Easy and free way to buy bitcoins in Pakistan
Nowadays, everyone talks about investing in crypto and the ways that investing in cryptocurrency will make you rich in days. Many people don't know that digital currencies have experienced many ups, downs over the last few years. Also, crypto investing is not risk-free. Want to know how to purchase Bitcoin in Pakistan? Read the whole article. We provide all the information that you might need.
Bitcoin is one digital currency that has experienced extreme volatility in its value over the past few years. However, we will examine these changes in the worth of Bitcoin in the next article.
Many people in Pakistan search for Bitcoin. Firstly people search about how to buy Bitcoin in Pakistan. In addition, they look for various digital currency wallets. They also ask what bitcoins can be traded in Pakistan.
Here is a method to How to buy bitcoin in Pakistan free easy method
These are some of these questions, however there aren't any definite answers available on the internet.
We'll be able to answer all your questions and will also guide you on safer methods of buying Bitcoin in Pakistan. This article will give you the entire information about blockchain. We will begin by discussing cryptocurrency and which cryptocurrency can be bought.
Cryptography is used to protect digital currency or virtual currency. This cryptography makes it impossible to create cryptocurrency. Blockchain technology is used to create cryptocurrencies. The key feature of cryptocurrency is the fact that it does not have any central bank or authority, which makes it inaccessible to government officials.
Types of Cryptocurrency
There are a variety of cryptocurrencies on the market right moment. Bitcoin is the most sought-after cryptocurrency in the world. Different specifications and functions are offered for all one of these currencies.
They are among the most popular cryptocurrency around the globe.
This is the image for various virtual coins.
When we defined cryptocurrency we said it is based on blockchain technology. If you are wondering what blockchain is? No worries, we'll also describe blockchain.
Blockchain is a growing set of records, also known as blocks that are linked by cryptography. It's a kind of digital ledger that records the exchanges between two people. Blockchain is a reliable and a verified system. It doesn't permit data modification. It is simply an open digital ledger, which you can't modify.
Image of the banner of of blockchain technology.
As we have mentioned earlier, there are other cryptocurrency that are available around the globe, however Bitcoin is the most important and valuable to people all around the world. So we will focus only on Bitcoin. Before you decide to purchase Bitcoin in Pakistan, these are some points to consider.
After we've reviewed all the details regarding blockchain and cryptocurrency Let's move on to the core reason why you all came here to "Bitcoin".
Bitcoin is one of the first and most important cryptocurrencies around the globe at the moment. Bitcoin prices soared in 2017 because of its high value. One Bitcoin now equals 1,446,470.09 Pakistani dollars. You have a number of options to store Bitcoins. There is a lot of attention to Bitcoin in Pakistan. Here are the options to purchase Bitcoin, and the risk.
Is it legal to purchase Bitcoin in Pakistan?
All cryptocurrency was banned by the State Bank of Pakistan in April of this year. They also ordered all banks to block all cryptocurrency transactions. Although it is not legal in Pakistan to purchase Bitcoins, there are still people who invest in Bitcoin. Therefore, investing in Bitcoin is not risk-free and you can get caught if you are trading Bitcoin in Pakistan.
There is no official cryptocurrency exchange system in Pakistan. People are primarily trading Bitcoin through cash following the ban. If you're selling or trading Bitcoin or other cryptocurrency in Pakistan The Federal Investigating Agency may catch you. This is why you should be aware of the risks when buying or selling Bitcoins in Pakistan.
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
There is only one exchange which is working in Pakistan and users can use it to buy Bitcoin in Pakistan. Localbitcoins.com is the only platform where you can purchase and sell Bitcoins within Pakistan. To trade Bitcoins on localbitcoins.com you must sign up for an account on their site. This is the procedure for buying Bitcoins in Pakistan.
Click on the sign up link on Localbitcoins.
You will then need to enter an email address and password to create an Account.
To make large transactions, you'll need to upload a scan of your CNIC. If you don't intend to make large transactions then there is no need to upload the CNIC.
After creating an account, click to buy Bitcoins.
The next step is to see a listing of Bitcoin traders. They sell Bitcoins, so you should choose a trader that has positive reviews.
Click "Buy" to go through all conditions and terms
After reading it, you can enter the Bitcoin amount you would like to buy with the seller.
Now, the seller sends you the details about local payment.
After that, the seller will release the bitcoins. Don't forget to send money within one hour of receiving the payment to the seller. The seller could contest the transaction if the money is not received within the hour.
You will receive Bitcoins in your wallet.
Screenshot from the website localbitcoins.com
You are also able to trade Bitcoins. Simply click the sell Bitcoins button and you'll be directed to the trader who is offering the highest commission.
The ban on Bitcoin trading in Pakistan has led to most Pakistanis transferring bitcoins using cash. Urdubit was another Bitcoin trading site, but they've shut down trading Bitcoins in Pakistan. It was the first Bitcoin trading platform in Pakistan. Face-to-face buying Bitcoin in Pakistan is another option. Face-to-face transactions allow you to make a deal and then, in return, you receive the payment in local currency.
As a summation, Bitcoin trading in Pakistan continues to be an extremely popular business. Moreover, people are still investing in Bitcoin despite knowing the risks associated with Bitcoin trading. Be aware of the dangers that come with buying and selling Bitcoin in Pakistan. We attempted to cover everything connected to Bitcoin and we hope that all your queries regarding Bitcoin are answered in this article.