Buying Or Selling Bitcoin – Pakistan

Bitcoin Pakistan
Buying and selling bitcoin in Pakistan often a problem. We are often asked for trusted ways for trading btc to pkr securely and at the best rates possible. In this article I will cover the better options in Pakistan on how to buy or sell your bitcoins easily and securely. We will cover each option in detail and the merits and demerits of the method. Punjab, especially Lahore, Faisalabad, Islamabad, Rawalpindi seem to be the hot bed for bitcoin trading. I would like to cover all options including those of international options. However do take note that we will cover mostly local methods and not talk about btc to usd much as that is the most expensive unless you are looking to trade with higher volumes in dollar.

Urdubit:

This is a order booked based bitcoin trading platform where you can securely buy bitcoins and sell them at your own rates. This is one of the best methods as its the only known local exchange in Pakistan. It has been around since oct 2014 and done over 1000 btc in trade volume as of this writing. The best part of this exchange is that you are dealing with a great support team while being assured that your funds are not going to an exchanger directly. Since the platform is online and fully automated you dont have to wait for exchanger to send you bitcoins. Once you deposit funds you are free to buy or sell as many times and all bitcoin deposits and withdrawals are fully automated.

Localbitcoins:

Some people dont like going through lengthy AML/KYC policy thats where localbitcoins comes into action. It supports a peer to peer model with escrow options. Its one of the oldest peer to peer platforms. Its based on reputation system so you will know who is trusted exchanger by user reviews.  Again its a bit risky based on the fact that some exchangers have still been able to scam after building trust with clients then doing off localbitcoins trade. The fees here is also the highest in my view. As localbitcons charges 1% fee to both buyer and seller. Then the trade or ad poster also charges anywhere from 3% to 10% in addtional fee.

Local Exchangers On Facebook:

This is most risky way in my opinion. Most these exchangers dont even have a face on their profiles and scam alot. The ones that are trusted are selling at really high prices. This is again a slow method as you have to wait for the exchanger to send you the bitcoins. Be extremely careful here.

MyCelium App:

I love this app. Its a android mobile wallet with builtin feature to post trades. The problem here is the same as the above as this is again peer to peer model it becomes a bit risky.

International Exchanges:

I will update the list that supports Pakistan here soon. But while this is the best way to get bitcoins fast it is also very expensive. Since you have to follow AML/KYC then buy usd from local market and use your local usd account to wire dollars to international exchanges to eventually be able to purchase or buy bitcoins. Again selling is the same problem you have sell then wire back to your local usd account. The wiring cost is alot so only do this if you are looking to wire atleast $5000 and above.

An advise is to search Bitcoin Pakistan and on facebook and join all possible groups of such names to keep yourself posted on information and happening of bitcoin in Pakistan and abroad.


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Bitcoin Volume

The more we discuses bitcoin and understand the possibilities it brings forth for Pakistan the more converts we have. This is now showing in trading volumes across different mediums of trade.  If we just check the localbitcoins volumes during last few weeks we see upward movement this not only true in Pakistan but through out the world. The increase in volume has also resulted in increase in numbers of users. As we see more localbitcoin traders poping up on localbitcoin and facebook almost daily.

Localbitcoin

coin-dance-PKR-volume

Urdubit

Talking to Mr Zain Tariq co-founder at urdubit the one and only bitcoin trading platform in Pakistan, it was informed to us that the volumes at urdubit have seen a steady climb and last month alone over 130 bitcoins have been traded uptill 26th Feb, The most they have done in any running month since the formation of the exchange. We were also informed that urdubit itself registered 1000 users in February which is almost 900% increase of previous months. It seems that Pakistan is now entering the age of bitcoin slowly but surely.

urdubit statistics

This is good news for freelancers, white-hat security experts and developers alike. This surge has partly been caused by users who are receiving international payments as absence of paypal in country like Pakistan have been widely publicised.

Bitcoin as a payment method is being used world wide, and with increasing number of users coming onto this, trading and services built around bitcoin in Pakistan is also increasing.

Paybill is planning a relaunch. This time things will be a little different. Gone are the days when you would pay and wait for you bill to be paid. Paybill has now been resigned with customer experience in mind.

The site has now entered public beta with instant bill payments. The idea is to fully automate all bills to be paid via btc or bitcoin in Pakistan. The overhaul has been done and a new python engine sits at the heart of Paybill to make it faster and better then before.

The idea behind Paybill was to become sort of an ebay for bill payments. Where merchants from all countries would be allowed to signup and make bill payments for anyone anywhere around the globe to pay his bill in a heart beat while securing the payment amount for the payee instantly. Mr Hassan co-founder at Paybill said, “We plan to run this in Pakistan for sometime before adding further countries. We want to make sure that this time its done right”

So now you can pay your bill instantly and securely with btc in Pakistan. Paybill plans to setup in such a way that all btc rates will be taken from local trading platforms in the country the bill is being paid in. This will ensure that the merchant/payee of the bill that the base price gets secured of losses with instant conversions happening in the back end. In Pakistan case paybill will utilize urdubit to convert the btc to pkr.