Unlike major fiat currencies such as the US dollar, British pound, Turkish lira, and others, Bitcoin is a decentralized virtual currency. It operates outside the control of regulatory authorities such as central banks or government watchdogs.
Because of its decentralized nature and other advantages, The popularity of Bitcoin has grown almost immeasurably over the years. Many people now want to invest in it or at least learn more about how it works. To buy BTC in Istanbul, you will first need to know a few crucial facts to have an easy time.
Here are some of the main things to have in mind as you buy your Bitcoin in Istanbul:
Choose the best method to buy Bitcoin
There are several ways you can buy BTC in Istanbul, and it is up to you to select the most appropriate one. Some of the popular methods to buy BTC include using Bitcoin exchanges, using Bitcoin ATMs, and using peer-to-peer exchanges.
Given how many exchanges and P2P platforms there are in the Turkish capital city that you can use to buy your BTC, you need to pick the one that works best for you. Some things to look for as you choose a method to buy Bitcoin include:
- Transaction fees
- Reputation and users’ reviews
Confirm your identity
Most exchanges will require you to verify your identity as you buy BTC in Istanbul. Confirming your identity involves submitting documents, such as a government-issued ID, that help to verify your details, such as name, address, and others.
However, if you want to buy BTC in Istanbul anonymously, you could do so using methods that do not require you to disclose your details.
For example, you can buy directly from people around you or to whom you have been referred and use cash. If you go down this route, you must be cautious to avoid being scammed.
Check the means of payment
Another crucial thing as you buy BTC in Istanbul is connecting your preferred payment method, The options available will depend on how you have chosen to purchase your digital coins. Payment options often include credit and debit cards, bank transfers, online wallets such as PayPal, and even fiat currencies. You need to consider how fast a payment method is when you choose one because some ways take longer than others before the recipient receives the funds. An excessive transfer time may delay the transaction. With cash, the transaction is instant, so you can use exchanges allowing crypto enthusiasts and investors to walk in and transact securely. Also, crypto ATMs accept cash, so you can use them.
Buy your bitcoin and store them securely
Completing your BTC purchase is pretty simple once you provide or connect your payment method. If you are buying through a crypto exchange or a Bitcoin ATM, you need to follow simple steps and you will get your BTC in your wallet. After you buy BTC in Istanbul or elsewhere, ensure you store them securely in a wallet. The best option is to use offline storage such as a paper wallet or a hardware wallet. Keep most of the coins this way and only a small portion in online wallets. Online wallets could be hacked, and you lose your assets, so use the most secure and trusted wallets to be sure you have less risk of losing your virtual coins.
It is easy to buy BTC in Istanbul following the above tips. You need to choose the most convenient method for you to buy, validate your identity, connect a payment method, complete the purchase, and finally store your assets in secure storage.