Bitwala has taken notice of the PayPal debacle in Turkey and launched an initiative to provide a different type of financial service to citizens. The company offers free bank transfers and Bitcoin debit cards for a limited time.
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PayPal Pulls Out
PayPal announced they would no longer offer their services in Turkey as of June 6, 2016. This news came as quite a shock to everyone, especially when learning the Turkish financial regulator BDDK did not renew the license. At this time, it remains unclear as to whether or not the online payment processing company will try to make a return in the future.
What this news means is how hundreds of thousands of users are without a convenient solution to send and receive money online. PayPal is a leader in the online payment industry, but they are also in full control of who can use the service and where. Shutting down the service in Turkey is a clear example of the power this company holds.
Bitwala Opportunity in Turkey
But at the same time, events like these present an excellent opportunity for Bitcoin. Bitwala, one of the many Bitcoin companies around the world, has extended a special offer to all Turkish citizens. All Turkish users of the Bitwala platform can enjoy free bank transfer, as well as obtain a free Bitcoin debit card. Simply use the code “turkishdelight” when signing up.
The way Bitcoin debit cards work is very similar to a traditional payment card. One big difference is how Bitwala users fund their balance with Bitcoin itself, which can be bought from an exchange. Turkey has BTCTurk as one of the leading exchange platforms, and there is LocalBitcoins as well.
Bitwala also lets users pay for goods and services with Bitcoin directly, even if the recipient only accepts a bank transfer. For a limited time, the company will offer zero-fee bank transfers to other users, as long as the account owner resides in Turkey. Moreover, making ATM withdrawals through the Bitcoin debit card will not be subject to additional charges either.
Bitcoin is Financial Freedom For All
What makes Bitcoin vastly different from traditional online payment solutions is how the user is always in full control of their funds. Companies such as PayPal act as an intermediary, which holds on to user funds and decides who can or can not send money to specific individuals or regions.
Due to its global availability and decentralized nature, Bitcoin is a far better choice compared to other financial means. There are no banks involved, and no one needs permission from their government to make use of Bitcoin either. The popular cryptocurrency never asked for permission; it is here, and it will not go away anytime soon. In fact, 45% of citizens feel Bitcoin is the future of money and payments in the country.
What are your thoughts on this Bitwala initiative? Will it help boost Bitcoin awareness in Turkey? Let us know in the comments below!
Images courtesy of Bitwala, Shutterstock, finshaggy.blogspot.com