Topic: Pakistanis Find Alternative Ways to Trade Bitcoin Citing Ban on Crypto (Read 165 times)
May 18, 2018, 12:22:08 PM
Bitcoin Ban in Pakistan By StateBank of Pakistan
May 17, 2018, 03:30:06 PM
from which region is pakistan?
May 17, 2018, 02:33:13 PM
That’s a positive step against the news about banning Bitcoin & alt coin in Pakistan, these kinds of sanctions can’t reduce the popularity of bitcoin.
Its shows how bitcoin community spreading day by day.
With the kind of technology going around, it was only a matter of time before, they would found a way to circumvent this ban which i believe that it would be fully be effective if they just ban the internet in Pakistan which they will definitely not do due to the repercussion it will have to the whole country. Its shows how bitcoin community spreading day by day.
May 17, 2018, 02:08:57 PM
If there is volume, there are people selling and people buying.
You can't sell 10 coins and 100 have coins bought, the amount it's the same, for every coin you buy somebody is selling.
So if the volume is up, so is the number of people both buying and selling.If everybody was holding you would see 0 volume.
It's still 70 BTC a week , 1 cent per citizen per week.
You can't sell 10 coins and 100 have coins bought, the amount it's the same, for every coin you buy somebody is selling.
So if the volume is up, so is the number of people both buying and selling.If everybody was holding you would see 0 volume.
It's still 70 BTC a week , 1 cent per citizen per week.
Pardon me for not understanding what you're trying to say, but no. Volume doesn't measure the total amount of coins existing in a platform but rather the amount of coins that were tossed back and forth in a certain platform. The total volume doesn't mean it's the total coins existing; I can create a 10 BTC volume in an hour by buying and selling my 2 bitcoins back and forth. Also, high volume doesn't necessarily mean that more people are involved. Back in 2013, the Willy bot produced an impressive amount of volume in Mt. Gox that made people think something is up, which later turned out to be a new ATH back then.
I should have cut my post into two parts.
In the first I was arguing with the other user that you can't have people buying coins without people selling, as he was saying that they people there are just holding and acquiring. On a single platform you can't obviously buy 10 BTC if there are only 2 for sale.
The second part, which got you confused was about the low volume on localbitcoins, which you have to agree is laughable even by 3rd world country statistics as it's still a 200 million country.
And yeah, nobody knows how many BTC are involved in a volume of 100, it could be done with 100 coins or with a bunch of satoshi BUT, and here is a big BUT, we're talking about localbitcoins. The spread between selling and buying is so high that you have to wait for huge movements in order to make some profit so it might be that the number is pretty close to the amount of BTC that have changed hands forever.
For example right now in my country the best buy is 7,133.50 EUR and best sell is 6,884.54 EUR. There is no way to actively daytrade with this difference.
May 17, 2018, 02:01:26 PM
That’s a positive step against the news about banning Bitcoin & alt coin in Pakistan, these kinds of sanctions can’t reduce the popularity of bitcoin.
Its shows how bitcoin community spreading day by day.
Its shows how bitcoin community spreading day by day.
May 17, 2018, 01:32:34 PM
To me it seems that the author has choosen to totally neglect the last two weeks:
It was one freak week and then two weeks with the same low volume.
Besides, we're talking about 70 BTC a week for a country of 200 millions....
It was one freak week and then two weeks with the same low volume.
Besides, we're talking about 70 BTC a week for a country of 200 millions....
The author is not neglecting the last two weeks but even though the volume of trade in Pakistan is going good the huge dump of bitcoin will still overcome those volume trade coming from Pakistan. The author did not also mentioned about people are buying bitcoins and so if they are not buying and they are just holding the value of bitcoin will not go up and thus the drop in value was caused by a big whale.
Yes, even though there was a spike it did regulate itself to what it was before the ban. Meaning the ban had little impact on the traders, which is what the author is trying to point out.
May 17, 2018, 01:31:20 PM
This is the popularity of bitcoin. Pakistanis should be given credit for showing such intelligence. Bitcoin is becoming more popular day by day to the world. It is the leader in the world of crypto currency. Since there are so many users of bitcoin so they are bound to do this. Though government has banned the bitcoin, it is not banned from the people of the Pakistan. These people can be presented as an example that if you have a fear of government restriction then does not worry find your own way and earn money from bitcoin.
May 17, 2018, 01:23:17 PM
If there is volume, there are people selling and people buying.
You can't sell 10 coins and 100 have coins bought, the amount it's the same, for every coin you buy somebody is selling.
So if the volume is up, so is the number of people both buying and selling.If everybody was holding you would see 0 volume.
It's still 70 BTC a week , 1 cent per citizen per week.
You can't sell 10 coins and 100 have coins bought, the amount it's the same, for every coin you buy somebody is selling.
So if the volume is up, so is the number of people both buying and selling.If everybody was holding you would see 0 volume.
It's still 70 BTC a week , 1 cent per citizen per week.
Pardon me for not understanding what you're trying to say, but no. Volume doesn't measure the total amount of coins existing in a platform but rather the amount of coins that were tossed back and forth in a certain platform. The total volume doesn't mean it's the total coins existing; I can create a 10 BTC volume in an hour by buying and selling my 2 bitcoins back and forth. Also, high volume doesn't necessarily mean that more people are involved. Back in 2013, the Willy bot produced an impressive amount of volume in Mt. Gox that made people think something is up, which later turned out to be a new ATH back then.
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As people had been saying, governments can restrict legal trades but people will still find a way if they really wanted. The government hasn't completely banned all the channels such as P2P exchanges and whatnot, so there's still that which people can use.
May 17, 2018, 01:09:24 PM
This will be the case in every situation where a government bans bitcoins , history has shown that once people believe in a product they will ignore laws and governance and find ways to achieve their goals even to their own detriment, and bitcoins is no different so it is wise for governments to find ways to facilitate and integrate bitcoins into the financial economy and system because everyone knows bitcoins is a "cash cow".
May 17, 2018, 01:03:09 PM
i really wonder how they do it?
They're trading for a currency that used there that isn't their main fiat like the Euro or something and having the bank exchange it to Pakistans dollar. May 17, 2018, 01:00:59 PM
It's happening everywhere not only in underdeveloped countries but also in the developing countries too. On the other hand, developed countries are doing research to take the benefit of this technology. As of now, even the government has instructed the banks to stop giving services to the exchanges involved in crypto, anyone can trade directly in crypto or crypto to cash transactions without breaking any existing law. Let's hope that government officials will have a better vision towards the future and they will come up with good policies.
May 16, 2018, 04:54:30 PM
Pakistan central bank banned bitcoin but Pakistani peoples are still now connecting with bitcoin and they also buying bitcoin.Its a great thing for bitcoin.
May 16, 2018, 10:42:00 AM
Pakistanis are using alternatives to trade cryptocurrencies even after the State Bank of Pakistan banned banks and financial institutions from dealing in cryptocurrencies. The trade volumes are also returning to normal.
Read news here: https://coinpedia.org/news/pakistanis-trade-bitcoin-ban-on-crypto/
LOL, you are sharing your own website news to here. Better move or make the thread on Press section to share the news whatever you wanna share to the forum. Find the board link here below.
https://bitcointalk.org/index.php?board=74.0
Not only Pakistan mate, various countries does not want bitcoin to rule the financial medium so you please check the exchange whatever does not require your identity proof.
May 16, 2018, 10:41:26 AM
Pakistanis are using alternatives to trade cryptocurrencies even after the State Bank of Pakistan banned banks and financial institutions from dealing in cryptocurrencies. The trade volumes are also returning to normal.
Read news here: https://coinpedia.org/news/pakistanis-trade-bitcoin-ban-on-crypto/
it's good to be in it, because with pakistan use the certi location for criptocure and its banks Also allow that too, try if for example all the banks around the world also allow criptocure trade would be bitcoin value too will rise also because all countries allow it
May 16, 2018, 10:33:47 AM
I think that it is impossible to force people to refuse from cryptocurrency. People have long learned about the positive aspects of bitcoin and now they want to use it in everyday life. Also people understand all the advantages of trading cryptocurrency. I do not understand why in some countries the cryptocurrency is prohibited.
May 16, 2018, 09:18:43 AM
WOW! This actually shows how crypto currencies are making people so addicted to it. People understands it's ease and other advantages and they're making a huge amount of money out of it. Even, the government couldn't stop them. Such a mindset they have made!
May 16, 2018, 08:17:06 AM
Pakistanis are doing trade as if nothing happen in their country. Actually by banning this, I think govt. is losing tax. But if Govt. make some rule and tax policy they would get a handsome amount of tax.
May 16, 2018, 07:18:31 AM
This is one of the greatest technological advances of today, and I firmly believe that bitcoin can not be stopped and there are many ways to go bitcoin trade, despite the many restrictions.
May 16, 2018, 07:03:23 AM
You can never ban a decentralized system. People will somehow find their way to use it. Pakistanis made a good attempt.
May 16, 2018, 05:46:54 AM
Pakistanis are using alternatives to trade cryptocurrencies even after the State Bank of Pakistan banned banks and financial institutions from dealing in cryptocurrencies. The trade volumes are also returning to normal.
Read news here: https://coinpedia.org/news/pakistanis-trade-bitcoin-ban-on-crypto/
That is the spirit. The government can not kill the friend of the powerless(Bitcoin) as much as they will try. Congratulations the blockchain family in Pakistan for taking your own destiny in your hands.
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