Bitcoin is the most popular form of cryptocurrency. It set the precedent for all other cryptocurrencies existing in the market today and it still reigns as the most valued cryptocurrency in the market.
Though safety concerns over money laundering have made it difficult to buy or trade with bitcoin in Pakistan, the country is not completely left out from the global bitcoin market. Today we will discuss how you can exchange bitcoin while you are in Pakistan and how much is the price of bitcoin to Pakistan currency.
How Does Bitcoin Work?
Before you find out how to exchange bitcoin in Pakistan or the price of bitcoin to Pakistan rupee, you should know a little bit about how it works. Bitcoin is a cryptocurrency and cryptocurrencies operate using Blockchain. Blockchain is an ever-growing collection of records called blocks that are linked by cryptography.
It’s a kind of digital ledger that stores a record of a two-party transaction. Blockchain is an effective and validated method. Furthermore, it does not allow the data to be changed. Simply put, it’s a transparent and distributed digital ledger that you can’t alter.
Is It Legal to Buy Bitcoin in Pakistan?
By April 2018, the State Bank of Pakistan forbade all cryptocurrencies. Both banks and monetary service providers were directed to block all cryptocurrency transactions. So, it’s not legal to buy bitcoins in Pakistan, but that hasn’t stopped people from investing in bitcoin.
Investing in bitcoin isn’t risk-free. After the cryptocurrency ban, there is no legal exchange system in Pakistan, but people still do a lot of bitcoin trading via cash. So, if you’re selling Bitcoin or some other cryptocurrency in Pakistan, you should do so at your own risk.How to Buy Bitcoin in Pakistan?
There is one p2p crypto exchange site that operates for bitcoin exchange in Pakistan. The site is called BitValve. For a long time, it was the only website where you can purchase and sell bitcoins in Pakistan. You need to build an account or a wallet on their website to exchange bitcoins.
In order to create a wallet, you only need to register an account, which is free of charge. Then you can browser website and you will see a list of available bitcoin traders or sellers. You will also have to exchange local currency with the sellers to buy bitcoin. If you are not sure about the exchange rate of BTC to PKR, we will explain it shortly.
What Is the Price of Bitcoin To PKR?
Bitcoin is a currency that has experienced a large number of fluctuations in the past. This makes the currency unpredictable. Although in recent years, the value of bitcoin has been on the rise. As of January 2021, the value of BTC to PKR is 5,002,926.88 Pakistani Rupee for 1 Bitcoin. Keep in mind that this can change in the future.
Conclusion
We have explained how you can exchange bitcoin in Pakistan and what the rate of conversion of BTC to PKR is. Most citizens in Pakistan are exchanging bitcoins in cash because of the ban on bitcoins by the Pakistani government.
This means you will have to meet with the seller face to face so you would not leave a trail of exchanges online. However, this method is not completely risk-free and you should be aware of the repercussions involved.
Foto CC0 Public Domain via Unsplash
It is good to see that the people of Pakistan are finding ways to use Bitcoin. Even though there is still a risk, I think if you do your research, it can be a good thing to do.
[…] The central bank declared in 2018 that virtual currencies such as Bitcoin were not legal tender issued or guaranteed by the government. But despite not being recognized by the State Bank of Pakistan, interest in cryptocurrencies has been on the rise. […]