Everything You Need to Know About Buying Bitcoin in Pakistan
Bitcoin (BTC) is a unique kind of money that knows no borders. Its decentralized feature allows you to access your funds whenever you want and wherever you are—including Pakistan. If you’re planning to hop into the evolving world of cryptocurrencies, but don’t know how and where to start, don’t worry—we got you!
Here’s a list of everything you need to know before you buy Bitcoin in Pakistan using whichever payment option you prefer.
You must have a secure and reliable Bitcoin wallet
Bitcoin is a digital currency that doesn’t have any physical form. You can’t keep it in your purse like paper bills and coins. Because this ingenious money works solely digitally, it uses special storage called a digital or Bitcoin wallet. This is where you’ll keep, send, and receive BTC from anywhere in the world and track your funds in real-time.
You can scout different types of Bitcoin wallets around the web, but a mobile wallet would be the most ideal for crypto starters like you. Mobile Bitcoin wallets are accessible through smartphones connected to the Internet, making them handy and efficient to use. Interestingly, some crypto companies, like Paxful, provide new users with a free Bitcoin wallet—what a great way to jumpstart your BTC adventure!
You can buy BTC from traditional or peer-to-peer exchanges
After looking for a secure and reliable Bitcoin wallet, the next important step you should take is to scout for a reputable cryptocurrency marketplace in Pakistan. This is where you’ll buy your first fractions of Bitcoin. There are two most common types of crypto exchanges: traditional and peer-to-peer (P2P).
Traditional exchanges have been around the crypto space for a long time, probably right after Bitcoin was born. They act as intermediaries who match buyers and sellers using order books or electronic lists of available offers. Because they’re the first platform where crypto traders buy and sell their BTC, traditional exchanges became well-known in the crypto space.
P2P exchanges, on the other hand, allow you to trade with fellow crypto users directly. You are free to scout and select the offer that best suits your needs and complete trades with a buyer or seller. P2P platforms use escrow services to secure payments and only intervene in the trade when there’s a filed dispute. The most exciting part? You can find traditional and P2P Bitcoin exchanges in Pakistan! All you need to do is pick the platform that works for you!
There are documents you must keep handy at all times
Most cryptocurrency exchanges and financial service providers comply with anti-money laundering (AML) and know your customer (KYC) regulations to protect users and their funds from potential involvement with corruption, money laundering, and other illegitimate activities.
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KYC is the process of verifying the authenticity of a customer’s identity and business transaction patterns through validating a series of personal documents. These include a selfie, proof of address, and proof of identity, such as an ID card, passport, driver’s license, or other documents with the user’s full name, date of birth, and picture.
While this might sound like a tedious process, this comprehensive background check can save you and your funds from malicious intents. You can see a user’s verification status on some platforms, which is an excellent way of identifying trustworthy vendors to trade with. Apart from that, getting your account verified makes you a credible and reliable user! If you already have a reputable crypto marketplace in mind, the next step is to prepare all the documents needed for your account verification.
Bitcoin trade volume in the country sees a positive trend
According to the data from usefultulips.org, Pakistan ranks fifth among all the Asia Pacific countries in terms of trade volume on Paxful.
This year, the trade volume increased from 58.59k in January to 1.14 million in November, proving a growing number of traders and Bitcoin enthusiasts in Pakistan. With the recent changes in the government’s view on cryptos, it’s safe to say that the country can potentially see an ever-increasing trend in the coming year. This is great news for crypto traders in the country!
You have over 300 ways to buy your first Bitcoin
After scouting for a reliable and secure Bitcoin wallet, the next thing you have to look for is a reputable cryptocurrency exchange where you can buy your first fractions of BTC. You can find lots of Bitcoin exchanges in Pakistan online, which allows you to buy and sell cryptos and exchange your Bitcoin to PKR.
If you don’t know how to purchase Bitcoin in Pakistan, Peer-to-peer marketplaces like Paxful allow you to learn the ropes through educational articles, crypto webinars, and programs. Apart from that, you can choose from over 300 ways to buy Bitcoin on the platform! These include bank transfers, mobile wallets, and other major money transfers available in the country. All you need to do is look for the one that best suits your trading needs and style.
At the time of writing, one Bitcoin is worth over 17,000 USD—yup, it’s insanely expensive. But don’t get intimidated by this price. You don’t have to buy 1 BTC to get started on your crypto journey. You can buy fractions of it for as low as 10 USD worth of BTC. Interesting, right?
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Pakistan is on its way to becoming a booming crypto market in the South Asian region. There’s so much potential to see an increasing rate of crypto adoption in the years ahead if the government remains in a good position regarding digital assets. Who knows? Pakistan might even become a blockchain and crypto hub in the future.