How to buy bitcoin in Pakistan without any hassle

Everyone talks about cryptocurrency investing and how it will bring you wealth in a matter of days. Many people don't know that digital currencies have experienced numerous ups and downs in the last several years. Moreover, investing in cryptocurrency isn't a guarantee as well. Are you looking to know how to purchase Bitcoins in Pakistan? It is recommended to read the complete article. We have all the information you require.

Bitcoin is one digital currency which has experienced extreme volatility in its value in the last few years. We will however examine these changes in the value of Bitcoin in the next article.

A lot of people in Pakistan search for Bitcoin. The first is how to purchase Bitcoin in Pakistan. Secondly, they search for various 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 only a few of the many questions people are likely to ask. There aren't any definitive answers for these questions online.

So we'll try to answer all the questions you have and attempt to inform you of the safer ways to buy Bitcoin in Pakistan. This article will provide you with all information on blockchain. But, before that we will look at the definition of cryptocurrency and what digital currency you can purchase.

Cryptocurrency

Cryptography is the term used to describe a digital currency, or virtual currency which is secure and encrypted. It is not possible to make cryptocurrency without cryptography. Blockchain technology is the basis for the distributed networks that make up cryptocurrency. It is completely free of central bank or authority, making it impervious to interference from government.

Types of Cryptocurrency

There are a variety of cryptocurrency available right now. However, Bitcoin is still the most valuable digital currency around the globe. Every digital currency comes with specific specifications and uses.

These are just a few of the most popular cryptocurrency options around the globe.

This illustration is of virtual currency or cryptocurrency.

Blockchain

We explained cryptocurrency is based upon blockchain technology. Don't worry we will explain blockchain as well.

Blockchain is a growing collection of records known by the name blocks. They are linked together using cryptography. It is a kind of digital ledger that stores the details of every transaction between two parties. Blockchain is a reliable and effective system. Blockchain doesn't permit you to alter the data. Also it's an open digital ledger you can not modify.

Image of the banner of of blockchain technology.

As we mentioned above there are other cryptocurrency that are available around the globe, however Bitcoin is by far the most important and valuable for people across the globe. We will be focusing on Bitcoin. Here are some things to remember before you decide to purchase Bitcoin in Pakistan.

After we have covered the entire nuances of cryptocurrency and blockchain We will now discuss the primary reason that you are all here "Bitcoin".

Bitcoin is among the most popular and valuable cryptocurrencies in the world right now. Bitcoin prices rose dramatically in 2017 because of its high value. Now 1 Bitcoin is equivalent to 1,446,470.09 Pakistani Ripee. There are a variety of wallets you can use for Bitcoin storage. Most people in Pakistan are interested in Bitcoin only so we will discuss the various methods to purchase Bitcoin and how much risk is involved in it.

Are Bitcoin legal to buy in Pakistan?

April was the month that all cryptocurrencies were prohibited by the State Bank of Pakistan. They directed all financial institutions and service providers to block any transactions involving cryptocurrency. Although it is illegal in Pakistan to buy Bitcoins however, a lot of people are investing in Bitcoin. If you are involved in Bitcoin trading in Pakistan, it is not safe.

There is currently no legal cryptocurrency exchange system in Pakistan. The majority of people are trading Bitcoin through cash following the ban. So if you are trading Bitcoin or any other cryptocurrency in Pakistan then there is a possibility that the Federal Investigating Agency (FIA) could be able to catch you. Consider this risk before you sell or buy Bitcoin in Pakistan.

This infographic shows the way people exchange coins and how to buy Bitcoin in Pakistan.

How do I buy Bitcoin in Pakistan

Only one cryptocurrency exchange is currently accessible in Pakistan. This is the only place buyers can purchase Bitcoin in Pakistan. Localbitcoins.com is the only platform where you can purchase and sell Bitcoins within Pakistan. Sign up an account in order to trade bitcoins with localbitcoins.com Here is the guideline to buy Bitcoins in Pakistan.

Go to Localbitcoins and click on the sign up button.

To sign up for an account, you will need an email address and an account password.

A scanned copy must be uploaded to facilitate large transactions. If you're not planning to make large transactions, you don’t need to upload your CNIC.

After registering an account After registering, click the Buy Bitcoins button.

Then, you'll be able to see a list of Bitcoin traders. It is recommended to select a trader with positive feedback as they are selling Bitcoins.

Click on "Buy" to read all conditions and terms

After reading it, you can enter the Bitcoin amount that you would like to buy from the seller.

The seller will then send you the information about local payment options on which you must send the local currency.

The seller will hand you the bitcoins. The seller will release the bitcoins in the event that you do not send funds within one hour. If you don't, the seller might contest the transaction.

Bitcoins will be deposited into your wallet.

Screenshot of the site localbitcoins.com

You can also sell Bitcoins too, simply click on sell Bitcoins and then sell them to the trader who is paying the most amount.

Conclusion

The prohibition on trading Bitcoins in Pakistan has led to most Pakistanis transacting bitcoins through cash. Urdubit was another Bitcoin trading website, however they've stopped trading Bitcoins in Pakistan. It was the original Bitcoin trading platform for Pakistan. Another way to buy Bitcoin in Pakistan is to buy it face-to-face. You negotiate with a person who is face-to-face and in return, you offer them a the payment in the local currency.

cryptocurrencies

In the end, Bitcoin trading is still being conducted in Pakistan. There are still people who want to make a bet in Bitcoin trading, despite the risks involved. If you want to buy or sell Bitcoin in Pakistan it is important to keep in mind the repercussions of it. This article will discuss all aspects of Bitcoin. We hope that you find all your questions answered.

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