Written by 7:49 am Business, Technology

5 Things To Know About Cryptocurrency

what-is-cryptocurrency

In this modern era, it is rarely the case that someone will not know what cryptocurrency is. Everyone is very familiar with the concept – also known as crypto – of it being a digital currency that is intangible. Its aim is to work as a medium of exchange with encryption involved to have completely secure transactions.

A lot of people in Pakistan search on the internet how to buy bitcoin in Pakistan or how to sell bitcoin in Pakistan? They also look for different digital currency wallet apps to help them become a part of this world.

There are a lot more questions like the above, but there are no real answers available on the internet. Thus, the AH Blog decided to solve this mystery on cryptocurrency in Pakistan.

If you are thinking of investing in cryptocurrency, but don’t know what it is, how to buy it in Pakistan or if it is legal in Pakistan; then let us help you.

So let’s start before any further delay.

Table of Content

1. What is Cryptocurrency?

It’s a digital currency that is used to buy and sell goods and services via a strong online ledger to secure online transactions. Some of the reputed companies have announced their own currencies, also known as a token, that can only be exchanged inside the company and are only valid for their services and products. All you need to do is buy any of the cryptocurrencies in exchange for the real currency of your country.

2. Types of Cryptocurrencies

Nowadays, everyone is thinking of investing in cryptocurrency but ignoring the fact that price of the digital currency fluctuates and experiences ups and downs. It’s not a risk-free process; sometimes, because of the fluctuations in the digital currency market, a lot of investors have to face loss. Here are the top 10 currencies of the crypto market:

  1. Bitcoin
  2. Ethereum
  3. Binance
  4. Dogecoin
  5. XRP
  6. Tether
  7. Cardano
  8. Polkadot
  9. Uniswap
  10. Litecoin

One of the leading cryptocurrencies that faced a lot of fluctuations in the past few years is Bitcoin. Are you familiar with the name Bitcoin? If not, let us explain!

Bitcoin is a digital currency that can be bought and sold in the cryptocurrency market. It’s a type of digital file that can be stored in a digital wallet app via which, you can send bitcoins to another person in exchange for the real currency of Pakistan. This process is called a cryptocurrency exchange in Pakistan.

3. Legalization of Cryptocurrency in Pakistan

Is Cryptocurrency legal in Pakistan?
Previously, it was legal in Pakistan but because of some internal issues, the State Bank of Pakistan banned the sale and purchase of cryptocurrency in April 2018. The bank ordered all private and government banks to block all transactions related to cryptocurrencies. Therefore, the sale or purchase of cryptocurrency is no longer legal in Pakistan. If the Federal Investigation Agency (FIA) catches anyone selling a bitcoin or buying a bitcoin, they have the authority to file a case against you.

4. How to Buy Cryptocurrency in Pakistan

After the ban, there is no such trustworthy platform that is legal for a cryptocurrency exchange in Pakistan. However, there is only one exchange left from where people are still buying and selling – that is localbitcoins.com. From here, you can sell or purchase bitcoin according to the ongoing cryptocurrency rate in Pakistan simply by creating a free account.

Furthermore, let’s talk about the things regarding cryptocurrency in Pakistan that every investor or buyer needs to know before investing in it.

5. Future of Cryptocurrency in Pakistan

An increasing number of people are aware of cryptocurrency in Pakistan which hints that in the future, it can be seen as a huge investment opportunity and one of the best business ideas in Pakistan – that is if it gets legalized.

We hope this article was helpful for you to understand what cryptocurrency is and what are things to remember before investing in it.

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