TURKISH LIRA : FALLS AND TAKES- OFFS AND FALLS AGAIN

Very soon the project of cross-border money transfers in AraneoBit tokens will be launched in Turkey . Today we’ll talk about whether it’s necessary for Turkish people and why .

PIASTRES, PIASTRES !

Who of us doesn’t have a blouse or shirt which is «made in Turkey»?

Throughout it’s long history, Turkey has always been a country of trade, and therefore not poor . Means of payment for goods appeared here quite early .Until 2500 BC there was cattle as money.

Later in Cappadocia people began to use silver bars as money .

Actually coins appeared in the 7th century BC and they were minted by Lydian ruler Croesus .

In the 14th century with the formation of the Ottoman Empire, the monetary unit on the territory of the state becomes akche .

Thereafter the Sultan Mehmet input a coin called «pair », then Sultan Suleiman input "Turkish Kurush " coin , which in Europe is called the piaster and  Abdullah Majid put into  circulation beslic,allylic,iclic,jaslok ……However with all these coins were same problems - not enough precious metals in theirs’ compositions.

But importantly very unstable was the composition - first gold and silver in coins, and then copper and copper . And if there was  not enough gold in a coin, then the price of such coin was lower.

Anyway, no matter how much money is  introduced, the purchasing power of this does not increase, only inflation increases.

That is why at Sultan Suleiman times were appreciated foreign gold and silver coins .

HOW TURKISH LIRA GOT INTO THE GUINESS BOOK OF RECORDS

Finally in the middle of 19 th century appears lira ( ottoman) .

This coin consists from gold,keeps the gold standards and is equal to one hundred Kurush. So it seems to be a «happy end » with the story of coins, but no , the story continues .

In 1920 ,with the fall of the Ottoman Empire, the Turkish Lira is produced in paper form . Exactly at that times , the image of Mustafa Kemal Ataturk - the first President of Turkey , appears on Turkish money . Of course Turkish people remember about inflation , so they try to snap the paper lira to British pound, then to French franc and finally to American dollar .

So here the story continues …….

In 1947 ,Turkey becomes  a member of the International Monetary Fund ( IMF ) . Imports grows,but exports don’t keep up.

During some time, the state is holding back the Lira against the dollar , but then stopped doing it. And the story continues again…

In 1970s they gave for 1$ 9 liras , in 80s - 200 liras , in 90s - 2000 liras. Finally the Turkish Lira to into Guiness Book thanks to the the banknote with the highest denomination in history - 1 350 000 . Everybody in country , from young to old people become millionaires . And again people start to have and use foreign money - dollars .

NEW TURKISH LIRA

In 2005 Turkey decide to make a  proven solution and  input lira again . But new lira,without 6 zeros . Right like we know lira now.

Sure we can find an image of Ataturk on it , but besides also an image of historian Aydyn Saityly ,mathematician Jahit Arfa  ,architect Mimar Kemaletdin, composer Buzurizade Itri and other Turkish sages.

The new Lira isn’t  tied to any other currency, its rate is floating and depends entirely on the economic situation of the country in the market.

But lately the rate is too much floating . And on Turkish markets  , like hundred years ago are appreciated foreign money : euro,dollars, rubles, hryvnia.

Seems like it already happened many years ago …

HOW TO EXCHANGE MONEY PROPERLY IN TURKEY ?

Today if you go to Turkey it’s recommended to take dollars and euros with you and exchange them there to liras when it's needed,in order not to loose money on the differences of rates. Also recommended to make money transfers in banks carefully , because the money is debited from the account only a couple of days after the transaction . There are also quite high commissions for international money transfers, Turkish banks try to include in them all possible risks. And if you want to send money to Turkey there is no confines ,you can send how much you needed dollars or euros.

GOLD PIASTRES KEEP IN BITCOINS

In such situation there are a lot of opportunities for cryptoanalysts and those who like financial technologies. CoinTelegraph says that due to the research of ING International Survey , in 2015 Turkey took the first place of acceptance of mobile banking.

Besides that there are concentrated  a huge amount of bitcoin enthusiasts ( 45 % of asked people said that they trust into  crypto currency and consider it like good  way of payment.

In 2016 the head of Central Bank in Turkey announced the creation of a working group on the introduction of cryptocurrency into the national economy.

In 2017 Turkish platforms such as Bitupcard, Lira - Bitcoin and BTCTurk took good places in the crypto market.

In September, 2017 in Ankara there were a case when the apartments were offered for sale for bitcoins . Also there was installed bitcoin machine in international airport in Stambul .

All of the above tells us that Turkish market will accept with great enthusiasm the mobile app ,which lets you make payments in bitcoins without fees, exactly such a system is offered by ARANEOBIT project .

The app can make international money transfers cheaper . The transfers in tokens hardly cause questions in Turkish society.

And p2p principe is also won’t frighten anyone, cause who of us never had  experience to negotiate with the trader to reduce the price without intermediaries ?

in short, the Turkish market is ready for innovations .