How To Buy Bitcoins In Pakistan? Today you will find here the complete guide on how to buy bitcoins in Pakistan? But first you need to know what actually the bitcoins are?
What are bitcoins?
Bitcoins are actually a kind of cryptocurrency or digital currency which is created, accessed and used electronically.
Bitcoins serves the same use as conventional currency, but with one twist, everything goes on without any central bank. In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, called the genesis block, for a reward of 50 bitcoins.
Use of Bitcoins
The use of bitcoins is like normal cash, but these are mined like gold. There is an entirely a different group of people who are into this mining business. It’s the miners from where new bitcoins come.
The use of bitcoins is legal in many countries like Japan and United States but these are banned by Saudi Arabia, Bangladesh, and few other countries.
In Pakistan the use of bitcoins is legal or illegal is still not conformed. But as per my search there are many reports that suggested FBR goes after Bitcoin fake traders and Securities and Exchange Commission of Pakistan (SECP) has warned the people not to make investments in Bitcoins & Other Crypto currencies to avoid scam.
How To Buy Bitcoins In Pakistan?
In Pakistan a number of people are looking forward to invest in bitcoins but they don’t find any proper and legal way to do so.
Today you will find here the complete details on how to buy bitcoins in Pakistan?
If you really want to buy bitcoins in Pakistan you can choose the LocalBitcoins. The reason of selecting the LocalBitcoins to buy bitcoins in Pakistan is that a huge number of Pakistani merchants are available there, thus you can do transactions in Rupees through your local banks.
Another reason to buy bitcoins in Pakistan by the above mentioned platform is that many payment options are available there including cash, online bank transaction, Western Union etc.
Furthermore the transaction process is very fast there.
In order to buy bitcoins in Pakistan you need to sign in at LocalBitcoins by providing your details. You also need to provide you phone number and other two steps of verification to prove your identity by uploading the scanned CNIC or passport.
Now go to the main page and click on the Buy Bitcoins as you can see in the image below: Here you need to add the amount for which you want to buy bitcoins. You will also find a list of vendors who are selling bitcoins in Pakistan.
You can select the reputed vendor here to buy bitcoins in Pakistan. Upon selection you will see information about terms of trade. If you agree to terms then carry on by clicking on ‘Send the trade request’.
You have only 90 minutes to send the money, after the payment verification by the vendor your bitcoins will be in your wallet.
If your purchase bitcoins aren’t transferred to your account, you can mark the transaction as a dispute. Disputes are usually resolved in 24 to 48 hours.
Important Note
If you are interested to buy bitcoins in Pakistan as an investment, please do so at your own risk, because the previous growth doesn’t assure future growth and high profits in return.
Hope you will find the information on how to buy bitcoins in Pakistan helpful. In other article we will guide you on how to sell bitcoins in Pakistan?
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