In recent months, Pakistan has witnessed an extreme surge in the popularity of cryptocurrencies. As people from all over the world are raving about how to buy cryptocurrency being the ultimate investment choice that can assist in reaping most monetary gains to investors. Moreover, Waqar Zaka’s strong encouragement towards digital currency has driven the country’s youth to invest in the same cause.
What is Cryptocurrency or How to buy Cryptocurrency in Pakistan ?
Cryptocurrency is a virtual or digital currency preserved by cryptography. These currencies are issued networks based on Blockchain technology, which guarantees that they cannot be reproduced. Moreover, individuals who are looking to avoid taxes or escape the judicial radar that may be a central bank or authority does not regulate it, presenting it immune to government intervention.
Types of Cryptocurrency
There are several cryptocurrencies available in the world right now. Despite this, Bitcoin is still the most prized cryptocurrency in the world. All these digital currencies have different specs and capacities.
Here is a step-by-step guide for buying digital currencies.
STEP 1: Get a digital wallet
The first step to start investing in digital currency is to get access to a digital wallet that digitally stores the cryptocurrency and more importantly, assists to keep a record of all the transactions.
STEP 2: Connect wallet with a bank account
The next step for an investor is the need to connect their wallet to a credit/debit card and bank account to acquire cryptocurrencies. Once the investor connects their bank account to the wallet, they can easily purchase or sell cryptocurrencies.
STEP 3: Link a cryptocurrency exchange
Different digital currency exchanges differ in processing charges, security, cryptocurrency availability, status, trading rates, and reliability for exchanging. Inexperienced investors should research thoroughly before conducting an exchange platform, and devise a particular plan and approach. Most importantly new investors wants to know how to buy bitcoin in Pakistan they require the support of an experienced professional who can guide the investor through this step-by-step process.
Are cryptocurrencies legal?
Cryptocurrencies are certainly legalized in the United States but are outlawed in Saudi Arabia and some other nations. Therefore, their legitimacy depends on the respective country. Although digital currencies are not formally legal in Pakistan yet, revolutionary measures are being exercised by Waqar Zaka and Zia Ullah Bangash, who have been actively working on the cause of the legalization of cryptocurrencies in Pakistan.
To sum up Bitcoin and some other digital currencies’ values have surged in recent years. Bitcoin’s value has exponentially increased in 2021, and Ethereum has more than quadrupled in price this year. However, whether that growth in cryptocurrencies is sustainable or not is the question. “This crypto, blockchain technology, the public interest in it right now is being driven by a kind of speculative fever,” says Dr. Richard Smith, administrative director of the Foundation for the Study of Cycles.