Bitcoin is a currency created by Satoshi Nakamoto by an unknown person in 2009. It is a form of virtual currency also called digital money or cryptocurrency. It is an online currency and during transition no banks are involved. But you can purchase products and services with Bitcoins currency. It is not popular now a days and only few stores offer to purchase with bitcoins yet.
Bitcoin’s helps you to become rich with financial “trading” because value of One Bitcoins is in thousands. Bitcoin is completely banned in many countries. However, some countries are starting to make it legal due to its growing influence.
Bitcoins are stored in online wallet called “Digital Wallet”. Digital Wallet is a virtual bank account that permits users to send and receive, pay for goods or save money in crypto currencies.
In Pakistan all cryptocurrencies, including Bitcoins, are banned since April 2018 by the decision of State Bank of Pakistan (SBP). They instructed all financial and monetary service providers, including banks to ban all cryptocurrency transactions in Pakistan.
The State Bank Of Pakistan also ordered that all crypto currency transactions will be considered illegal, If any organization caught involved in this activity, the case will be reported to the Financial Monitoring Unit.
On the other hand ban also applies to individuals activities to prohibited to use crypto currency. Individuals have the risk of losing their bank accounts if they got caught involved in the Bitcoin trade. If you are interested to invest your money to buy some bitcoin then it would be better to take advice from a lawyer whether you own crypto currency or want to make an investment or trading in it.
We have listed the top 10 crypto currency according to their value and performance just for information. We get this information through information available in Internet we don’t recommend any crypto currencies.
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Binance coin (BNB)
4. Dogecoin (DOGE)
5. XRP/Ripple (XRP)
6. Tether (USDT)
7. Cardano (ADA)
8. Polkadot (DOT)
9. Litecoin (LTC)
10. Bitcoin Cash (BCH)
Bitcoin and other cryptocurrencies are illegal in Pakistan but Pakistanis still people can buy Bitcoins through decentralized exchange or from foreign exchanges, but definitely, this is illegal method. We received lots of Email from our valuable visitors who want to know how to buy bitcoin so this article is for them we try our best to describe complete detail about bitcoin and other crypto currencies. For Urdu lover we also write a article in Urdu langue given below.
Hope you know what are Bitcoins and it’s time to learn “How to Buy Bitcoin in Pakistan?“. Remember we will strongly suggest our reader, must get complete information before investing in Crypto currencies like Bitcoin.
Here we choose LocalBitcoins exchange to buy and trading Bitcoins. The reason for this is that many Pakistani vendors surly make their transactions in Pakistani Rupees through our local banks so this exchange is suitable for them.
Other reason is that in Local Bitcoins there are several payment options available such as Cash, Internet Banking, Western Union etc. LocalBitcoins is an online place where buyers and sellers can interact with each other for trading very quickly and easily.
Our visitors will find both buyers and sellers on LocalBitcoins. The main advantage of this exchange is that their transaction charges are very low and only apply if the digital wallet of the other user is outside to LocalBitcoins.
1. Firstly, Sign up on LocalBitcoins.com for free.
2. Add your valid phone number also use two-step verification for enhanced protection of your local bitcoin account.
3. You need to upload your scanned CNIC/driving license or passport to verify your identity.
4. Without verifying your identity you can login into your account and still buy/sell bitcoin. However vendors require verifying their identity for big transactions.
5. After completing above step you are registered with LocalBitoins exchange and have a Digital Bitcoin Wallet.
6. Now Go to the Main Page and Select Quick Buy.
7. Here Enter the amount you want to invest to buy Bitcoins then choose the transaction method.
8. You will see a list of traders offering to sell bitcoins on search, select the one with a good reputation and high response time.
9. You will see terms and conditions details after choosing a trader. Click on ‘Send the trade request‘ if you accept their terms and conditions.
10. More information will be provided by the seller, the method by which you have to send the local currency or money. There is a time limit to transfer money, normally you have to transfer money within 90 minutes.
11. Your bitcoins will be available in your online or digital Bitcoin Wallet after payment confirmation. You can mark the transaction as a dispute if the Bitcoins are not transferred to your account. Disputes cases are normally settled within 1 to 2 days.
Surly Bitcoin is not legal in Pakistan and other countries of the world but we hope this will become legal soon because many big country shown their interest in cryptocurrency. Despite the risks involved Bitcoin trading still more people in Pakistan want to invest in it.
Pakistan’s first Bitcoin trade forum exchange was Urdubit, but now its legal status indicates it is no longer active. However, Bitcoin trade activity happens through Localbitcoins in Pakistan.
Another way to buy Bitcoin is face to face you can make a deal with a person and make payments in local currency. Most people in Pakistan are trading Bitcoins in cash to make it secure and safe as it is illegal and prohibited in country.
Here are answers of some other question our visitors want to know. Hope this will help them.
Yes, you can buy a fraction of a Bitcoin. For instance, you can buy Bitcoin for Rs. 100/- or Rs 1,000/-
There are no Bitcoin ATMs in Pakistan, as the cryptocurrency infrastructure is still developing.
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