How to buy bitcoin in Pakistan without hassle
Today, everyone is talking about cryptocurrency and how investing will make it rich. Many people don’t know that digital currencies went through many ups & downs over the last few decades. The risk of investing in cryptocurrency is not low. How do I buy Bitcoin in Pakistan This entire article is worth studying. We provide all the information that you may require.
Bitcoin is a digital currency that has seen a lot of volatility in its price in the past few decades. We'll discuss the fluctuations in Bitcoin's value later in this article.
A lot of people from Pakistan search for Bitcoin and how they can buy it. Firstly people search about how to buy Bitcoin in Pakistan. They also look for wallets that accept digital currencies. 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 some questions that people frequently are asked. Unfortunately, there aren't any definitive answers.
We'll answer all your questions and direct you to safer ways to buy Bitcoin in Pakistan. We will also provide the entire information related to blockchain in this post. However, first, we will discuss the definition of cryptocurrency and what digital currency you can purchase.
Cryptocurrency
Cryptography is the term used to describe digital currency, also known as virtual currency, that is encrypted and protected. Because of this, no one can forge cryptocurrency. Blockchain technology is used to build cryptocurrency. The most important characteristic of cryptocurrency is the fact that it doesn't have a central bank or other authority, which makes it inaccessible to government officials.
Different types of cryptocurrency
There are many kinds of cryptocurrency that are available now. Bitcoin is still the most popular digital currency around the world. Different functions and specifications are offered for all of these digital currencies.
They are among the most well-known cryptocurrencies in the world.
This is the image for different virtual coins.
Blockchain
We used blockchain technology to define cryptocurrency. No worries, we'll also describe blockchain.
Blockchain is a collection of records, also known as blocks, that are linked through cryptography. It's a type of ledger digital that tracks the exchanges between two parties. Blockchain is a safe and reliable system. It does not allow data to be modified. It is, in simple words, an open and distributed open digital ledger that you can't alter.
Banner image of the concept blockchain technology.
Although there are many other cryptocurrency around the globe, Bitcoin is by far the most important. We will focus on Bitcoin. Before you jump to buying Bitcoin in Pakistan, these are some points to consider.
As we have discussed the various aspects of blockchain and cryptocurrency, today we will focus on the most important aspect that you are here for "Bitcoin".
Bitcoin is among the most sought-after cryptocurrencies right now. In the year 2017, Bitcoin experienced skyrocketing price rise. One Bitcoin is now worth 1,446,470.09 Pakistani dollars. You can store Bitcoins using various wallet applications. We will discuss the various ways you can purchase Bitcoin in Pakistan and the risk it entails.
Is it Legal to Buy Bitcoin in Pakistan?
All cryptocurrency was prohibited by the State Bank of Pakistan in April of this year. All banks and financial service providers were ordered to stop all cryptocurrency transactions. It is therefore not legal to buy Bitcoins in Pakistan but still, people invest in Bitcoin. You can be arrested if you trade Bitcoin in Pakistan. Making investments in Bitcoin is extremely risky.
Since the prohibition of cryptocurrency was lifted there's no legal framework to trade in Pakistan. A lot of traders trade Bitcoin with cash. If you're trading or selling Bitcoin, or any other cryptocurrency in Pakistan The Federal Investigating Agency may catch you. Consider this risk before you sell or buy Bitcoin in Pakistan.
An infographic that explains how the people in Pakistan exchange bitcoins or the best way to purchase bitcoins.
How To Buy Bitcoin in Pakistan
There is one exchange which is working in Pakistan and users can use it to buy Bitcoin in Pakistan. Localbitcoins.com, the only place that allows you to trade and purchase Bitcoins in Pakistan is their platform. You must sign up on their site to exchange Bitcoins using localbitcoins.com Here is the guideline for buying Bitcoins in Pakistan.
Go to Localbitcoins on their website and click on the Register button to sign up for your account for free.
To sign up for an account, you'll need an email address and a password.
For large transactions, you will need to upload a scan of your CNIC. It is not necessary to upload your CNIC if do not plan to make large transactions.
After creating an account, click to purchase Bitcoins.
Then, you will be able to see a list of Bitcoin traders. You should choose the trader with positive feedback as they are selling Bitcoins.
Click on Buy now to read the entire terms and conditions.
After reading it, enter the Bitcoin amount that you wish to purchase from the seller.
The seller will now send you the information about local payment options that you have to make in the local currency.
The seller will hand you the bitcoins. Don't forget to send money within one hour of receiving the payment to the seller. If you don't, the seller may not accept the trade.
You will receive Bitcoins in your wallet.
Screenshot taken from the website localbitcoins.com
You can also sell Bitcoins. Click Sell Bitcoins to sell Bitcoins to the person who is who will pay the highest price.
Conclusion
Due to the ban, most people in Pakistan are able to trade Bitcoins with cash. Urdubit was a Bitcoin trading platform, but they no longer trade Bitcoins in Pakistan. It was the very first Bitcoin trading platform in Pakistan. Face-to-face is another method to purchase Bitcoins from Pakistan. Face-to-face deals permit you to enter into a deal and then, in return, you receive the payment in local currency.
cryptocurrencies
In summary, Bitcoin trading in Pakistan continues to be a popular activity. Many people continue to invest in Bitcoin despite being aware of the risks associated with it. If you want to buy or sell Bitcoin in Pakistan then you should keep in mind the repercussions of doing so. We attempted to cover everything connected to Bitcoin and we hope all your queries regarding Bitcoin are addressed in this article.