The Bitcoins / CryptoCurrencies Discussion Thread

[elxlr]

Save useless charges by using easypaisa account and asking them for easypaisa unless your bank transfer charges to other banks or same bank but different brances are free of cost. Because bitcoin exchange price plus localbitcoins transfer fee in bitcoins which is almost 400pkr.

I found that when i bough 10k pkr btc equivalent. They cut 400 and when i bought 5k. They cut 400 pkr.
Plus i got 8900 pkr of bitcoins out of 10k from deal excluding the 400 transfer fee. And i got 3800 out of 5k deal. So always try to findthe cheapest person to be giving btc for to get better btc. Otherwise wasting money.

[capsat]

i suggest read over internet about the exchange & transactions 1st. it is tricky and it is more trickier to stay out of losses by saving on most economical transfer charges.

[ali454]

Why not buy bitcoins and sell overseas then transfer the same amount back to pakistan as foreign remittance .

Kalay chittay walo ki eid honay wali hai.

[v9sDEF]

It is a speculative investment. Price is driven up by prediction that it will go higher - which is not sustainable.

People in the US are taking out mortgages and buying it on credit cards - this is a big warning sign that the bubble will burst. Not IF but WHEN.

The only useful thing that has been gotten out of bitcoin is the blockchain concept which will eventually be adopted by financial institutions in the future.

These aren't cryptocurrencies - they're cryptocommodities with no intrinsic value.

[capsat]

every foreign remittance landing in a Bank account any where in world is subject to QUERY ..purpose of transfer & relationship with the Transferee and legal status in country from Transfer originated.

[rehankillbill]

Save useless charges by using easypaisa account and asking them for easypaisa unless your bank transfer charges to other banks or same bank but different brances are free of cost. Because bitcoin exchange price plus localbitcoins transfer fee in bitcoins which is almost 400pkr.

I found that when i bough 10k pkr btc equivalent. They cut 400 and when i bought 5k. They cut 400 pkr. Plus i got 8900 pkr of bitcoins out of 10k from deal excluding the 400 transfer fee. And i got 3800 out of 5k deal. So always try to findthe cheapest person to be giving btc for to get better btc. Otherwise wasting money.

i suggest read over internet about the exchange & transactions 1st. it is tricky and it is more trickier to stay out of losses by saving on most economical transfer charges.

Acknowledge thank you for the suggestions will keep that in my mind before buying.

I want know about mining is it feasible to do in Pak? Me n my friends were thinking to buy a machine and do some experiment if it works or not what will u suggest on this?

[elxlr]

Mining takes wuite a lot of electricity and produces heat.
But first get a clear idea of whether customs will allow it to clear the shipment or if it is illegal then it will be confiscated.

Mining is slow. Hash rate depends.
And unkess bit coin price increases every month. Minig is actually at loss. ROI (search its abreviation from net i forgot) willbe within a year or two before you even make a profit out of itkeeping in mind as more people will start mining. It willbe much harder to get same amount of fractions of bitcoins by same hashrate. So that means unless we slowly invest in mining and upgrade we will never make profit. Or if bitcoin prices increase only then we make a little peofit. So if we cannot make profit in 2 years of mining. It is better to spend that money and buy bitcoins. But overall if u can support. And be patient. Mining is good options. Longterm it is the one u will have experience about. Less risk of getting bitcoins stolen due to hacks on online exchanges etc. Better to save cryptocurrency on specialized protected usb or anything physical.

[ali454]

Hmmm interesting.

[ali454]

Mining is difficult.
It consumes alot of uninterrupted electricity and high speed uninterrupted internet. Both of which are difficult to get in Pakistan.
Plus the process is very very slow and it might not be worth the investment.

[pwuser150323451944]

I think bitcoin will drop drastically after Christmas...

[elxlr]

Its drop will be good for other altcoins. Now i am convinced of mining if i can find free electricity place. But waiting for scholars as well to give legitimate legality about it.

Bitconnect has lending program. Referrals are forbidden. Lending and interest is forbidden as well.

[HellsGuardian]

how are you linking it with dajjal :o

[elxlr]

A topic for different thread. In respect of this topic.

I have sent a message to u.

[suhaibayaz]

Now this

[capsat]

Singapore Tuesday issued a warning about crypto-currencies after a recent surge in prices sent investors flocking to bitcoin.

more here

[capsat]

bitcoin exchange has filed for bankruptcy more here

[suhaibayaz]

It has gone hyperbole and only way is down, few comments above have precisely stated that it doesn’t hold any value but only based on demand.

Such things take steam from human greed only.

[khurem]

I got to know about bitcoin fairly earlier than many people, when the price was around $500 and then shot up significantly a year back. However, refrained from investment in that as it is total gambling as there is no intrinsic value...Now it is just being bought / traded due to the way it has shot up every month in 2017. Don't know why our beloved Islamic scholors - who are quick to judge everything haraam, are silent on this as clearly this bitcoin investment is based on pure speculation.

Even if we compare it with other speculative investments, like stock or real estate, at least a share of OGDC or a plot in DHA has some intrinsic value - i.e share of a stock represents your ownership in the firm and you get dividends from company's annual profits. Similarly prices of DHA plot may shoot up due to speculative activity, however one can still live in the plot or rent it even if with no speculation in price. However you cannot justify why 1 bitcoin is equal to $20,000. It is all just in the air and that's what gambling is all about. One golden rule in investment is never invest in something you don't know.

[elxlr]

Ulama are not silent. They are worried about what it is and its actual worth etc and lot to see. Even i have spent 20k. In it. But waiting for my 20k to get back after withdrawls as i have lost 5k almost in transaction fees n transfering.

[suhaibayaz]

It’s tragic to see such importance being given to “Ulema” regarding economics and common sense problems.