Cryptocurrency in Pakistan

Hey guys!!!

So, in Pakistan people are just starting to jump on the cryptocurrency bandwagon. It is the HOT topic in most gatherings. Everyone wants a piece of the pie and are itching to join the 'bitcoin' train. For majority of the people here, cryptocurrency is BITCOIN and vice versa. There is a very vague understanding of altcoins, and very few here have explored the idea buying altcoins.

The hype around bitcoins alone is a good enough attraction for many here, but this is also seen as an opportunity to make quick bucks - having heard of random stories of people who went from rags to riches after they bought a few bitcoin a couple of years ago.

So, what I have observed is that people here want to get into all this without doing any research, or they'd rather rely on the word of someone who's already in this business and simply follow their advice. Now, this is the worst thing that you can do. You have to do your own research, especially when the cryptocurrency market is so immature and volatile. I have seen people here buy bitcoins without any strategy and then hope to double/triple their money in a matter of couple of months. NOT GONNA HAPPEN. I mean, the possibilities are unlimited and it is just stupid not to do any research before diving into the world of cryptocurrency. If you play your cards smartly, you can actually reap big rewards with not much effort.

In Pakistan, we have limited options to buy bitcoins. My friend who's in Australia for his masters degree told me how he bought ripples using AUD. Now, we don't have any such options here. Crypto trading is still a very new concept here. Furthermore, major websites like coinbase are not supported here, unfortunately.

So, the cheapest option that we have here is www.localbitcoins.com or www.urdubit.com (the only Pakistani cryptocurrency exchange website). Urdubit has an inexperienced team and it is still in its early days. Localbitcoins on the other hand is an established website, and so it is the preferred option for many here. However, Pakistani sellers on LBC tend to sell bitcoins at a rate higher than the actual rate, taking advantage of the limited options for local buyers here.

Just a few days back, the news of the first Pakistani coin - 'Oui Coin' - broke out and it will be interesting to see how it develops in the coming days. I haven't read their white paper yet, but you can learn more about it on their website - https://ouicoin.io/

This is just a brief summary of the cryptocurrency market in Pakistan. I would love to know about the general response to cryptocurrency in your country.

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