Why bitcoin price in Pakistan is increasing?

Bitcoin is a digital currency also referred to as cryptocurrency. It’s like online money which isn’t controlled by any bank. It works on a blockchain, which is a very secure system where people use Bitcoin to buy stuff. But beware as Bitcoin’s value goes up and down like a roller coaster.

Before moving on to the price, first, let’s see the technology that runs Bitcoin.

Blockchain technology

Blockchain technology is a system that guarantees that no other authority controls the currency. Transactions are recorded in a public ledger.

Think of the blockchain as a secure notebook. When someone adds any info, it gets stored in a block. Each block is interconnected with another, which then forms a chain. No single person controls it, which makes it more reliable & easy to trade.

Apps for Bitcoin

Many apps allow users to buy Bitcoin and other currencies. Some of the user-friendly apps are Binance, Cash App, Block Folio, Coinbase, Electrum, and many more. In Pakistan, the most popular is Urdubit.

Bitcoin price in Pakistan

The price of bitcoin in Pakistan has seen a surge. Its value has reached 12, 320, 954.58/- Rs. at the time of writing. Bitcoin investors are cheering after an increase of almost 6%.

How to buy Bitcoin in Pakistan?

It’s easy to buy bitcoin in Pakistan. One can buy safely using Pakistani Rupees through modern payment methods like bank cards, wire transfers, or mobile purchases. Many online platforms allow access to Bitcoin in Pakistan.

These platforms offer bitcoin in exchange for Pakistani Rupees. There is an additional small fee to ensure a safe process.

Is Bitcoin allowed in Pakistan?

Bitcoin in Pakistan & other cryptocurrencies are not officially regulated. The State Bank of Pakistan advises the public to be cautious of doing mining, trading exchanging, promoting & investing in digital currency. However, it’s not banned in Pakistan.

Pakistan’s eyes on bitcoin

The country is figuring out how to make its digital currency. They are planning to improve banking for people who lack services. Also, having digital money can help the government in fighting corruption & the financial state.

Final thoughts

The interest in Bitcoin is increasing in Pakistan over time. The bitcoin market is still very low in Pakistan but it is growing gradually. The country is facing inflation and high debts. If Pakistan develop a framework to regulate Bitcoin by official bodies, it would make it easy for investors to buy.

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