Bitcoin is a cryptocurrency used worldwide. Bitcoin was famous in Pakistan back in the days when the rates of bitcoin got high, many of the Pakistani Investors had already invested in bitcoin. Faraway there were also a lot of influencers in Pakistan. Other than bitcoin in Pakistan EasyPaisa became famous for their quick transfer of money within the country. It was similar to the western union company. As there is no PayPal in Pakistan till yet due to the financial crises and the risk of money laundering. Bitcoin was banned in Pakistan for the reason of money goes out from the country.
Creating Bitcoin Wallet in Pakistan
Dealing with bitcoin and creating bitcoin wallet is easy and is explained in 2 Steps below. Open this article in one tab and the wallet sign up in other so it would be easy for you to understand the steps and successfully sign up.
Step 1: Choosing the Right Bitcoin Wallet
So, while creating a wallet, it’s like creating a profile where you will be given your wallet ID after you sign up. Based on my experience I would suggest using LocalBitcoins because of their low transaction fee and an easy interface.
Sign Up Requirements: You need an email and fill the form easy!
- Sign up here and fill out the form
Note: This guide may be old, to get complete details for bitcoin account in pakistan, it will explain everything details and explanation.
Step 2: Verification
After you fill the form you have to click the register button. And it will redirect you to a page where a message will pop-up saying “Verify your account” or something like that.
- You need to verify your email. So for that visit your email inbox and find the email from local bitcoin verification.
- Click on the verification link and it will redirect you to a page saying “Login Guard Active”. Which means that your email is now verified and you can starting buying and selling bitcoin.
About Bitcoin Wallet Pakistan
With bitcoin wallet in Pakistan, You can buy bitcoin with PKR using all the online payment or bank transfer. It only accepts National bank of Pakistan for a cash deposit. But it’s only possible with local bitcoin website. Other than no trusted website or verified website is available which provider bitcoin wallet service for Pakistan. You can invest in bitcoin from a small range 1500 PKR to 10,000PKR and more. If you are a dummy in bitcoin, we would suggest first trading the bitcoin in small values and then go ahead with Trading. After you get experience with trading, start investing and if you have more resources for bitcoin can you also mine/earn bitcoin.
Earning/Mining Bitcoin in Pakistan
Mining of bitcoin in Pakistan needs lots of resources and high-bandwidth internet. But you read about mining we would explain what mining of bitcoin is.
- Bitcoin mining is a special type of process in which transaction are verified and are sent to blockchain by the servers which mine bitcoin. The blockchain is involved in the verification and taking the data from the servers which mine bitcoin. So bitcoin mining can be defined as, “The process in which computer processors solve and convert the transaction into blocks in blockchain”.
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We would not recommend mining bitcoin in Pakistan because it’s not legally approved and is banned by the government. Also, you may burn all your resources due to cooling problems and you may surf in bandwidth.
Easy Steps to mine bitcoin
- Download NiceHash software.
- Get a Nvidia or AMD GPU.
- Install the Software.
- Open the software and select manual wallet ID.
- Enter your wallet ID
- Press Start Mining and leave it for 12 to 24 hours.It will gradually mine bitcoins for you. It’s a really simple processor but make sure not to overclock your GPU or CPU.
How to get your bitcoin wallet ID
- Go to your account page in Localbitcoin.com
- Click the wallet on the top right header.
- You will see three tabs (Send bitcoins, Receive bitcoins, Transactions)
- Select the Receive bitcoins tab.
- You will see your wallet ID there, just copy and paste it where necessary.
Price of Bitcoin in Pakistan
The price of bitcoin in Pakistan is also a hot conversational topic. But back when bitcoin was newly released it cost 4 PKR to buy a single bitcoin, but after the 5 years of a period it got the lead and the valued of bitcoin was increased to 92,000 PKR. Lately, there were many bitcoin investors and most of them had purchased bitcoin.
It’s easy and fast to create a bitcoin wallet. You can make purchases with your bitcoin wallet in localbitcoin and also you can save for the later day. Also, the following article by the author is just for education purpose. It’s not promoting the use of bitcoin trading in Pakistan because in 2017 bitcoin was banned and FBR was going for the traders. The reason why they banned bitcoin in Pakistan was the risk of money laundering while the financial state of the country is not that much good to deal with cryptocurrency.