HOW TO PURCHASE BITCOIN IN PAKISTAN: AN EASY AND FAST METHOD

How to purchase Bitcoin in Pakistan: An easy and fast method

How to purchase Bitcoin in Pakistan: An easy and fast method

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Everybody talks about investing in cryptocurrency and how it can make you wealthy in a matter of days. Most people are unaware that digital currencies have experienced numerous ups and downs in the last few decades. It is as well risky to invest in crypto. Want to know how to buy Bitcoin in Pakistan? The whole article is worth studying. We have all of the information that you may require.

Bitcoin has been the digital currency that has seen a lot of volatility in its price over the last few decades. We will however examine the fluctuation in Bitcoin's value.

Many people in Pakistan look for Bitcoin and the best place to buy it. First, they search for ways to purchase Bitcoin in Pakistan. They also search for digital currency wallets. They also inquire about what bitcoins can be traded in Pakistan.

Here is a method to How to buy bitcoin in Pakistan free easy method

These are just a few questions that people are asked and there aren't any definitive solutions to these questions available online.

We'll be able to answer your questions and guide you to safer ways to buy Bitcoin in Pakistan. In this post, we will attempt to provide all the necessary information about blockchain. However, first, we will discuss what cryptocurrency is and which digital currency you can purchase.

Cryptocurrency

A cryptocurrency is a digital currency that is protected by cryptography. It is not possible to create cryptocurrency without cryptography. Blockchain technology powers the distributed networks that make up cryptocurrency. The most important thing about cryptocurrency, is that it doesn't need to be controlled or monitored by any government.

Types of Cryptocurrency

There are a variety of cryptocurrencies on the market right now. However, Bitcoin is still the most valuable digital currency around the globe. Each of these digital currencies has different specifications and features.

These are only a few of the most well-known cryptocurrency options available.

This is the image that depicts various virtual coins and crypto.

Blockchain

We used blockchain technology to describe cryptocurrency. You don't have to worry; we will explain the basics of blockchain.

Blockchain is a growing collection of records known as blocks. They are linked together using cryptography. It is a kind of digital ledger that keeps the records of transactions between two people. Blockchain is efficient and verified system. It does not allow data to be modified. It is, in simple terms, a distributed and open digital ledger you cannot modify.

Banner image of the banner displaying blockchain technology.

There are many cryptocurrencies out there, but Bitcoin is by far the most important and valuable. We will only be discussing Bitcoin. Before you decide to purchase Bitcoin in Pakistan, these are some points to consider.

After we've reviewed all the information about cryptocurrency and blockchain, let's get to the core reason why you came to "Bitcoin".

Bitcoin is one among the most highly valued cryptocurrency currently available. The price of Bitcoin increased by more than 80 percent in the year 2017. Today, 1 Bitcoin is equivalent to 1,446,470.09 Pakistani Rupee. Bitcoins can be stored with a variety of wallet apps. There is an enormous amount of attention to Bitcoin in Pakistan. Here are the options to purchase Bitcoin and the risks.

Are Bitcoin legal to purchase in Pakistan?

On April 2018 State Bank of Pakistan banned all cryptocurrencies. They directed all banks and monetary service providers to stop any transactions involving cryptocurrency. While it is not legal in Pakistan to purchase Bitcoins however, a lot of people invest in Bitcoin. It is possible to be detained when you sell Bitcoin in Pakistan. Making investments in Bitcoin is extremely risky.

Since the ban on cryptocurrency was lifted, there is no legal system to trade in Pakistan. A lot of traders trade Bitcoin with cash. So if you are trading Bitcoin or any other cryptocurrency in Pakistan then there is a possibility that the Federal Investigating Agency (FIA) could catch you. Consider this when buying or selling Bitcoin in Pakistan.

This infographic explains the way people exchange coins, and also how to purchase Bitcoin in Pakistan.

How to Buy Bitcoin in Pakistan

There is only one exchange available in Pakistan. It is the only place that allows you to buy Bitcoins in Pakistan. Localbitcoins.com, the only place where you can trade and purchase Bitcoins in Pakistan, is their platform. Register on localbitcoins.com to start trading Bitcoins. This guide will teach you how to purchase Bitcoin in Pakistan.

Click on the sign up link at Localbitcoins.

For an account to be created, you will have to provide an email address and a password.

For large transactions you must upload a scan of your CNIC. You don't have to upload your CNIC if don't intend to conduct large transactions.

After creating an Account After registering, click Buy Bitcoins.

The next step is to see a listing of Bitcoin traders. You should choose the trader with positive feedback since they sell Bitcoins.

Click on "Buy" to go through the entire terms and conditions.

After reading the letter, write the number you want to buy bitcoins with the seller.

The seller will then provide you with the information about local payments on which you must send the local currency.

The seller will release your bitcoins. It is crucial to pay the seller in one hour. The seller may contest your transaction if you fail to do so.

You will receive bitcoins in your wallet.

Screenshot from localbitcoins.com

You can also sell Bitcoins. Simply click on "Sell Bitcoins" and then sell to the trader that is paying you the most.

Conclusion

Because of the ban, many people in Pakistan are able to trade bitcoins using cash. Urdubit was a Bitcoin trading platform but they no longer trade Bitcoins in Pakistan. It was Pakistan's first Bitcoin trading platform. Face-to-face transactions are another method to purchase Bitcoin in Pakistan. Face to face transactions allow you to meet with someone and exchange local currency in exchange for payment.

cryptocurrencies

Thus, Bitcoin trading continues in Pakistan. In addition, many are investing in it after knowing the risks involved in Bitcoin dealing. Be aware of the risks that come with buying and selling Bitcoin in Pakistan. We've tried to answer all questions regarding Bitcoin.

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