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

Nowadays, everybody is talking about cryptocurrency and how investing in it can bring it wealth. People don't realize that digital currencies have experienced many ups, downs over the past few years. It is as well risky to invest in crypto. Find out how to purchase Bitcoin in Pakistan. Check out the entire article. We provide all the information you could require.

Bitcoin has been the digital currency that has seen a lot of volatility in its value in the past few years. We will however examine these changes in the value of Bitcoin later in the article.

A lot of people in Pakistan look for Bitcoin. The first question is how to purchase Bitcoin in Pakistan. Secondly, they search for different digital currencies wallets. They ask what bitcoins they can exchange in Pakistan.

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

They are among the most frequent questions people have, and the internet does not have any definitive answers.

So, we'll try to answer all your questions. We also will guide you as to the most secure ways to purchase Bitcoins from Pakistan. This article will give you all information on blockchain. We'll begin by discussing cryptocurrency, then talk about which cryptocurrency you can buy.

Cryptocurrency

The use of cryptography protects digital currency or virtual currency. Cryptography safeguards cryptocurrency from being stolen. Blockchain technology is used to build cryptocurrencies. The most important thing about cryptocurrency, is that it doesn't have to be monitored or controlled by any government.

Different types of cryptocurrency

There are many different cryptocurrency options available right now. Bitcoin remains the most valuable cryptocurrency in the world. Each digital currency has its own specifications and uses.

There are a few cryptocurrencies that are popular all over the world.

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

Blockchain

When we first defined cryptocurrency, we stated that it was a result of blockchain technology and you all are wondering what blockchain is? Don't worry, we'll explain blockchain.

Blockchain refers to an increasing number of records known collectively as blocks. These records are connected to cryptography by using blockchain. It is a kind of digital ledger that holds the records of each transaction between two parties. Blockchain is a safe and reliable system. It doesn't permit data modification. It is an electronic ledger that is not able to be altered.

Banner image of the concept of blockchain technology.

While there are numerous other cryptocurrency around the globe, Bitcoin is by far the most important. This article will focus on Bitcoin. These are the most important points to consider before you begin buying Bitcoin in Pakistan.

After we've covered all aspects of blockchain and cryptocurrency We'll then discuss the main reason you are all here: "Bitcoin".

Bitcoin is one the most sought-after cryptocurrency right now. Bitcoin prices rose dramatically in 2017 due to its value. Today 1 Bitcoin equals 1,446,470.09 Pakistani Rubles. There are a variety of choices for storing Bitcoins. There is an enormous amount of interest in Bitcoin in Pakistan. Here are the ways to buy Bitcoin and the risks.

Are Bitcoin legal to buy in Pakistan?

All cryptocurrency was banned by the State Bank of Pakistan (April 2018). They directed all banks and monetary service providers to stop all cryptocurrency transactions. Although it is illegal in Pakistan to purchase Bitcoins, many people still are investing in Bitcoin. Making investments in Bitcoin can be risky and you could be detained if you make Bitcoin trades are conducted in Pakistan.

Following the cryptocurrency ban there is no official exchange system in Pakistan and people are doing much of the Bitcoin trades using cash. If you're selling or trading Bitcoin or other cryptocurrency within Pakistan, the Federal Investigating Agency may catch you. You should be aware of this danger when buying or selling Bitcoin in Pakistan.

This infographic will explain how to exchange coins in Pakistan or how to buy bitcoin in Pakistan.

How do I buy Bitcoin in Pakistan

There is only one exchange in Pakistan that allows people to purchase Bitcoins in Pakistan. Localbitcoins.com offers the only option to buy Bitcoins and sell them from Pakistan. To trade Bitcoins via localbitcoins.com it is necessary to create an account. This is the procedure for buying Bitcoins in Pakistan.

Click on the sign up link on Localbitcoins.

Then, you'll must enter your email address as well as a a password to establish an account.

You will have to scan a copy your CNIC to be able to submit large transactions. It is not necessary to upload a scan of your CNIC when you aren't going to make large transaction.

After creating an accounts, click on the buy Bitcoins button.

Then, you'll be able to see the listing of Bitcoin traders. They are trading Bitcoins. You should select the one with positive reviews.

Click on Buy and then read the terms and conditions.

After reading the article, you are able to note the amount of bitcoins that your want to buy from the seller.

The seller will now provide you with the details of local payments on which you must send the local currency.

After that, the seller will release the bitcoins. Remember you need to send money in one hour to the seller. You might be questioned by the seller if you don't send money within an hour.

Bitcoins will be deposited into your wallet.

Screenshot taken from the website localbitcoins.com

You are also able to sell Bitcoins. Just click "Sell Bitcoins" and then sell them to the broker who is paying you the most.

Conclusion

The prohibition on trading Bitcoins in Pakistan has led to most Pakistanis transferring bitcoins using cash. Although there was an alternative Bitcoin trading platform called Urdubit, they do not deal in Bitcoins in Pakistan. It was Pakistan's first Bitcoin trading platform. Face-to-face is another way to buy Bitcoin in Pakistan. You negotiate with a person face to face and, in exchange, offer them a payment in local currency.

cryptocurrencies

In summary, Bitcoin trading in Pakistan remains a popular activity. Bitcoin is being traded in Pakistan, despite being aware of the dangers that come with Bitcoin transactions. It is important to consider the possible consequences of Bitcoin trading in Pakistan when you're trying to buy or sell Bitcoin. We've tried to answer every question about Bitcoin.