What is Bitcoin and how to Buy it in Pakistan?
How to buy Bitcoin?
Everyone wants to buy Bitcoins these days as these are on top trend ad the best way to invest in cryptocurrency. People also earn money through it by selling it. So, there are a lot of people who want to know how they can buy and sell Bitcoins. Bitcoins are now acceptable in almost every country.
What are Bitcoins?
Bitcoins are cryptocurrency that was invented by an unknown group of people or person (Satoshi Nakamoto) in 2008. It was launched in 2009. It was basically launched as open-source software.
It is a digital currency that can be sent from user to user on the bitcoins network, you don’t need any bank or administration to send it to others. It is having 2.9 to 5.8 million users.
If you want to buy Bitcoins and don’t know what to do then don’t worry we will help you in this regard and tell you everything about that that what to do and how to do it.
Here are the steps to buy Bitcoins in Pakistan.
Step 1:
Find an authentic wallet for Bitcoins
A bitcoin wallet is a device, medium, or service that keeps private or public keys. Keys are also known as seeds and it is a secret type of data. Bitcoins are saved in the wallet and you can keep them for as much time as much you want. The wallet is responsibility for keeping your bitcoins, providing you with the best security feature and many other features.
You need to find the best an authentic wallet to keep your Bitcoins. There are a lot of Bitcoins available and finding the best one is very difficult. So we will also tell you the top 5 best free wallets you can use that are following.
- Exodus
- Mycelium
- Bitcoin Core
- Ledger Nano
- Trezor Model T
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Step 2:
Find the best Trader for Bitcoins
If you want to buy Bitcoins then the exchange is one of the best options for you. There are many exchanges available on the internet. All of them offer different offers, some of them are trustworthy, some offer limited offers, and some of them are having very good offers. So finding the best one is very difficult. All you need to choose the best one, who is offering the best features.
You need to sign in on those accounts. Mostly signing in to coin-based accounts is very easy. All you have to do is, provide them with some of your required information and identification that includes, ID card copy, Live image, and other required information. When you are done with it, then you are able to buy or sell bitcoins from there
Step 3:
Select the Payment Method
Now, you need to select the payment method for selling and buying Bitcoins. You can transfer money through a bank and Credit or debit card. For the payment, your account must be linked with your bank account. If you want to connect it with a Paypal account then you can also do that.
Step 4:
Store Bitcoins in your wallet after buying them
You can easily buy Bitcoins but there are limits to buying them. You can buy specific coins with specific money. Bitcoins are volatile and due to this, the price of Bitcoins changes from time to time. That’s why you can only buy limited coins.
To buy or perform your first trade, enter your amount of Bitcoins and then click on the buy option. They also allow you to set the price and place a limited offer and trade will happen only if the amount will show at that price.
When you are done with it, then your bitcoins will automatically send to your wallet.
Step 5:
Use Bitcoins
Now, you are ready to use your Bitcoins. You can now, sell your Bitcoins for some profit or if you want to buy something through bitcoins then you can also do that. You can buy many things with Bitcoins in Pakistan, it all depends on the site where you are going to buy.Can we buy Bitcoins Legally in Pakistan?
No, it is not legal to buy Bitcoins in Pakistan. It is because, on April 2018, all types of cryptocurrencies were banned in Pakistan by the State bank of Pakistan. State banks also ordered to other banks to stop all sorts of transactions of cryptocurrencies. Investing Bitcoins in Pakistan is full of risk and FIA can also catch you if you trade Bitcoins.
Before buying Bitcoins, keep this risk in your mind. But people still buying and trading Bitcoins in Pakistan illegally.
Where to buy Bitcoins in Pakistan?
If you want to buy Bitcoins in Pakistan then there are very few exchangers who are offering bitcoins in Pakistan. Here are the top best exchanger websites in Pakistan who are dealing with Bitcoins.
- Localbitcoins.com
- CEX.io
- Coinmama
- LocalBitcoins
- BitMEX
- PaxFul
- Changelly
- OKCoin
Read more: Does Google Pay Servies Work in Pakistan?
