225498

Bitcoin adoption is growing faster because Turkey is experiencing Hyperinflation of 57.7% and that is quite high.

Meanwhile, Turkish people are increasingly converting Lira into USD  or gold as the currency has lost 90% of its value since 2008.
According to Cryptopotato's report, Bitcoin and Tether have been the most popular trades against the Lira over the past three years

First, the official name is Türkiye, not Turkey. Second, shopping malls can't accept Bitcoin because it's forbidden by law since 2021.
The video looks like from Cyprus, not Türkiye. They are a different country so they have different law about crypto.

Inflation is the biggest problem in Türkiye currently. Obviously more people are interested in Bitcoin. Adoption rate is pretty good but government don't take right steps. They don't even realize how important this is, they miss a huge chance for the country.

I think the Türkiye is still allowing the markets or bazaars to accept Bitcoin payments. The grand Bazaar which is one of the oldest malls of Türkiye located in Istanbul city seems to be accepting Bitcoin payments as well as other crypto-currency payments from its customers.

I have also heard that the Turks (people who live in Türkiye,) are converting Lira to Bitcoin at that mall because they want to avoid banks and I think which is something everyone will do if they get chance like that. I'm not sure about the picture of the girl, but I think OP is correct.

I'm not sure about other malls but at the time The Grand Bazaar mall is accepting Bitcoin payments and soon there will be other malls which will be accepting the crypto-currency based payments.

Source

The licenses of Bitcoin currency exchanges in the grand bazaar are actually arranged according to the cover on gold, jewelry, and they can provide this service because it is covered in a way that is prohibited. There would be more Crypto-currency Exchange offices in shopping centers or on the streets, there would be cafes, there would be more buying and selling because naturally, due to inflation, the adaptation to Bitcoin in Turkey has been adopted by a large audience and they want to use this valuable digital money to spread it to more people, but the laws are not allowed for now. does not give.

In the past, when there were no crypto money laws in effect, there were cafes and businesses that accepted bitcoin.

[Bananington]

She was in Turkey and saw how the shopping malls there accept Bitcoin payments and Bitcoin is growing rapidly there.

Turkey now correctly spelled as Türkiye.

So, will Inflation be one of the driving factors for Bitcoin adoption in other countries?

Not only inflation, there will be other factors predictable and unpredictable that will drive and promote rapidly the adoption of bitcoins. Inflation has just proven itself to be one of those factors.

[Best-mary]

That's a pretty good move, taking an alternative to avoid their currency falling drastically that much. Sooner or later, some country leader would understand the worth of Bitcoin one way or the other. El Salvador is already teaching their youth how to send bitcoin and some exchanges have also organised a builders program, ready to teach youth from different countries bitcoin and crypto as a whole

[PX-Z]

A single good news for several days of bad news is a good sign for Bitcoin to bounce back or not to dive deeper lol.

About turkey having bitcoin as an alternative to their currency theory is not so long to be a possibility. It could be, chances are high if US is pushing them to their limits.