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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The question of trading in Forex and trading crypto currencies such as bitcoin, litcoin, dogecoin or dash coin on exchanges or trading platform being halal has been floated around. Pakistan being an islamic state is now moving up and seeing more acceptability in bitcoin due to the fact that the laws and regulations have prevented services such as Paypal entering Pakistan close to impossible. While I am no expert at the subject a few users have posted some interesting things that I tend to agree upon and would like to post here. Please take note that this is a post from stackexchange.

“Bitcoin is not a traditional notebased currency but similar to commodities like gold, silver etc , some would call it a cryptocommodity which is indeed intrinsically accountable and can be proven to exist if required. Other currencies like notes are impossible to trace intrinsically and are essentially contract papers wheras a bitcoin stores the entire transaction history(under the larger bitcoin framework). Islam requires accountability of the commodity spent , you just cant duplicate currency notes to fulfill demand like how govts do with paper currency.Inbuilt Accountability of bitcoin allows the bitcoin commodity to be traceble and thus cant be duplicated on demand. Far from haram I would say that bitcoin is the currency best suited according to the laws of Islam which required the currency to have intrinsic value, not just a signed piece of paper whose value can be lost due to various circumstances. The best thing about bitcoin is that it is not controlled by central banks and the bitcoin you possess is the actual “coin” which was virtually mined. So it does have an intrinsic value which is nothing but proportional to the difficulty to mine it. This is similar to how difficult it is to mine real gold. Also real currency which Islam allows is deflationary in nature that i.e its value always rises e.g: Gold , the value of gold increases as the resource is limited and is being used up. Whereas in the paper currency its inflationary as more notes are printed to keep up with the demand thus reducing the value per note.The total number of Bitcoins also are limited to a few million hence its value will always rise.

Thus I would even go on to say that using bitcoin is more halal then using currency notes supplied by the reserve banks.” user4841

As I see it bitcoin is not a traditional paper-based currency. You can however carry bitcoin on a paper wallet so you can physically give it shape, while it can be verified by a mathematical formula.

Our current financial system is based on an interest based economy so to compare our own currency such as PKR or Pakistani Rupee would be wrong. Bitcoin and the blockchain (a public ledger that records all transactions) is more then just a currency and can be viewed as a technology, a commodity or a digital asset. I see the current fiat as being more haram then bitcoin as its based on how much a government can print and will print when needed. We have to remember that the ecosystem is only growing, and what will bitcoin end up as is yet not known which is what also makes it exciting.

Trading Forex/commodity/shares is halal as long as you can take physical delivery. While physical delivery is possible in all Forex and commodity its not possible to actually get part of the company, hence you can get a certificate that certifies that you own that much shares in a company. Keeping this in mind I think trading in crypto is fine as long as you dont go into interest based setup. I hope this has cleared up some of the things that might boggle your mind.