How to do bitcoin trading in Pakistan?

What is cryptocurrency?

There are multiple types of currencies all around the world and each currency has a different value. Cryptocurrency is a type of currency, but in digital form. Bitcoin, Ethereum etc. are different types of cryptocurrency. Every cryptocurrency has a different demand and supply and a different price range.

Bitcoin

Bitcoin is a digital cash. Unlike other currencies, it does not have a physical form. But like online banking, when you have to transfer some amount to someone, instead of physically going to the bank and doing it physically, you just use the bank website or application and the transfer is done digitally, bitcoin is also handled in such a way. Bitcoin is unique in such a way that it doesn’t have a single owner like all the currencies do.

Bitcoin

After Tesla invested $1.5 billion on BTC, the whole went crazy about it. Tesla will also accept Bitcoin as an official mode of payment. After this news, the value of Bitcoin skyrocketed. Tesla planning to add BTC as their official mode of payment means it is a big step towards normalization of Bitcoin. Value of BTC increased by 20% when this news was out.

How to trade Bitcoin in Pakistan

Currently in Pakistan, trading of BTC is unlawful as of now and Pakistani banks wouldn’t facilitate BTC trading. People are still trading BTCs in Pakistan though, and there are a few methods to do so.

Binance

You can register in cryptocurrency trading websites like Binance or Bitfinex, and you can sign up on Binance using your email address or your mobile phone. After you put in the verification code sent to your choice of registration (email or phone), you will be logged in.

Once your account is created, you can go to the Binance dashboard and you will see a wallet option on the top right and you can deposit money. The wallet is a digital account. You can buy Bitcoin with the money deposited in your account and you can also sell it whenever you want. You can deposit money through a bank transfer or a bank card. Pakistani banks will not facilitate the trading, so you must need an international credit card for this. Or if you have a relative who is abroad in a country that allows crypto trading, you can ask them to top up your account for future trading.

Once you have the money in your wallet, trading is easy. You can buy, sell or withdraw Bitcoins and other currencies as well.

Another thing you can do is that you can also go to localbitcoins.com to create an account and you can buy BTCs from the people that are willing to sell. You can also sell your Bitcoins there. This website is used on those countries which prohibit the trading or BTC. There might be a risk factor while trusting others on this website though. But the website does offer security features making the transactions really secure. The history of the seller is shown in their account, indicating their verification.

Conclusion

Although it’s a good risk to take with a higher ROI, you should never invest too much on it and should only go for 5-10 percent of your savings.

READ MORE: Everything You Need To Know About How Blockchain Works