Easy guide on how to buy bitcoins in Pakistan

What is bitcoin?

Bitcoins is a decentralized cryptocurrency traded worldwide without any borders and completely anonymous. You don’t need be a human to trade bitcoins, even robots can trade it.

How bitcoins are mined?

Bitcoins are mined by solving complex mathematical problems and making blocks to complete transactions occurred in a certain period of time. These block are linked together and they form a chain called “Blockchain”.

What is the Technology behind bitcoin?

Blockchain is the underlying technology behind bitcoin. Bitcoin is not the only cryptocurrency, there are over one thousand cryptocurrencies currently trading. Most of them are junk and some of them are not.

How to buy bitcoins in Pakistan?

There are several ways to buy/sell bitcoins in Pakistan. Here we’ll discuss more secured and economical ways to buy and sell bitcoin in Pakistan.

1. Through Exchanges

   One way to buy and sell bitcoins is to use exchanges, you can buy using any international payment method such as PayPal, Credit Card or Bank Account.

   • If you have a PayPal or any other international money transfer way then we’d strongly recommend to use international exchanges, here are top exchanges to trade cryptocurrencies.
     • Coinbase
     • Poloniex
     • Bitfinex
     • Bittrex

2. Direct Deals

   If you do not have any international payment account, then use the following methods to purchase and sell bitcoins and other cryptocurrencies.

   • LocalBitcoins

     LocalBitcoins is a place where you can meet local people who would trade face to face and it’s the most secure way to buy and sell any cryptocurrencies. You can either pay via cash or bank transfer – up to you and how you conduct your deal.

   • Using Facebook Groups

     There are some groups on facebook with trusted people who you can deal directly by posting a buy/sell request in the group. It’s not recommended to trust people blindly, you need to verify and ask about the person in group before you send any payments.

Note: It’s becoming harder to purchase bitcoins as time goes on, because of the limited supply. As there would only be 21 million bitcoins ever mined and then production cuts by half every 4 years.