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 it is also seen as an opportunity to make quick money.

So, what I have observed is that people here want to get into cryptocurrency without doing any research, and they'd rather rely on the word of someone else who's already in this business and blindly follow their advice. This is the worst thing that one can do. I have seen people here buy bitcoins without any plan in mind, and then hope to double/triple their money in a matter of few months. NOT GONNA HAPPEN. I mean, the possibilities are unlimited but 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 in little time.

In Pakistan, we have limited options for buying bitcoins. My friend, who lives in Australia, told me that he bought ripples using AUD. We don't have such options here. Crypto trading is still a very new concept here. Furthermore, major websites like coinbase are not supported here.

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 hence it is the preferred option. However, Pakistani sellers on LBC tend to sell bitcoins at a rate higher than the actual rate.

Just a few days back, the news of the first Pakistani coin - 'Oui Coin' - broke out and I am interested to see how it develops in the coming days. I haven't read their white paper yet, but anyone interested can read more about them from here -> https://ouicoin.io/

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

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