- See the traders who are selling bitcoins, just look for the traders with good feedback.
- Enter the bitcoins you want to buy and transfer the money in his or her local bank account.
- After receiving the payment, the trader will release the bitcoins.
Nowadays, everyone talks about investing in cryptocurrency and how investing in crypto will make you rich in days. The thing is people don’t know that digital currencies experienced many ups and downs in the last few years. Moreover, investing in crypto isn’t risk-free as well. Want to know how to buy Bitcoin in Pakistan? Make sure you read the whole article. We have every piece of information that you might need.
One digital currency which experienced crazy fluctuations in value in the last few years is Bitcoin. However, we will discuss these fluctuations in the value of Bitcoin later in the article.
Many people in Pakistan search about Bitcoin and how they can buy it. Firstly people search about how to buy Bitcoin in Pakistan. Secondly, they search for different digital currencies wallets. Thirdly and most importantly they ask about how they can trade Bitcoins in Pakistan.
These are some of the questions which people ask and there aren’t any definite answers to these questions available on the internet.
Therefore we will try to answer all these questions and will also try to guide you about the safer ways to buy Bitcoin in Pakistan. In this article, we will also try to give all the relevant information regarding blockchain. However, first, we will discuss what cryptocurrency is and which cryptocurrency you can buy.
Cryptocurrency
A digital or virtual currency which is protected by cryptography is called cryptocurrency. Due to this cryptography, no one can forge cryptocurrency. The cryptocurrencies are distributed networks which are based on Blockchain technology. The main thing about cryptocurrency is that it is not controlled by any central bank or authority which makes it immune to government interference.
Types of Cryptocurrency
There are different types of cryptocurrencies available in the world right now. However, Bitcoin is still the most valuable digital currency in the world. All these digital currencies have different specifications and functions.
These are some of the popular cryptocurrencies available in the world.
Blockchain
When we defined cryptocurrency we said it is based on blockchain technology and you all are wondering what blockchain is? Don’t worry we will explain blockchain too.
Blockchain is a growing list of records called as blocks which are connected using cryptography. It is kind of digital ledger which stores the record of the transaction between two parties. Blockchain is efficient and verified system. Moreover, it does not allow to modify data. In simple words, it is an open and distributed digital ledger which you cannot modify.
As we mentioned above there are some other cryptocurrencies available in the world but Bitcoin is the most valuable and important to people all around the world. So we will focus only on Bitcoin. Here are some of the things you should know before jumping to the procedure of buying Bitcoin in Pakistan.
Bitcoin
As we have discussed all the details about cryptocurrency and blockchain, now we will discuss the main thing for which you all are here for “Bitcoin”.
Bitcoin is one of the first and most valuable cryptocurrencies in the world right now. In 2017, Bitcoin experienced skyrocketing price increase. Now 1 Bitcoin is equal to 1,446,470.09 Pakistani Rupee. There are different wallet apps you can use to store Bitcoins. Most people in Pakistan have an interest in Bitcoin only so we will tell about the different ways to buy Bitcoin and how much risk is involved in it.
Is it Legal to Buy Bitcoin in Pakistan?
On April 2018, State Bank of Pakistan banned all cryptocurrencies. They ordered all banks and monetary service providers to block all transactions of cryptocurrency. So it is not legal to buy Bitcoins in Pakistan but still, people are investing in Bitcoin. Therefore, investing in Bitcoin is not risk-free and you can get caught if you are trading Bitcoin in Pakistan.
After the ban on cryptocurrency, there is no legal exchange system in Pakistan and people are doing much of the Bitcoin trading via cash. So if you are trading Bitcoin or any other cryptocurrency in Pakistan then there is a chance Federal Investigating Agency (FIA) will catch you. So consider this risk before buying or selling Bitcoin in Pakistan.
How to Buy Bitcoin in Pakistan
There is only one exchange which is working in Pakistan and people can use it to buy Bitcoin in Pakistan. Localbitcoins.com is the only platform where you can buy and sell Bitcoins in Pakistan. To trade Bitcoins using localbitcoins.com you need to create an account on their website. Here we will provide the step by step guide for buying Bitcoin in Pakistan.
- Open Localbitcoins website and click on sign up for free.
- After that, you need to provide an email address and password to create an account.
- For the large transaction, you need to upload a scanned copy of your CNIC. If you are not going to make large transactions then you don’t need to upload it.
- After creating an account, click on buy Bitcoins.
- After that, you will see a list of Bitcoin traders. They are selling Bitcoins and you should go for the trader that has good feedback.
- Now click on buy and read all terms and conditions
- After reading it, write the number of Bitcoins you want to buy from the seller.
- Now the seller will send you the local payments details on which you have to send the local currency.
- After that, the seller will release the bitcoins. Remember you need to send money in an hour to the seller. If you don’t then the seller might dispute the trade.
- You will receive Bitcoins in your wallet.
You can sell Bitcoins as well, just click on sell Bitcoins and sell to the trader who is paying the highest amount.
Conclusion
Most people in Pakistan are trading Bitcoins via cash because of the ban on it. There was another Bitcoin trading platform urdubit but now they are not trading Bitcoins in Pakistan. It was the first Bitcoin trading platform of Pakistan. Another way to buy Bitcoin in Pakistan is face to face. You make a deal with a person face to face and in return, you give him or her payment in local currency.
To sum up, the trading of Bitcoin is still going on in Pakistan. Moreover, people are still investing in it after knowing the risks involved in Bitcoin dealing. If you want to buy or sell Bitcoin in Pakistan then you should keep in mind the repercussions of it. We tried to discuss all things related to Bitcoin and we hope all your queries regarding Bitcoin are answered in this article.
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