- To buy bitcoin in Pakistan, visit the official website of Localbitcoins and create a free account on it.
- Then look for the traders selling the bitcoins who have the most positive feedback.
- Enter the number of bitcoins you want to purchase and send money to his/her local bank account.
- The trader will release bitcoins after receiving money.
Although buying bitcoins in Pakistan isn’t legal, still it a hot topic among people who want to be rich and make money overnight. So if you are one of them and want to know how to buy bitcoins in Pakistan, this guide will really help you.
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 for 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 to trade Bitcoins in Pakistan.
But before answering these questions, you need to understand what cryptocurrency is and its different types.
So without further ado, let’s get straight to the topic.
A digital or virtual currency that is preserved by cryptography is called cryptocurrency. Due to this cryptography, no one can fake cryptocurrency. Cryptocurrencies are classified networks that are based on Blockchain technology. The principal thing about cryptocurrency is that it is not regulated by any central bank or authority which makes it resistant 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.
When we defined cryptocurrency we stated it is based on blockchain technology and you all are querying what blockchain is? Don’t worry we will explain blockchain too.
What is Blockchain?
Blockchain is an expanding list of records called blocks that are attached using cryptography. It is a kind of digital ledger which saves the record of the transaction between two parties. Blockchain is an effective and verified system. Moreover, it does not permit modifying data. In simple words, it is an open and distributed digital ledger that you cannot change.
As we discussed above there are some other cryptocurrencies available in the world but Bitcoin is the most worthy and valuable to people all around the world. So we will focus only on Bitcoin. Here are some of the things you should know before bouncing to the procedure of buying Bitcoin in Pakistan.
As we have explained 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 worthy cryptocurrencies in the world right now. In 2017, Bitcoin underwent skyrocketing price increase. Now 1 Bitcoin is equal to 1,446,470.09 Pakistani Rupee. There are various wallet apps you can use to collect 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?
One of the most important questions that we encountered about bitcoin is “is it legal to buy bitcoin in Pakistan” so let’s find the answer to it.
On April 2018, the State Bank of Pakistan banned all cryptocurrencies. They commanded all banks and monetary service providers to block all sales of cryptocurrency. So it is not legal to buy Bitcoins in Pakistan but still, people are investing in Bitcoin. Therefore, financing 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 legitimate exchange system in Pakistan and people are doing much of the Bitcoin trading by cash. So if you are trading Bitcoin or any other cryptocurrency in Pakistan then there is a chance Federal Investigating Agency (FIA) will arrest you. So consider this risk before buying or selling Bitcoin in Pakistan.
How to Buy Bitcoin in Pakistan
There is only one exchange that is operating 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 require 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.
People Also Ask About Buying Bitcoin In Pakistan
The easiest way to buy bitcoin in Pakistan is through localbitcoins. com as you only need to make your account here for buying.
Yes, you can buy bitcoin for 1000 rupees even 100 as you can buy a fraction of a Bitcoin.
No, bitcoin is not allowed in Pakistan from the state bank of Pakistan. And there are potential risks that FBA can arrest you if you get caught trading bitcoins in Pakistan.
Yes, you can invest 100 Rs in cryptocurrency as you can buy bitcoin for 100 rupees.
To sum up, the trading of Bitcoin is still running on in Pakistan. Furthermore, people are still investing in it after understanding the risks involved in Bitcoin dealing. If you want to buy or sell Bitcoin in Pakistan then you should remember the effects of it.
Most people in Pakistan are trading Bitcoins in cash because of the ban on them. There was another Bitcoin trading platform urdubit but now they are not buying Bitcoins in Pakistan. It was the first Bitcoin trading platform in Pakistan. Added way to buy Bitcoin in Pakistan is face to face. You do a deal with a person face to face and in return, you give him or her payment in local currency.
We tried to discuss all things related to Bitcoin and we hope all your queries regarding Bitcoin are answered in this article.