Do you want to invest in Bitcoin in Pakistan?
There are lot of ways and strategies to invest in bitcoin in Pakistan. In this post I will discuss what are the ways to invest into bitcoin and in the later post I will discuss how to secure your investment in bitcoin and protect your bitcoins from getting devalued in the long term and how to make your bitcoin investment profitable.
So let’s see how you can invest into bitcoin using the three most popular methods.
UrduBit is a bitcoin exchange that is a fully functional marketplace to buy or sell bitcoins instantly. Although UrduBit is focused towards customer in Pakistan, anyone can sign up and start trading bitcoins.
Anybody can trade on UrduBit, but in order to deposit PKR and withdraw PKR into your local Bank account you would need to verify your account by submitting utility bill and a selfie of your self with holding your NIC (National Identity Card). To verify your identity is important on UrduBit due to KYC (Know your Customers) and AML (Anti-Money laundering laws). If you don’t verify your identity you can still send, receive, withdraw and trade bitcoins but you won’t be able to deposit or withdraw in PKR in your local Bank account.
What does UrduBit charge?
1- UrduBit charges 0.75% for instant trading and 0% via order book trading. So, if you are buying or selling PKR 100 worth of bitcoins instantly, UrduBit will get 75 paisas from PKR 100.
2- UrduBit charges 0% on PKR deposit.
3- UrduBit charges 1% on PKR withdrawal. So, if you are withdrawing PKR 1,000, UrduBit will charge PKR 10
LocalBitcoins.com works like a classified website. You can find all the people who are selling bitcoins in Pakistan. You can also apply filter settings to only see advertisements from your city, otherwise it will show you traders from all over the Pakistan.
Unlike bitcoin exchanges where trades are executed instantly, on the classified website like LocalBitcoins.com trades has to be executed manually, so it takes some time, because first you talk to seller, confirm the price, transfer the amount, after you have successfully transferred the amount, the seller transfers you the bitcoin on the bitcoin address you provided.
Important things to know about LocalBitcoins.com
1- Each seller have different requirements, so their requirements carefully.
2- Each seller have different payment options e.g. some seller deal in Cash, some in EasyPaisa, some ask you to transfer amount in their Bank accounts. You can also use Skrill, Western Union and other methods. So, due to it’s diverse payment options you will find payment method of your choice.
3- Look at the limits of each seller because each seller can only deal in limited amounts. So, before you contact the seller look at their Limits whether they are able to fulfill your request.
4- Just for your safety, before processing a deal with any seller always look what is the feedback that is left for them by the people who have bought bitcoins from them previously.
3- OLX, bitcointalk.org etc
You can also find sellers on OLX.com.pk and bitcointalk.org and many other websites on the Internet where people are selling bitcoins at price and payment method of your choice. Only proceed when you are confident that you are dealing with a legit seller.