How to buy bitcoin in Pakistan without any hassle

Nowadays, everyone talks about investing in cryptocurrency and the ways that investing in crypto can make you rich in days. However, many people are unaware that digital currency has experienced many ups as well as downs in recent times. Crypto investments are not risk-free. Find out how to purchase Bitcoin in Pakistan. The entire article is worth studying. We've got all the details you need.

Bitcoin is a digital currency that, has experienced extreme changes in value during the last few years. We will however discuss the fluctuations in Bitcoin’s value.

A lot of people from Pakistan search for Bitcoin. People look for ways to purchase Bitcoin in Pakistan. They also search for wallets that accept digital currencies. The third and most important thing is that they inquire about ways they can exchange Bitcoins in Pakistan.

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

These are just a few of the questions, but there aren’t any definitive answers available on the internet.

We will answer your queries and provide you with safer methods to purchase bitcoins in Pakistan. We will also cover all aspects of blockchain in this post. First, we will discuss what is cryptocurrency, and which cryptocurrency it can be purchased.

Cryptocurrency

Cryptography is used to protect digital currency, also known as virtual currency. It is not possible to create cryptocurrency without cryptography. Blockchain technology is used to build cryptocurrencies. It is completely free of central bank or authority which makes it invulnerable to interference from government.

Types of cryptocurrency and the types

There are a variety of cryptocurrency that are available now. Bitcoin is the most sought-after cryptocurrency in the world. Different specifications and functions are available for all of these digital currencies.

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

This image shows different virtual coins, also known as cryptocurrency.

Blockchain

When we first came up with the term cryptocurrency, we were using the blockchain technology. Many people are still wondering what blockchain actually is. We will help you understand blockchain too.

Blockchain is an ever-growing collection of records referred to by the name blocks. They are linked together using cryptography. It is a ledger that can be digitally stored that stores records of transactions between two parties. Blockchain is a secure and reliable system. Blockchain doesn't permit you to change the data. Also it's an open digital ledger you are able to not alter.

Banner image of the advertisement promoting blockchain technology

As we have mentioned earlier, there are other cryptocurrency available in the world but Bitcoin is the most important and valuable to people all around the world. We will be focusing on Bitcoin. Here are a few things you should know before jumping to the procedure of purchasing Bitcoin in Pakistan.

We have covered the various aspects of cryptocurrency and blockchain, now we will discuss the main thing for which you all are here for "Bitcoin".

Bitcoin is currently one of the most popular and valuable cryptocurrency. Bitcoin has seen a significant price increase in 2017. One Bitcoin is now worth 1,446,470.09 Pakistani Pounds. There are different wallet apps you can use to keep Bitcoins. Many people from Pakistan are keen on Bitcoin. Therefore, we'll talk about the ways to purchase Bitcoin and the risks associated with it.

Are Bitcoin Legally Purchased in Pakistan?

All cryptocurrency was banned by the State Bank of Pakistan on April 18, 2018. They directed all financial institutions and service providers to block any transactions involving cryptocurrency. It is not legal to buy Bitcoins in Pakistan, but people are still investing in Bitcoin. It is therefore risky to invest in Bitcoin and you may be caught you trade Bitcoins in Pakistan.

Since there isn't a legal platform for cryptocurrency trading in Pakistan, people are now able to trade Bitcoins using cash. If you trade Bitcoin in Pakistan, or any other cryptocurrency, there's an opportunity that the Federal Investigating Agency will catch you. This is why you should be aware of the risks when selling or buying Bitcoins in Pakistan.

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

How to purchase Bitcoin in Pakistan

Only one exchange is accessible in Pakistan. It's the only place where you can purchase Bitcoins in Pakistan. Localbitcoins.com allows you to purchase and sell bitcoins in Pakistan. To trade Bitcoins on localbitcoins.com you must create an account on their site. We will walk you through the steps of purchasing Bitcoin in Pakistan.

Visit Localbitcoins and click on the sign-up button.

A password as well as an email address will be needed to establish an account.

A scanned copy is required to facilitate large transactions. It's not required to upload a scan of your CNIC when you're not planning to conduct a large-scale transactions.

After creating an accounts After registering, click the Buy Bitcoins button.

The listing of Bitcoin traders will be displayed. They offer Bitcoins and you must pick the trader with good reviews.

Click on "Buy Now" and read the terms and conditions.

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

The seller will now send you the information about local payments on which you must send the local currency.

The seller will give you bitcoins. Be sure to transfer money in one hour to the seller. The seller could contest your transaction if you fail to do so.

You will receive Bitcoins in your account.

Screenshot of the website localbitcoins.com

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

Conclusion

Most people living in Pakistan trade Bitcoins via cash because of the ban on it. There was another Bitcoin trading platform urdubit, but they don't trade Bitcoins now in Pakistan. It was the very first Bitcoin trading platform in Pakistan. Face-to-face purchasing Bitcoin in Pakistan is an alternative. Face to face transactions let you meet with someone and exchange local currency in exchange for payment.

cryptocurrencies

In conclusion, Bitcoin trading is still taking place in Pakistan. Many people continue to invest in Bitcoin even though they are conscious of the dangers involved. It is important to consider the potential repercussions of Bitcoin trading in Pakistan when you're trying to buy or sell Bitcoin. We've tried to answer all questions regarding Bitcoin.