How to buy bitcoin in Pakistan without any hassle
Everybody talks about investing in cryptocurrency and how it will make you wealthy in a matter of days. Many people don’t know that digital currencies went through many ups & downs over the past several decades. Furthermore the investment in crypto isn't risk-free as well. Are you looking to learn how to buy Bitcoin in Pakistan? This entire article is worth studying. We've got all the details you could require.
Bitcoin is a digital currency with crazy fluctuations in its price in the past few decades. We will talk about the changes in Bitcoin's value in this article.
A lot of people in Pakistan search for Bitcoin. First, they search for ways to purchase Bitcoin in Pakistan. They also look for digital currency wallets. They then inquire about whether they are able to trade Bitcoins in Pakistan.
Here is a method to How to buy bitcoin in Pakistan free easy method
These are the questions people often are asked. Unfortunately, there aren't any definitive answers.
We'll be able to answer your questions and guide you on safer methods to purchase Bitcoin in Pakistan. We'll also try to provide all the relevant information about blockchain in this piece. Let's begin by discussing cryptocurrency and the cryptocurrency you can purchase.
Cryptocurrency
A cryptocurrency is a type of digital currency that is protected by cryptography. The cryptography prevents it from being able to create cryptocurrency. Blockchain technology powers the networks of distributed computers that comprise cryptocurrency. The best thing about cryptocurrency is that it cannot be controlled by any central bank, authority or the government. This makes it unaffected by government intervention.
Different types of cryptocurrency
There are a variety of cryptocurrencies that exist right today. Bitcoin is still the most important digital currency around the world. These digital currencies all have different functions and specifications.
These are only a few of the most popular cryptocurrency options that are available.
This is the image for different virtual coins.
Blockchain
We define cryptocurrency as a technology that uses the blockchain technology. You may be asking yourself what is blockchain. Don't worry, we'll explain blockchain.
Blockchain is a growing set of records called as blocks that are linked using cryptography. It is a ledger that can be digitally stored that stores records of transactions between two people. Blockchain is a validated and reliable system. Furthermore, blockchain does not allow for data modification. In simple words, it is an open and distributed digital ledger which you cannot modify.
Banner image of the advertisement that promotes blockchain technology.
Although there are many other cryptocurrency, Bitcoin is still the most important and valuable for people around the globe. We will focus on Bitcoin. Here are a few points to consider before jumping to the procedure of purchasing Bitcoin in Pakistan.
As we have discussed the various aspects of cryptocurrency and blockchain, now we will discuss the main aspect that you are here for "Bitcoin".
Bitcoin is one of the first and most important cryptocurrencies around the globe at the moment. Bitcoin prices rose sharply in 2017, with Bitcoin experiencing a record-breaking year. Today 1 Bitcoin is equal to 1,446,470.09 Pakistani Rubles. There are a variety of wallet applications that you can download to keep Bitcoins. The majority of people in Pakistan are interested in Bitcoin. This article will explain the different ways to purchase Bitcoin and the risks involved.
Is Bitcoin legal to purchase in Pakistan?
On April 2018 State Bank of Pakistan banned all cryptocurrencies. They instructed all banks and monetary services providers to ban all cryptocurrency transactions. Although it is not legal in Pakistan to buy Bitcoins, there are still people who invest in Bitcoin. So, investing in Bitcoin is not risk-free and you could be arrested if you trade Bitcoin in Pakistan.
There is no official cryptocurrency exchange platform in Pakistan. The majority of people are trading Bitcoin through cash following the ban. So if you are trading Bitcoin or any other cryptocurrency in Pakistan then there is a chance Federal Investigating Agency (FIA) could be able to catch you. Before you purchase or sell Bitcoin in Pakistan be aware of these dangers.
An infographic showing how the people navigate through the process of trading coins or buying bitcoin in Pakistan
How do I buy Bitcoin in Pakistan
One exchange is available in Pakistan. People can use it for Bitcoin purchase in Pakistan. Localbitcoins.com allows you to buy and sell bitcoins in Pakistan. Sign up on localbitcoins.com to begin trading Bitcoins. Here is the guideline for buying Bitcoins in Pakistan.
Click Sign Up to be notified of Localbitcoins at no cost.
A password as well as an email address will be required to create an account.
You will need to scan a copy your CNIC to be able to submit large transactions. If you're not planning to conduct big transactions, you don't need to upload your CNIC.
After creating an Account After registering, click Buy Bitcoins.
You will then see a list with Bitcoin traders. These traders are selling Bitcoins. You should select the one with positive reviews.
Now click on buy and then read the terms and conditions.
After you have read it, note the number of Bitcoins you wish to buy from the seller.
The seller will then send you information regarding local payments.
After that, the seller will then release the bitcoins. Make sure to pay within one hour of receiving the payment to the seller. The seller may contest the transaction in the event that the funds are not sent within an hour.
You will receive bitcoins in your wallet.
Screenshot of localbitcoins.com
You can sell Bitcoins too, simply click on sell Bitcoins and sell to the person who is paying the highest amount.
Conclusion
Because of the ban, the majority of people in Pakistan trade Bitcoins using cash. Urdubit was a Bitcoin trading platform but they have stopped trading Bitcoins in Pakistan. It was Pakistan's first Bitcoin trading platform. Face-to-face is another way to buy Bitcoin in Pakistan. Face-to-face agreements are struck with individuals and you then offer the buyer cash in local currency.
cryptocurrencies
Thus, Bitcoin trading continues in Pakistan. People still invest in Bitcoin even knowing the potential risks. Be aware of the consequences of buying or selling Bitcoin in Pakistan. We have attempted to cover all aspects that is related to Bitcoin. We hope that this article will answer all your queries regarding Bitcoin.