Everyone is now talking about investing in cryptocurrencies and making you richer in days by investing in cryptocurrency. However, people don’t know that digital currencies have seen a lot of ups and downs in recent years.
Bitcoin is one digital currency that, in recent years, has seen crazy changes in value. However, these variations in Bitcoin’s value will be discussed later in the article.
In Pakistan, many people search for and buy Bitcoin. First of all, people in Pakistan are searching for how to buy Bitcoin in Pakistan. Secondly, you are searching for different wallets with digital currencies. Third, and most importantly, they ask if Bitcoins can be traded in Pakistan.
These are among the questions people ask, and no definite answers are available to these questions.
Therefore, we will try to answer any query and try to guide you safely and easily to buy Bitcoin in Pakistan. In this post, we will also provide to include all related blockchain information. First of all, we will talk about what cryptocurrency is and what you can buy.
What is Cryptocurrency?
Cryptocurrency is called a digital or virtual currency that is protected by cryptography. No one can forge cryptocurrencies due to this cryptography. Cryptocurrencies are distributed networks focused on the technology of Blockchain. The most important point about cryptocurrency is that it is not controlled by any authority or central bank that prevents interference from the government.
Types of Cryptocurrency
There are now several types of cryptocurrencies in the world. Yet, Bitcoin is still the world’s most influential digital currency. These digital currencies all have different functions and specifications.
These are some of the world’s most popular cryptocurrencies.
To define cryptocurrency, we said it was based on the technology blockchain, and all of you wonder that what is Blockchain? So we will explain Blockchain now.
Blockchain is a growing collection of records called cryptographic blocks. The digital ledger that stores the trading record between two parties. Blockchain is a system that is verified and efficient. In addition, the data cannot be changed. In simple words, Blockchain is a distributed and open digital ledger that cannot be changed.
As discussed above, there are other cryptocurrencies worldwide, but Bitcoin is the most popular and valuable for people worldwide. So we are just going to focus on Bitcoin. You should be aware of anything before you jump to the procedure of purchasing Bitcoin in Pakistan.
As we have covered all the details about cryptocurrencies and Blockchain, now we will move to know for “Bitcoin.”
Bitcoin is currently one of the world’s first and most valuable cryptocurrencies. In 2017, the price of Bitcoin has risen sharply. Now, 1 Bitcoin is a 1,446,470.09 Rupee of Pakistan. You can store Bitcoins with different wallet apps. Most people in Pakistan are just involved in Bitcoin, so we’ll tell you how to buy Bitcoin and the amount of risk involved.
Is it Legal to Buy Bitcoin in Pakistan?
In April 2018, all cryptocurrencies were banned by the state bank of Pakistan. All banks and financial services providers were ordered to block all crypto-monetary transactions. Therefore it is not legal in Pakistan to buy Bitcoins, but people still invest in Bitcoin. So investment in Bitcoin is not free of risks, and if you trade Bitcoin in Pakistan, you can get trapped.
There is no legal way to exchange it in Pakistan following the ban on cryptocurrency, and people trade Bitcoin a lot via cash. There is a risk that the Federal Investigating Agency (FIA) will catch you if you trade Bitcoin or any other encryption currency in Pakistan. Consider this risk in Pakistan before you buy or sell Bitcoin.
How to Buy Bitcoin in Pakistan
There is only one exchange that works in Pakistan, and it is available to people in Pakistan to buy Bitcoin. The only platform you can use in Pakistan to buy and sell Bitcoins is Localbitcoins.com. You have to create an account on this website to trade Bitcoins using localbitcoins.com. This is the step-by-step guide to buying Bitcoin in Pakistan.
- Open the website of Localbitcoins and sign up for free.
- You must have a password for setting up an account with an e-mail address.
- A scanned copy of your CNIC is needed for the large transaction. You don’t need to upload it if you’re not going to make large transactions.
- Click Bitcoins to buy after you have created an account.
- You can see a list of traders of Bitcoin. You sell Bitcoins and you can make good feedback to the trader.
- Click now on buy and read all conditions.
- Write the Bitcoins number you want to buy from the seller after reading it.
- The seller now sends you the details of the local payments you are required to send the local currency.
- The seller releases the bitcoins afterward. Remember that in an hour you have to send the seller money. The seller will dispute that if you don’t.
- Now check your wallet, you will receive Bitcoins.
You may also sell Bitcoins; for this, click on the sell Bitcoins and sell to a trader who pays the highest amount.
The majority of Pakistani people trade Bitcoins in cash as a result of the ban. Another Bitcoin exchange platform was urdubit, but Bitcoins in Pakistan are not being traded. It was Pakistan’s first Bitcoin trade platform. You deal with a person face to face and pay them in local currency.
In short, the Bitcoin trade in Pakistan continues. In addition, after knowing the risks involved in the Bitcoin deal, people want to invest in it. Therefore, it would help if you kept in mind the chances of buying or selling bitcoin in Pakistan. We tried to explain all aspects of Bitcoin and hope that this article answers all your questions about Bitcoin.