Bitcoin has been in the news for days after Elon Musk wrote “#bitcoin” in the bio of his Twitter account. After that, everyone is wondering how to buy bitcoin in Pakistan. You have reached the right place. This article contains the information that you need to buy bitcoin.
Is bitcoin risk-free?
No, bitcoin investment is not risk-free just like any other investment. But the investment in Bitcoin is riskier because of its volatile nature. The other risk is that due to its fishly look, there is the chance that any govt may ban it in the future (just an assumption). So it is advised to invest only that amount in bitcoin which you can afford to lose.
Can you lose all your invested money in Bitcoin?
The short answer is no. The reason is that for losing all the money, the price of bitcoin must fall to $0 which is extremely unlikely. A report of two credible economists showed that there is only a chance of 0.04 percent of crashing bitcoin price to $0.
Fun fact: In April 2020, the price of 1 Bitcoin was almost 10-11 lac Pakistani rupees and in April 2021, 1 bitcoin worth is almost 88-90 lac
People mainly want answers to three questions
- How to buy a bitcoin
- What are different options of wallets available
- How to trade bitcoin in Pakistan
The answer: there is no definite answer to all of these questions. So, we will try to guide you as much as possible.
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A virtual currency that is secured by cryptography is called cryptocurrency. The function of cryptography is to prevent any cryptocurrency modification. Cryptocurrencies are distributed with the help of networks which are called blockchains. The way Cryptocurrency is different from regular currency is that the cryptocurrency is not managed or controlled by anyone. Not even strong governments, agencies can control it.
Cryptocurrency available in market
Many strong cryptocurrencies are available in the world right now. But bitcoin is the most widely used and popular among its competitors. All of these currencies come with different pros and cons.
Bitcoin, Litecoin, Peercoin, Ethereum, Cardano, Ripple
As described before that cryptocurrency is distributed by networks called blockchains.
A blockchain is a chain of blocks. A block is nothing but a simple data record. As these data records/blocks are increased, the blockchain grows by cryptography. In easy words, it is like a kind of digital register or book which keeps the record of transactions between two parties. The advantage of blockchain is it is open and still, no one can modify it. This makes the cryptocurrency safer.
As there are tons of cryptocurrencies available in the market but the only bitcoin is most widely used and distributed. So we will talk about Bitcoin.
Many Pakistani people are interested in buying Bitcoins. In a poll conducted, on the Instagram page of Aikpakistani.com, 73 pc people voted that they are interested to get more info about Bitcoins.
Is it Legal to Buy Bitcoin in Pakistan?
In mid-2018 State bank of Pakistan banned all kinds of cryptocurrencies. SBP directed all banks to stop transactions of cryptocurrency. On 6th December 2020, the KP assembly passed a resolution to legalize cryptocurrency.
In December 2020 it was told to the Supreme high court that SBP never declared cryptocurrency illegal.
News published on dawn stated that Govt is going to set up its own bitcoin mining plants
The whole situation is very vague. So it is ILLEGAL.
After getting banned in 2018, there is no exchange system for Pakistanis. So people are doing the trade by cash. But as it illegal, so we advise you to consider the risk of getting caught by FIA before buying or selling bitcoin.
How to Buy Bitcoin in Pakistan
If you have decided to buy bitcoin then here is the guide to buy bitcoin in Pakistan.
There are many bitcoin exchange services present in Pakistan but only Localbitcoin.com is a trustable place where you can buy bitcoins (Note: this is not paid promotion etc)
Step by step guide to buying bitcoin in Pakistan
- Go to localbitcoins.com and click on sign up for a free account.
- fill the form and complete the creation of the account. If you are making any large transactions then you might have to upload a scanned ID card. But this is only for big transactions.
- Go to the dashboard of your account. Click on buy bitcoin. Many traders will show up. Buy bitcoins from the trader who has the best reviews just like you buy in Daraz.pk
- Read the term and conditions carefully.
- Click on buy now. The company will send you details of local payment options in Pakistan
Send the money using your Easypaisa, JazzCash, bank account, or any other Easypaisa JazzCash shop.
You will receive Bitcoins in your wallet.
Now you own the bitcoin. You can keep it with you or wait for its price surge. You can easily sell to the person who is paying the highest amount.
Method 2: Binance
Recently, I myself tried to buy Cryptocurrency by Binance. so far it is a good experience. There are two ways to use the Binance platform.
- Open your browser and go to Binance.com
- Go to play store or app store and download binance app.
You will find tons of videos on how to use the Binance platform.
We have provided with you all the information that was available to us. You can easily buy and sell bitcoin and earn money by using the method above, Now the ball is in your court. It is your own choice to buy bitcoin.
Disclaimer: This article about Bitcoin is only for education and information purpose. This is NOT a sponsored post. The website discussed in the article did not pay for the article. The intention to write and publish the post is not to promote any illegal activity.