Turkey is a Bitcoin investment center with experts anticipating that more investors will adopt the cryptocurrency in the coming years. Currently, many investors want to buy Bitcoin with cash in Turkey because the lira is facing a crisis resulting from a dwindling economy. But this surge comes with its own package of challenges.
If you are a crypto trader in Turkey, you might have come across some of the challenges and, perhaps, learned how to deal with them by now. For beginners, buying and selling BTC as well as other cryptocurrencies are risky activities, so you should know how to deal with some of the challenges.
That said, let us look at some of the anticipated challenges for those who buy Bitcoin in Turkey and how to deal with them.
Security Risks for Those Who Buy Bitcoin with Cash in Turkey
One of the greatest concerns expressed by people before they is whether or not they will lose it to hackers. Beginners are more prone to this danger until they learn the ropes. Hacking or scamming is common on platforms that are not legit.
The best way to deal with this is to buy or sell BTC through known platforms. Currently, there are many crypto exchanges in Turkey, both online and physical. So, choose well after research or consultation with people who have used them before.
Cryptocurrency, in general, is volatile, and Bitcoin leads in this challenge. Turkey is increasingly exposed to this challenge as more and more people trade digital assets. Before you buy Bitcoin with cash in Turkey, it is good to do some research to know the past rate trends, current rates, and anticipated rates.
Is it a good time to invest your lira in Bitcoin? Do you see the BTC value going up or down? Fortunately, it is easy to predict by looking at reviews from experts or using modern crypto prediction apps. If you are sure that you can store your money in BTC safely, then you can go ahead and buy Bitcoin with cash in Turkey.
Unclear Taxation of Those Who Buy Bitcoin with Cash in Turkey
Before you buy Bitcoin with cash in Turkey, you should know a little about the taxation of crypto activities in the country. There is a lack of clarity about the government tax regulation framework for crypto activities. This is where most of the challenges come in.
However, there is a known 20% corporation tax when people engage in exchanges. Perhaps, it is best to talk to a tax expert, especially if you want to become a regular Bitcoin trader in the country to avoid getting in trouble with the government.
Failure to Understand Bitcoin Investment
It is recommended that you stop any crypto investment if you do not understand how it works. Stop! Before you buy Bitcoin with cash in Turkey, take some time to understand how crypto works, how to trade it, and everything else.
You can get someone to train you in crypto investment. Some are just helpful seasoned investors, while others are crypto educators who charge for the service. When ready, you can now buy Bitcoin with cash in Turkey.
Do you know that you can lose a lot of money if you buy BTC through exchanges that charge a high commission? There is no regulation on how much commission Turkish exchanges should charge clients; they all set their prices independently.
So, you need to take time to check and compare different legit exchanges to see the one with the best value for the money before you buy Bitcoin with cash in Turkey. You can use a crypto calculator or live values on different platforms to understand this.
Whether you are a beginner or a seasoned crypto enthusiast, you can face any of these challenges. The most important thing is to know how to deal with them well. Now that you know, it will never be a problem again.